Internet entrepreneur Takafumi Horie has sent shock waves reverberating through the Japanese media industry with his hostile takeover bid for Nippon Broadcasting Co., a member of the Fujisankei media conglomerate.
Horie, president of Livedoor Co., threatens to eventually take over the tightknit Fujisankei group, which comprises a radio-TV broadcaster, newspapers and other publications. Horie's moves have heightened a sense of crisis in the business community and prompted the government to draft legislation for establishing rules for corporate takeovers.
Livedoor drew public attention last year when it offered to buy the Japanese professional baseball team Kintetsu Buffaloes -- while it was negotiating a merger with the Orix BlueWave -- and join it with the Pacific League. Livedoor proposed some unique ideas such as issuing joint-ownership shares to residents of the home city and giving players stock options. Kintetsu, however, was skeptical of Livedoor's credibility and chose to merge with Orix as planned.