Latest news with #FujiMedia
13-06-2025
- Business
U.S. Proxy Firm Backs SBI's Kitao as Fuji Media Director
News from Japan Jun 13, 2025 15:29 (JST) Tokyo, June 13 (Jiji Press)--U.S. proxy adviser Glass, Lewis & Co. recommended Friday that Fuji Media Holdings Inc. shareholders vote for five of the board candidates proposed by shareholder Dalton Investments, including SBI Holdings Inc. Chairman and President Yoshitaka Kitao. Glass Lewis said that the five can provide expertise and enhance diversity of views in the board of Fuji Media, which will hold a regular meeting of shareholders June 25. The advisory company backed nine of Fuji Media's board candidates including Kenji Shimizu, president of core unit Fuji Television Network Inc. But it advised voting against the remaining two candidates including Takashi Sawada, former president of convenience store chain FamilyMart Co., whom it opposes on the ground that he sits on the boards of other companies. Another U.S. proxy firm Institutional Shareholder Services Inc. said Tuesday that it supports Fuji Media's full slate of 11 board candidates and opposes Dalton's 12 candidates. It said that opposing the appointment of Shimizu would cause confusion in management. [Copyright The Jiji Press, Ltd.] Jiji Press
12-06-2025
- Business
Fuji TV Pres. Confident of Parent's Board Candidates
News from Japan Economy Jun 12, 2025 16:02 (JST) Tokyo, June 12 (Jiji Press)--Fuji Television Network Inc. President Kenji Shimizu has expressed confidence that parent Fuji Media Holdings Inc.'s slate of candidates for its board of directors will lead group governance reform. "We have created a proposal for a new management team that has no influence at all from (former group boss Hisashi) Hieda," Shimizu said in an interview Wednesday. "It is a surprise that some believe his sway remains." He was discussing the candidates Fuji Media hopes to get approval for in its shareholders meeting on June 25. The Fuji Media group, which came under fire for its handling of a scandal, is in a battle with a major shareholder for support for their respective board candidates. Fuji Media has proposed 11 director candidates, of whom Shimizu is the only member currently on the board. The other 14 current directors, including Hieda, will step down. Meanwhile, the major shareholder, U.S. fund Dalton Investments, has proposed 12 candidates, including SBI Holdings Inc. Chairman and President Yoshitaka Kitao. [Copyright The Jiji Press, Ltd.] Jiji Press
Japan Times
10-06-2025
- Business
- Japan Times
Fuji Media keeps real estate spinoff in play as activists circle
Fuji Media Holdings' incoming president said "all options' regarding its real estate operations remain on the table, including a possible spinoff along the lines of activist investor demands. The Japanese entertainment group last month rejected a shareholder proposal from Dalton Investments calling for a different slate of directors as well as a spin-out of its lucrative real estate arm. But the company has yet to finalize its long-term strategy, Kenji Shimizu said in an interview Monday. "The resulting scenario may be something along the lines of what shareholders propose, or we may pursue further growth instead,' Shimizu said. "Both scenarios are possible.' The Japanese broadcaster — which is struggling to recover from a sexual harassment scandal — has been sparring with activist shareholders in an exchange that's become a gauge of corporate governance in Japan. Both Fuji Media's executives and Dalton are on a campaign to win shareholder support ahead of an annual general meeting on June 25. For the near term, however, Fuji Media is reluctant to spin out the real estate arm. Operating profit in that division has grown four to five times since 2012, Shimizu said. In contrast, Fuji Media's intellectual property assets — key to improving profitability in Fuji's core media and content segment — will require several years to monetize effectively, said Shimizu, who is now president of the group's television network. The real estate business essential as a source of investment income for the foreseeable future, he said. Fuji Media has been struggling with declining advertising revenue alongside public condemnation of its handling of sexual misconduct allegations involving former celebrity Masahiro Nakai. Dalton has argued that Fuji should focus solely on growing its core media and content businesses. Dalton's co-founder James Rosenwald has said that he and Fuji Media's largest shareholder, Aya Nomura, agree that spinning off the real estate unit could potentially double the conglomerate's corporate value. Demands to split out the real estate operations will likely persist beyond the shareholder meeting later this month, Shimizu said. "Until our corporate value rises, we will continue to face such criticism,' he said. Fuji Media is proposing 11 directors to a board that will keep Shimizu but replaces the rest of its current lineup. Dalton has proposed an alternative slate of 12 directors, including Yoshitaka Kitao, chairman and CEO of SBI Holdings. "This board is the best we can offer now,' Shimizu said, but added that discussions are possible should any of Dalton's candidates be elected. "The task on hand is to discuss ways to enhance corporate value.'
Bloomberg
09-06-2025
- Business
- Bloomberg
Fuji Media Keeps Real Estate Spinoff in Play as Activists Circle
Fuji Media Holdings Inc. 's incoming president said 'all options' regarding its real estate operations remain on the table, including a possible spinoff along the lines of activist investor demands. The Japanese entertainment group last month rejected a shareholder proposal from Dalton Investments calling for a different slate of directors as well as a spin-out of the lucrative real estate arm. But the company has yet to finalize its long-term strategy, Kenji Shimizu said in an interview Monday.
28-05-2025
- Business
Fuji Media Denies Dalton's Claim of No Discussions
News from Japan May 28, 2025 20:31 (JST) Tokyo, May 28 (Jiji Press)--Fuji Media Holdings Inc. issued a statement Wednesday denying the claim of Dalton Investments, a major shareholder in the Japanese media group, that it has refused to hold discussions on the U.S. investment firm's proposal regarding board members. Fuji Media said it has engaged in sincere dialogue with Dalton a total of 64 times, including by email, phone and in-person meetings. Fuji Media's management and Dalton have each proposed more than 10 candidates to join Fuji Media's board, ahead of the Japanese company's general shareholders meeting on June 25. In response to Fuji Media's rejection of Dalton's candidates, the U.S. firm has said it was regrettable that Fuji Media decided to oppose all of its candidates without holding discussions with it. Fuji Media also rejected Dalton's proposal to spin off its real estate business, saying that it has unique strengths as a media-affiliated real estate developer. [Copyright The Jiji Press, Ltd.] Jiji Press
