Fuji Media May Have Broken Foreign Ownership Rule
Tokyo, April 6 (Jiji Press)--Japan's Fuji Media Holdings Inc. <4676> is suspected of violating a foreign ownership rule under the broadcasting law between 2012 and 2014, sources have said.
The company, whose subsidiaries include Fuji Television Network Inc. and other broadcasters, may have exceeded the 20 pct foreign ownership limit temporarily.
Fuji Media is a certified broadcasting holding company allowed to have more than one broadcaster under its wing. The law says that the certification is not granted to a company if 20 pct or more of its voting rights are owned by foreigners.
In April 2012, Fuji Media made a program production company a wholly owned subsidiary. The production company invested in a company that held shares in Fuji Media.
Fuji Media included the holdings when counting the total number of voting rights for Fuji Media, although the holdings should have been excluded. This mistake led Fuji Media to believe that its foreign ownership ratio was lower than the actual number.
[Copyright The Jiji Press, Ltd.]