Fuji Media Reported Foreign Ownership Rule Breach in 2014

Politics Economy

Tokyo, April 8 (Jiji Press)--Japan's Fuji Media Holdings Inc. <4676> said Thursday that it had reported to the communications ministry in 2014 its violation of a foreign ownership rule.

The company, whose subsidiaries include Fuji Television Network Inc. and other broadcasters, had been in violation of the rule under the broadcasting law between the end of September 2012 and the end of March 2014.

Fuji Media President Osamu Kanemitsu told a press conference that he verbally reported the violation to the ministry in December 2014 and received a strict warning.

"We apologize to shareholders, investors and many other people for causing concerns," Kanemitsu said at the beginning of the press conference.

Kanemitsu, who was Fuji Media senior executive managing director at the time, visited the communications ministry twice to explain that the company had violated the foreign ownership rule and that the breach had already been resolved.

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