Z Holdings to Merge with Line, Yahoo Japan
Newsfrom JapanEconomy Technology
Tokyo, Feb. 2 (Jiji Press)--Z Holdings Corp. <4689> said Thursday it will merge with messaging app provider Line Corp. and internet portal Yahoo Japan Corp., both fully owned subsidiaries, in fiscal 2023, which begins in April.
The merger is designed to make decision-making faster and streamline overlapping operations as the Japanese internet company faces challenges including lower advertising fees.
Z Holdings also said co-CEO Takeshi Idezawa will become president and CEO on April 1. Current President and co-CEO Kentaro Kawabe will become chairman.
"Each of the three companies has its own board of directors, so we haven't been able to become speedy," Kawabe told an online press conference.
Costs will be reduced by reorganizing overlapping services between Line and Yahoo Japan. Z Holdings will be transformed into an operating company from a holding company in an effort to improve services.
[Copyright The Jiji Press, Ltd.]