Murakami-led group won't hold over 20% of Fuji Media: Nikkei

Murakami-led group won't hold over 20% of Fuji Media: Nikkei

Fuji Media Holdings Inc. shares fell 4.2% after the broadcaster announced it is considering measures to prevent one of Japan’s most prominent activist investors, Yoshiaki Murakami, and his daughter Aya Nomura, from gaining control of the firm. The Japanese entertainment and news conglomerate has been engaged in discussions with Murakami and Nomura since February, with entities associated with the two exploring the possibility of increasing their combined stake to 33.3%, as of July 1, they held 15.06% [1].

Fuji Media stated that it is considering issuing free stock acquisition rights if an investor buys up 20% or more of its voting shares. This strategy, often referred to as a poison pill, would allow all shareholders to exercise the right to buy more shares, potentially diluting the ownership of large shareholders. Fuji Media denied that this was a poison pill. This week, Reno, a company affiliated with the Murakami Fund, demanded that Fuji Media consider spinning off a subsidiary that Murakami would take control of. The activist group may act to maximize its own interests rather than the interests of all shareholders if it gains sway over the broadcaster’s management [2].

Naoki Fujiwara, senior fund manager at Shinkin Asset Management, commented that the stock price decline reflects fears that the activists’ influence may be diluted. He added that Fuji Media’s move was effectively a poison pill that may be used by management to protect itself. Fuji Media has been struggling to recover from a sex assault scandal that has pummeled its reputation and cost it sponsors and viewers. It has been in a standoff against activist investors including Dalton Investments, which had called for more accountability as well as the spinoff of its real estate operations.

References:
[1] https://www.japantimes.co.jp/business/2025/07/10/companies/fuji-media-poison-pill-defense/
[2] https://www.bloomberg.com/news/articles/2025-07-10/fuji-media-shares-dip-after-company-floats-poison-pill-defense