Investment group buys Yoshimoto
Quantum led by former Sony chair Nobuyuki Idei
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Since Sept. 14, Quantum has acquired 88% of Yoshimoto shares, spending 1,350 yen ($14.83) per share and beating its initial target of 70%.
Quantum will continue buying shares while merging with Yoshimoto. The new company will retain the Yoshimoto name but delist from the Tokyo and Osaka exchanges. The new leading shareholder will be the holding company of the Fuji TV network, with 15.7%, followed by the other four major networks, as well as Softbank, Dentsu, Yahoo Japan and other Quantum members.
With the backing of these media powerhouses, Yoshimoto intends to strengthen its presence in the TV, Internet and mobile communications markets while expanding its reach throughout Asia, where growth opportunities exceed those in the stagnant domestic market.
With a 97-year history, Osaka-based Yoshimoto has nearly 800 under management, including some of the biggest names in Japanese comedy. It also manages theaters and produces TV shows and films, among other media activity. For the fiscal year ended in March, sales totaled $586 million, down 2.5% from the previous year, while operating profit plunged 26.4% to $52.2 million.
