By MASATO NISHIDA/ Staff Writer
December 16, 2025 at 15:19 JST
The Tokyo headquarters of Fuji Television Network Inc. (Asahi Shimbun file photo)
Fuji Media Holdings Inc. (FMH), parent company of Fuji Television Network Inc., is facing a high-stakes showdown with Yoshiaki Murakami, Japan’s most prominent shareholder activist.
Through his daughter Aya Nomura, now one of FMH’s largest shareholders, Murakami has signaled plans to dramatically expand his stake unless the company agrees to spin off its real estate business. The division is seen as central to FMH’s financial strength.
FMH confirmed on Dec. 15 that it received a formal notice from Nomura outlining intentions for a large-scale share acquisition.
The filing warned that unless FMH takes concrete steps toward divesting its real estate arm, Murakami-linked investors could raise their holdings to as much as 33.3 percent—the maximum voting share permitted under Japan’s broadcasting law.
The standoff underscores the growing influence of activist investors in Japan where corporate boards have traditionally resisted outside pressure.
Murakami’s group has already been steadily increasing its stake since January, with joint holdings reaching 17.33 percent by late August.
That steady climb has made Nomura and her allies the largest shareholder bloc, intensifying pressure on FMH’s leadership.
FMH’s responding defense plan unveiled in July requires any investor seeking more than 20 percent of voting rights to submit a detailed explanation of intent.
If shareholders approve, the company could issue free stock warrants to existing investors, excluding the challenger, to effectively dilute Murakami’s influence.
Nomura’s latest notice stated that if FMH begins preparations to separate or fully divest its real estate operations, the group will refrain from further purchases.
It also suggested that if shareholders endorse the defense measure, the acquisition plan could be withdrawn depending on the form of the resolution.
FMH has now demanded additional information from Murakami’s side by Dec. 22, giving shareholders time to evaluate the proposal.
The company will then decide whether to convene a shareholders’ meeting by early March to determine whether to activate its defensive strategy.
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