Rakuten proposes merger with TBS

TOKYO: Rakuten Inc, Japan's largest online shopping mall operator, has proposed merging its operations with Tokyo Broadcasting System (TBS) under a joint holding company. 

“By combining our operation, which is highly profitable and has strong growth opportunities with the operations of TBS we believe we can create a world-class media group,” Rakuten president Hiroshi Mikitani said at a press conference. 

“At present, Japanese media firms are too small to compete in the global market place,” he added. 

Hiroshi Mikitani

“We also believe that by working together, we can offer a wider range of content,” Mikitani said. 

Rakuten did not disclose details of the proposed merger, including the timing of it or the financial terms. 

“I am considering building a joint holding company and both Rakuten and TBS will be positioned side-by-side under this umbrella,” Mikitani said. 

Meantime, Rakuten also said it has secured a 15.46% stake in Tokyo Broadcasting, Japan's major terrestrial broadcasting company. It did not disclose the amount paid for the stake. – AFX-Asia

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