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.
“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