Recently, reports have been emerging suggesting that the so-called “former Murakami Fund group” may be making moves again. Among these, one story that has drawn significant market attention is the possibility of increased stock purchases in Fuji Media Holdings (FMH).
These reports naturally raise questions such as:
- Why Fuji TV?
- Why not Nippon TV, TBS, or TV Asahi?
While Fuji TV has seen some negative headlines in recent years, this article separates those issues and focuses on two key perspectives—shareholder structure and business strategy—to explain why Fuji TV has become particularly visible to investors.
Note: This article does not reflect official views from the Murakami Fund or any affiliated investors. It is an analysis based on publicly available information, past investment behavior, and market structure, aiming to explore why Fuji TV attracts attention.
Fuji TV is Not “Easy to Attack”—It’s “Easy to Analyze”
To start, Fuji TV (more precisely, Fuji Media Holdings) is seen by activist investors as a company with a transparent structure and clear points for discussion.
This does not mean that the company is internally chaotic or a “black” company. Rather, it has a structure that is “white-leaning”, meaning that external observers can analyze and discuss it clearly, which is why it has drawn attention first.
1. Differences in Shareholder Structure
Other Major Networks (Nippon TV, TBS, TV Asahi, TV Tokyo)
Although each network differs, they generally share:
- Strong ties with parent or affiliated companies
- A high proportion of stable, long-term shareholders
- Shareholder relationships that are relatively fixed over time
These factors make it harder for external investors to suddenly intervene. It’s not that these networks are closed off; they simply have well-established balances between management and shareholders.
Fuji TV (Fuji Media Holdings)
Fuji TV, on the other hand, has experienced:
- Reduction in cross-shareholdings
- A lower proportion of stable shareholders
- Increased presence of market and institutional investors
As a result, it is easier to see who the shareholders are and investor demands carry more weight.
From an activist investor’s perspective, the “door is already open.”
2. Differences in Business Strategy
Other Major Networks
- Nippon TV: Stable model focused on ratings and advertising
- TBS: Diverse operations including IP, real estate, and events
- TV Asahi: Sustained strategy centered on news, information, and sports
- TV Tokyo: Focused strategy on economic programs and animation
Each network has clear revenue sources and growth areas, making it easier to explain performance and harder for external parties to demand drastic changes.
Fuji TV’s Business Structure
Fuji TV manages:
- Broadcasting operations
- Large-scale real estate (Odaiba area)
- Numerous subsidiaries and equity stakes
- Cash reserves
However, how these assets translate into overall corporate value and why the company is structured this way appears less fully analyzed from an investor standpoint.
This does not mean the management is weak or strategyless.
Rather, the company has clearly defined assets with room for discussion, making it easy for investors to engage in dialogue.
Is Fuji TV “Special”?
It is important to note:
- Fuji TV is not uniquely problematic
- All Japanese companies face similar pressures
Factors such as reductions in cross-shareholdings, demands for capital efficiency, and governance reform are common themes across Japanese corporations.
Fuji TV happened to be in a position where:
- Assets are visible
- Shareholder structure is open
- Corporate structure is easy to discuss
Thus, it was simply the first in line to attract attention.
Summary
- Fuji TV can be seen as a “white-leaning” company rather than a “black” one
- It is regarded more as an asset-driven company than just a broadcasting network
- Other major networks already have stable shareholder structures and strategies
- Fuji TV’s structure is transparent and easy to analyze
- This is not a story about Fuji TV alone—it reflects broader questions for Japanese companies as a whole
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