The contrast between Nippon Television Holdings and TBS Holdings has attracted attention as television stocks are viewed as asset-rich stocks. The article reviews both companies' asset holdings, future shareholder return policies and earnings trends, and reports which has attracted greater interest.
Although viewing time continues to decline, television stocks are considered to have considerable scope for shareholder returns through the use of their asset holdings. Nippon Television Holdings and TBS Holdings are compared in terms of market capitalisation and unrealised gains on assets.
Nippon Television Holdings is expected to announce a new capital policy around 5 November, and stronger shareholder returns are anticipated to be key to a recovery in its share price. Its principal asset holding is Recruit Holdings shares. As of the end of March 2026, it is said to hold a substantial number of shares with a high level of unrealised gains.
TBS Holdings has enormous unrealised gains, led by its Tokyo Electron shares, and is also characterised by its large real estate assets. Growth is expected from its drama production capabilities, the strengthening of its IP business and progress at its overseas studios. The possibility of selling assets and allocating the proceeds to shareholder returns or M&A has also been noted.
Both stocks face downward pressure on earnings, including declining spot advertising revenue. For Nippon Television Holdings, leaving its full-year forecast unchanged could weigh on the stock, while TBS Holdings remains exposed to the risk of lower first-quarter profit and a revision to its full-year forecast. Another point to consider is the stocks' sensitivity to changes in asset valuations.
Overall, the focus going forward is on improving capital efficiency and implementing shareholder return measures, against a backdrop of large asset holdings and unrealised gains. Investors will continue to assess which of Nippon Television Holdings and TBS Holdings can unlock the appeal of an asset-rich stock.