Former Murakami fund affiliates and Akira Murakami's eldest daughter are reportedly holding a large stake in TV Asahi Holdings Corporation, while a tender offer for the company's own shares, funded by the sale of their holdings, has been suggested. The long-standing joint production relationship between TV Asahi and Toei is cited as a possible background factor.
Examples cited as background include Toyota Motor and DENSO, among other group companies, selling substantial amounts of their strategic shareholdings in the fiscal year ending March 2026. Discussion is reportedly progressing by comparing these cases with past instances in which cross-shareholdings among television companies came under scrutiny.
Former Murakami fund affiliates began accumulating JAFCO shares in 2022 and thereafter, and sought share buybacks using funds generated through such transactions as the sale of Nomura Research Institute shares. JAFCO is said to have sold all of its shares and conducted a tender offer for its own shares using ¥42 billion of the sale proceeds.
The purpose of this transaction was not to acquire control or take the company private, but to monetize the holdings and strengthen shareholder returns. A hypothesis has therefore been advanced that the same approach could be applied to TV Asahi.
Toei and TV Asahi have maintained a close relationship for many years through joint production and rights agreements. Options for improving capital efficiency while maintaining their cooperation have been identified as an issue for consideration.