Tokyo-based investment group Quantum Entertainment has completed its takeover of 97-year-old talent and media conglomerate Yoshimoto Kogyo, acquiring 88.52% of the company’s shares.
Quantum is a consortium of thirteen media companies established to carry out the $560m (Yen 50.5bn) acquisition, including Japan’s five major broadcasters, advertising giant Dentsu and mobile provider Softbank. Former Sony chairman Nobuyuki Idei heads the group.
Its acquisition of 33.18 million shares since September 14 exceeded the group’s original goal of a 70% stake. Fuji Media Holdings currently holds the largest share at 15.79%
Quantum aims to acquire Yoshimoto’s outstanding shares by early next year, after which Yoshimoto will be delisted from the Tokyo and Osaka stock exchanges and become a wholly-owned subsidiary by the end of next June. The company will retain its name and remain at its Osaka headquarters under current president and CEO, Hiroshi Osaki.
Yoshimoto announced its intention to go priviate in early September, citing challenges in Japan’s slowing contents market. The company aims to monetise its content through strengthened TV, internet and mobile partnerships, and has stated that its goal is to become “Asia’s number one entertainment company”. It will also facilitate cheaper programming costs for the ailing networks.
In September last year, Yoshimoto announced a strategic partnership with Hollywood talent agency CAA. The two companies agreed to collaborate on cross-border opportunities for entertainment and athlete clients. CAA also represents Yoshimoto’s TV format properties.
Meanwhile, Yoshimoto has announced the second edition of its Okinawa International Movie Festival (OIMF), tentatively scheduled to run March 20-28 2010. Expanding from four days to nine, the event is relocating to the Okinawa Convention Center in Ginowan City.