The merger of Japanese satellite platforms SKYPerfecTV and DirecTV is proceeding to plan as the directors of Japan Digital Broadcasting Services, which operates SKYPerfecTV, have agreed to issue Y12bn ($113.2m) in new shares to broadcast satellite station WOWOW and seven corporate shareholders of DirecTV Japan.
With the exception of Matsushita Electric, which has already acquired shares in SKYPerfecTV, the SKYPerfecTV stakes of DirecTV shareholders will amount to less than 1% each.
Meanwhile, Matsushita will purchase 55,000 new shares, increasing its total to 70,000 or 3.8% of all SKYPerfecTV stock. It currently owns a 0.125% stake in the platform. Also, WOWOW will buy 2,000 shares worth Y100m ($943,396).
This decision at the March 13 board meeting followed the recent announcement that DirecTV will cease operations as of December and transfer its 400,000 subscribers to SKYPerfecTV. Among the DirecTV shareholders buying a total 6.7% stake in SKYPerfecTV are Matsushita Electric, Tokuma Shoten Publishing, Mitsubishi Corporation, Mitsubishi Electric, Space Communications Corporation, Dai Nippon Printing, and Hughes Electronics.
Japan Digital Broadcasting Services will later issue additional shares for DirecTV shareholders to realise the new joint business plan it has developed with DirecTV.