Cable operator purchases TV unit
TOKYO — Mediatti Communications, Japan’s No. 3 cable operator, plans to purchase cable op Yokohama TV, which covers south Yokohama.
The sale will be finalized by early July, with Mediatti acquiring shares of No. 1 shareholder JGC Corp. and No. 3 shareholder Fujitsu, which together hold 48.3% of Yokohama TV stock. Mediatti is the No. 2 shareholder with a 24.3% stake. The company also plans to buy up the remaining 27.4% of Yokohama shares at an unspecified date. The total cost of making Yokohama TV a wholly owned subsid is estimated at 10 billion yen ($95.3 million).
Founded in 1997, Mediatti directly operates seven cable stations, primarily in the Tokyo metropolitan area and surrounding prefectures, as well as U.S. military bases in Okinawa. Among its leading shareholders are Liberty Global and Olympus Capital.
A central aim of the deal is to expand Mediatti’s presence in Yokohama, a major metro area with big growth potential. Another is to catch up with No. 1 cable operator Jupiter Telecom and No. 2 Japan Cable Net (JCN).