Softbank takes control of MTVI

Sales agent to be replaced by new co.

TOKYO — Movie Television Inc. (MTVI), which filed for protection from creditors March 1, will be taken over by Softbank Broadmedia Corp., a subsidiary of the Softbank group handling its television and broadband interests. MTVI is one of Japan’s leading sales agents for broadcast rights to major U.S. studio films.

Softbank Broadmedia will establish a new company to take over MTVI’s operations effective June 1. The price of the transaction has not been disclosed, but is believed to run into the billions of yen.

Softbank Broadmedia also has agreed in principal to take over MTVI’s liabilities, which are being assessed. Outstanding debt stood at 38 billion yen ($358 million) at the end of January.

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