TOKYO — Usen Corp., a major Japanese cable and broadband services provider that is the parent company of distrib Gaga, has pacted with Korean cable player CJ Media. But Usen denied local press reports that it will buy all the shares of troubled Internet startup Livedoor and make it a subsidiary.
In a statement released on Thursday, Usen said that it is “considering various possibilities, including a capital tie-up” with Livedoor, but has made no decision yet.
On March 16, Usen prez Yasuhide Uno personally acquired $81 million in Livedoor stock for a 12.7 percent stake, despite legal troubles that have resulted in the arrest of Livedoor executives and Friday’s skedded delisting of Livedoor shares from the Tokyo Stock Exchange.
In a related development, Usen has bought a $2.6 million or 8.6 percent stake in CJ Media Japan, the Japanese affiliate of Korean cabler CJ Media, a member of entertainment conglom CJ Corp. CJ Media Japan operates the Mnet Korean entertainment channels on the Sky PerfecTV satellite and cable platform.
As part of the new partnership, Usen will offer content from CJ Media on its GyaO web streaming site.
Also, CJ Media Japan, together with its Korean parent, will assist Usen and Gaga in accessing the Korean media market, including promotional activities for the release of Gaga films.
With more than 8.7 million members, GyaO is a major web portal for various content, including films, TV programs and music.