TOKYO — Tokyo Broadcasting System has inked a deal to buy retailer StylingLife Holdings.
The company’s main biz is operating a chain of imported goods stores in Japan. The stores, called Plaza, formerly belonged to Sony, when they were known as Sony Plaza.
TBS will acquire StylingLife stock on July 31 for $194.4 million. TBS senior managing director Kenichiro Kidokoro told reporters on Tuesday, “If we are to survive, we need to strengthen our bottom line by becoming involved in businesses other than broadcasting.”
TBS, like other Japanese nets, has been hard hit by falling ad revenues, as viewership declines and advertisers shift their spend to the Internet and other new media.
Launched in 2006, StylingLife operates five subsids. The biggest, PlazaStyle, was founded by Sony in 1966. It operates 70 Plaza stores in Japan, as well as 51 other stores under various labels. It also manages three online stores and three brick-and-mortar stores in Taiwan.