TOKYO — Japan’s largest distrib, Toho, has launched a take-over bid for International Television Films.
Toho already holds a 51.4% stake in the company, but intends to buy out the minority shareholder.
Toho made a tender offer on Tuesday to corporate holders of International Television Films shares, including Fuji Media Holdings (6.38% stake), Kansai Television (2.98%), Dentsu (2.04%), Asahi Broadcasting (0.85%) and Nippon Television Network (0.34%). The total cost is expected to amount to $9.1 million, with Toho paying a 25% premium for the shares.
A spin-off from Shinotho, a studio that operated from 1947 to 1961, International Television Films has seen its core TV production and studio management biz hit by cuts in orders and production budgets.
To put the company back on its financial feet, Toho is planning a massive restructuring, though details have not been revealed.
International Television Films also manages the Shintoho library, which includes classics by Golden Age masters Kurosawa, Ozu, Mizoguchi and Naruse, as well as pics by horrormeister Nobuo Nakagawa and international cult fave Teruo Ishii.