Fuji Media Holdings forecasts loss, announces governance reforms, executive changes

Fuji Media Holdingsinc. (TSE:4676) announced a revised full-year earnings forecast projecting a net loss attributable to owners of the parent of JPY20.1 billion, a significant downturn from the previously forecasted profit of JPY9.8 billion, due to an impairment loss of approximately JPY26 billion and the reversal of deferred tax assets, leading to a JPY6 billion adjustment to corporation taxes. Simultaneously, the company is undertaking substantial governance reforms, driven by concerns raised regarding human rights, compliance, and executive nomination processes. President Osamu Kanemitsu will resign from his position, along with three outside directors, effective at the conclusion of the Annual General Meeting of Shareholders in June 2025. Fuji Media Holdings will establish a Nomination and Compensation Committee, abolish the advisor system, introduce retirement age limits, and formulate succession plans. Furthermore, the company is actively reducing cross-shareholdings, targeting less than 20% of net assets by fiscal year 2030, with the sale of investment securities expected to generate an extraordinary gain of approximately JPY18.3 billion to be recorded in the first quarter results for the fiscal year ending March 2026.