The Japanese TV network group will hold a 95 percent stake in People World, a small-sized Internet access provider with about 50,000 subscribers. The Fuji Television group currently owns a 20 percent stake in People World.
SoftbankFuji Television President Hisashi Hieda said last month the company is seeking business partners in a bid to extend its business into Internet-related operations.
Fuji Television will buy 499 million yen (US$4.7 million) worth of People World shares from five of its existing shareholders. Fuji Television will also buy 500 million yen worth of People World shares to be sold through a share placement. Other financial terms were not disclosed.
The five existing shareholders are IBM Japan Ltd, Hitachi Ltd, Toshiba Corp, Mitsubishi Electric Corp and Mitsubishi Corp.
The share transactions and capital injection will be carried out by mid-July, Fuji Television said.
Fuji fell 20,000 yen, or 1.2 percent, to 1.7 million yen in morning trading.
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