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Culture

Sony may take nearly 14 percent stake in Fuji TV

The electronics giant is in talks to purchase almost a 14 percent stake in Fuji Television Network for more than $1 billion from Nippon Cultural Broadcasting, according to a report.

    SINGAPORE--Electronics giant Sony might purchase a 13.9 percent stake in Fuji Television Network for more than $1 billion from Nippon Cultural Broadcasting, a radio station operator and the second largest shareholder of Fuji TV.

    Sony and Fuji Television Network (Fuji TV) are in the final stages of discussion for a capital tie-up, which will lead to the share purchase, a report in Channel NewsAsia said today.

    According to the report, Sony and Fuji TV plan to develop interactive television services and technologies for the Internet and digital television broadcasting. These services are scheduled to be unveiled in 2003.

    If an agreement is not reached between Sony and Nippon Cultural Broadcasting, which owns 34.1 percent of Fuji TV, Sony may buy shares from other parties, said the report, without revealing the identities of the other parties.

    The two companies aim to reach a final agreement by the end of May. The purchase of a 13.9 percent stake will place Sony as the second largest shareholder after Nippon Broadcasting System.

    Sony possesses technology and software assets while Fuji TV produces TV programs and holds a nationwide TV network in Japan.