"I don't know whether (Livedoor's bid to form the alliance with the Fujisankei group) will be accomplished within six months. It will likely take one to two years at the most," said Horie.

Takafumi Horie

He said the company was willing to solidify its control over Nippon Broadcasting, a member of the Fujisankei group, by buying more shares in the radio station operator so that Livedoor can strengthen its influence over other Fujisankei group firms, such as Fuji Television Network Inc. The radio broadcaster is Fuji TV's biggest shareholder.

Horie brushed aside criticisms of Livedoor's acquisition of the stake during off-hours trading.

"We acquired the stake in accordance with rules under the Securities and Exchange Law," he said.

In a related development Feb. 18, Chief Cabinet Secretary Hiroyuki Hosoda said the Financial Services Agency should look into Livedoor Co.'s purchase of stock in Nippon Broadcasting in off-floor trading. Hosoda said it may be necessary to submit legislation to the Diet to limit off-floor stock trading.

The Japan Times Weekly: Feb. 26, 2005
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