Six major Japanese media companies will jointly establish a new company in July to launch a new video streaming platform, The Nikkei reported May 24.
The new company will have Tokyo Broadcasting System as its largest shareholder with a 31.5% stake. Yasuhiro Takatsuna, an executive at Tokyo Broadcasting System, will be the joint venture's president.
The five other partners in the $35.8 million joint venture are newspaper publisher Nikkei Inc., TV Tokyo Holdings Corp., satellite TV broadcaster Wowow Inc., advertising agency Dentsu Inc. and Hakuhodo DY Media Partners. Nikkei will be the second-biggest shareholder with 16.6%, while TV Tokyo and Wowow will hold 14.9% each. Dentsu and Hakuhodo control 14.8% and 7.3%, respectively.
The new company will capitalize on the varying strengths of the six stakeholders to offer dramas, talk shows, live music and business news, among other content.
Limited service will start in September, with a full-blown flat-rate streaming service expected to begin in April 2018, according to the report.