U.S. investment fund Dalton Investments has intensified its pressure on Fuji Media Holdings, demanding the resignation of Executive Managing Advisor Hisashi Hieda. In a letter to the company’s board on Monday, the fund criticized Fuji Media’s handling of the recent scandal involving television personality Masahiro Nakai, who announced his retirement last month, reports Japan News.
This marks the third time Dalton has formally raised concerns with Fuji Media, arguing that the resignations of Fuji Television Network’s President Koichi Minato and Chairman Shuji Kano are not enough to restore sponsor confidence. The fund insists that Hieda must also step down from his roles at both Fuji Media Holdings and Fuji TV.
In its letter, Dalton condemned the company’s governance as “completely dysfunctional,” questioning how “a single dictator has been allowed to control this vast broadcasting group for nearly 40 years.” It also criticized Hieda’s absence from a press conference on January 27, calling it a failure of leadership.
The investment firm is pushing for immediate reforms, urging Fuji Media to restructure its board to ensure a majority of independent outside directors rather than waiting for the findings of a third-party investigation expected by the end of March.
According to financial data provider Refinitiv, Dalton is the second-largest shareholder in Fuji Media Holdings, owning approximately 6% of shares, rising to 7% when including affiliated entities.
Bd-pratidin English/ Jisan
