FUJI MEDIA HOLDINGS, INC.
4676・Prime Market・Information & Communication
Business
Fuji Media Holdings, Inc. is a diversified media group with an authorized broadcasting holding company structure, comprising 85 subsidiaries and 50 affiliated companies. In its core Media & Content Business, Fuji Television (terrestrial and BS broadcasting), Nippon Broadcasting System (radio), Pony Canyon (video and music), Quolus (advertising), dinos (mail order sales), Fusosha Publishing, and others cover the broadcasting, content, advertising, and mail-order domains. In the Urban Development & Tourism Business, Sankei Building Co., Ltd. (real estate leasing and development) and Granvista Hotels & Resorts Co., Ltd. (hotel operations) provide stable earnings. With a history of approximately 70 years since the establishment of Fuji TV's predecessor in 1957, the company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the Media & Content Business, terrestrial TV advertising (network time, local time, spot) serves as the primary revenue source, supplemented by content business revenue from FOD (Fuji TV On Demand) subscriptions, films, secondary usage rights, and music copyrights. In the Urban Development & Tourism Business, rental income from office buildings and leased residences, property sales and condominium sales, and hotel occupancy revenue generate stable cash flow. The company employs a diversified business model in which the revenue structures of both businesses function in a mutually complementary manner.
Company Strengths
In addition to Fuji Television (terrestrial and BS4K), Nippon Broadcasting System, BS Fuji, and Sendai Television, the group holds Kansai Telecasting Corporation and WOWOW as equity-method affiliates. It combines a nationwide broadcasting infrastructure through the FNS network with the ability to expand into digital platforms such as FOD (Fuji TV On Demand) and TVer, functioning as a core engine for IP cultivation and expansion.
Rental income from Sankei Building Co., Ltd.'s office buildings and leased residences has remained solid, and segment profit for the Urban Development & Tourism Business in FY2026 (ending March 2026) reached ¥25,185 million. Segment assets reached ¥673,812 million, underpinning the financial stability of the group as a whole. The full-year contribution from Kobe Suma Seaworld and the high occupancy of the InterGate hotel series have also been confirmed as achievements.
Pony Canyon handles video and music software sales, animation, and events, while Fuji Pacific Music achieved increased revenue and profit in FY2026 (ending March 2026) from copyright royalties, master recording usage fees, and management income. Hit works such as the film "Bakudan (Bomb)" and secondary usage rights sales have also been recorded as achievements, underpinning the content assets that form the basis for diversified IP expansion.
ENVALITH's Perspective
Performance Trend
Revenue maintained a gradual growth trend, rising from ¥525,087 million in FY2022 (ending March 2022) to ¥551,865 million in FY2026 (ending March 2026); however, operating profit, which peaked at ¥33,519 million in FY2024 (ending March 2024), deteriorated rapidly, resulting in an operating loss of ¥8,766 million in FY2026 (ending March 2026). The main causes were a sharp decline in terrestrial advertising revenue due to the incident at Fuji Television (broadcasting revenue fell 32.1% year on year to ¥84,053 million) and valuation losses related to anime at Pony Canyon. In terms of the external environment, robust inbound demand supported revenue growth in the Urban Development & Tourism Business (up 37.2% year on year to ¥193,495 million), but this was not enough to offset the losses in the media business. Net income for the period secured a surplus of ¥6,499 million thanks to extraordinary gains (gain on sale of investment securities) and the recognition of deferred tax assets.
Growth Strategy
Transformation into an end-to-end IP and content model combined with off-balance-sheeting of the urban development business to achieve ROE improvement by FY2030 (ending March 2030)
Based on the "Group Vision 2026-2030 Ver.1.0," the company will shift from a broadcasting-centered business model to a system that handles IP creation, cultivation, diversified development, and monetization in an integrated manner. The plan calls for growth investment totaling approximately ¥150.0 billion by FY2030 (ending March 2030), comprising approximately ¥20.0 billion for upstream activities (IP development and acquisition), approximately ¥50.0 billion for midstream activities (strengthening production and distribution), and approximately ¥80.0 billion for downstream activities (diversified IP development).
In February 2026, the company decided to begin considering the introduction of external capital into the Urban Development & Tourism Business centered on Sankei Building Co., Ltd. The aim is to improve capital efficiency through off-balance-sheeting and secure capacity for growth investment in the Media & Content Business. The specific method, timing, and scale remain undetermined at this time.
In February 2026, the company carried out share buybacks totaling ¥235.0 billion, reducing the equity ratio to 37.3%. The company targets cumulative share buybacks of approximately ¥250.0 billion by FY2029 (ending March 2029). Dividends are planned to be substantially increased to ¥100 at the end of FY2026 (ending March 2026) and to ¥200 each for FY2027 (ending March 2027) and FY2028 (ending March 2028).
The company aims to maintain and accelerate the recovery trend seen from the third quarter onward in terrestrial TV advertising revenue, which declined significantly due to the impact of the incident. It will seek to improve the ROI of TV advertising by streamlining the production process through AI/DX utilization and by rolling out addressable CM technology (the first practical implementation in Japan for terrestrial broadcasting).
In FY2026 (ending March 2026), the company sold approximately ¥49.4 billion worth of cross-shareholdings. It aims to sell a cumulative total of over ¥100.0 billion by the end of FY2027 (ending March 2027), with further reductions planned thereafter. Proceeds from the sales will be allocated to growth investment and shareholder returns.
Last updated: July 19, 2026