TV Asahi Holdings Corporation
9409・Prime Market・Information & Communication
Business
TV Asahi Holdings Corporation is a certified broadcast holding company comprising 36 subsidiaries and 22 affiliates, centered on TV Asahi, which launched in 1959. Its core Television Broadcasting Business (terrestrial, BS/CS) is complemented by the Internet Business (video streaming services including ABEMA, TVer, and TELASA), the Shopping Business (TV shopping and e-commerce), and Other Businesses (music publishing, events, film investment, and equipment sales). Its main customers are advertisers (via advertising agencies such as Dentsu and Hakuhodo) and viewers/subscribers of its video streaming services. In March 2026, the company will open "Tokyo Dream Park," a mixed-use entertainment facility, accelerating business diversification centered on content and IP.
Business Model
In the Television Broadcasting Business, the company captures Time/Spot Advertising revenue backed by its media strength as the No. 1 in terrestrial ratings among the three major networks. In the Internet Business, it accumulates advertising and paid membership revenue through TVer, TELASA, and ABEMA. In Other Businesses, it diversifies revenue through Music Publishing, Event Business, and Film Investment Business leveraging program IP. Advertising agencies (Dentsu and Hakuhodo) are the main sales channels, with sales to Dentsu reaching ¥95,235 million (28.1% of net sales).
Company Strengths
In fiscal 2025, the company achieved the individual viewer rating triple crown across all-day, golden, and prime time slots for the second consecutive year (and the household rating triple crown for the fourth consecutive year). High-rated content continued to be produced, including "Hodo Station," which has ranked No. 1 in its time slot for seven consecutive years, and "Aibou season24," with an average individual all-viewer rating of 5.6%. This media strength is the direct driver behind spot advertising revenue of ¥105,231 million (up 11.2% year on year, an all-time high).
The company has accumulated results across multiple digital platforms, including TVer with 44.70 million monthly users, TELASA with over 2.33 million members, ANN news CH surpassing 4.90 million channel subscribers, and record-high membership numbers in the Core Fan Business (Web Subscription) (such as Ametalk CLUB and the Toei Tokusatsu Fan Club). The Internet Business posted net sales of ¥36,087 million (up 13.3% year on year) and operating profit of ¥5,310 million (up 43.6% year on year), continuing its high growth trajectory.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 80.1%, with net assets of ¥467,686 million. Cash and cash equivalents amounted to ¥44,230 million, accounting for 7.6% of total assets. The company's financial structure relies mainly on operating cash flow (¥24,946 million) and retained earnings to fund capital expenditures and growth investments, and it maintains sound financial health even while setting a strategic investment framework of ¥100.0 billion over four years.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥298,276 million in FY2022 (ended March 2022) to ¥339,487 million in FY2026 (ending March 2026). Operating profit bottomed out at ¥12,337 million in FY2024 (ended March 2024) and recovered sharply thereafter, reaching ¥26,181 million (operating margin of 7.7%) in FY2026 (ending March 2026), a record high since listing. As an external factor, a recovery in the advertising market and enhanced media strength driven by winning the ratings "triple crown" boosted spot advertising revenue (¥105,231 million, an all-time high). Equity in earnings of affiliates of ¥8,476 million also lifted ordinary profit, which reached ¥36,572 million (up 28.2% year on year). For FY2027 (ending March 2027), a significant decline in operating profit to ¥20,000 million (down 23.6%) is forecast due to increased upfront costs associated with the opening of Tokyo Dream Park, suggesting a temporary plateau in profit growth.
Growth Strategy
Under the management plan "START UP TERE-ASA!! 2026-2029," the company is promoting multi-faceted expansion of content IP and growth in real-world businesses.
On March 27, 2026, the company opened "Tokyo Dream Park," a mixed-use entertainment facility. It will permanently operate event- and experience-based content leveraging program IP, aiming to build a new revenue pillar in conjunction with television broadcasting and digital operations. From the following fiscal year, it will be managed independently as the "TDP/Event Business" segment.
The company aims to grow each of its platforms—ABEMA (22 million WAU, transitioning to a revenue-generating phase), TELASA (over 2.33 million subscribers), and TVer (44.70 million monthly users)—and expand revenue across three layers: digital advertising, paid membership, and core fan subscriptions. Operating income from the Internet Business reached ¥5,310 million, up 43.6% year on year.
From FY2027 (ending March 2027), reporting segments will be reorganized into "Media & Content Business," "TDP/Event Business," and "Other Businesses." Television, digital, film, and events will be consolidated into the "Media & Content Business" to accelerate multi-faceted development of content IP. The company will advance medium-term revenue diversification based on the Management Plan 2026-2029.
In February 2026, the company revised its dividend policy, adopting a basic policy of continuous and stable dividends targeting a consolidated payout ratio of approximately 40%. From FY2027 (ending March 2027), an annual dividend of ¥100 (interim ¥50, year-end ¥50) is expected, and a minimum annual dividend floor of ¥60 has been set to enhance the predictability of shareholder returns.
Last updated: July 19, 2026