Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Major Japanese broadcaster <a href="https://www.smartkarma.com/entities/tokyo-broadcasting-system" target="_blank" data-smartkarma-citation="entities:12981:1" rel="noopener">Tokyo Broadcasting System (9401 JP)</a> has a long history of being a target for wannabe activists. The company has long held a large securities portfolio, anchored by shares in <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> (Tokyo Electron was originally a spinoff of TBS) and <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a>. The company has long had cash and other securities, and a decent chunk of real estate in a prime area of Akasaka (for a while I even used to work next to their HQ, and walked through the grounds on the way to the subway every day). But the company has long rebuffed corporate overtures to bring it into new businesses, and investor overtures to get to With a new buyback program announced last week after a sale of some securities, the company has finally thrown shareholders - and the two known activists - a bone.It is a tiny bone, with most of the meat already picked off.These two activists together may hold &lt;3% of shares out. They have too little heft to compete against management backed by corporate and financial crossholders who appear to hold more like 55+%. While there is tremendous value in the shares, it is not clear that TBS has any interest in selling its assets other than little by little, providing a little cash to shareholders here and there, and investing the rest.More below.

Major Japanese broadcaster Tokyo Broadcasting System (9401 JP) has a long history of being a target for wannabe activists. The company has long held a large securities portfolio, anchored by shares in Tokyo Electron (8035 JP) (Tokyo Electron was originally a spinoff of TBS) and Recruit Holdings (6098 JP). The company has long had cash and other securities, and a decent chunk of real estate in a prime area of Akasaka (for a while I even used to work next to their HQ, and walked through the grounds on the way to the subway every day). But the company has long rebuffed corporate overtures to bring it into new businesses, and investor overtures to get to With a new buyback program announced last week after a sale of some securities, the company has finally thrown shareholders - and the two known activists - a bone.It is a tiny bone, with most of the meat already picked off.These two activists together may hold &lt;3% of shares out. They have too little heft to compete against management backed by corporate and financial crossholders who appear to hold more like 55+%. While there is tremendous value in the shares, it is not clear that TBS has any interest in selling its assets other than little by little, providing a little cash to shareholders here and there, and investing the rest.More below.

The Activism at TBS - There's a History, And There Is NEW Activity, But Don't Hold Your Breath

Japan

RKB Mainichi Broadcasting Corporation is a radio and television broadcasting company located in northern Kyushu.  The Company offers a variety of TV and radio programs and sells commercial spots.  RKB Mainichi produces software and also provides planning and production of events and documentary films.  The Company also operates real estate businesses.

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Rkb Mainichi Broadcasting (9407 JP)

The Activism at TBS - There's a History, And There Is NEW Activity, But Don't Hold Your Breath

Major Japanese broadcaster Tokyo Broadcasting System (9401 JP) has a long history of being a target for wannabe activists. The company has long...

Travis Lundy

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