Japanese Cable Company Mulls Axing Livedoor

14 April 2006

    TOKYO - Cable broadcaster Usen Corporation is considering the closure of internet giant Livedoor after converting it into a subsidiary.
    The two companies are currently negotiating a business alliance, under which Usen would split Livedoor into "business divisions" to be absorbed by a Usen-created "asset management" company. This would deal with any lawsuits filed by Fuji TV and other Livedoor shareholders and creditors.
    After the suits are settled, the asset management firm would be liquidated and Livedoor cease to exist.
    Any such dissolutionplan would require the support of at least two-thirds of Livedoor voting shares. But sources say such a plan is unlikely to go down well with shareholders of the scandal-ridden internet company.