Japan's fastest growing internet company Livedoor has undermined Fuji Television Network's bid for radio company Nippon Broadcasting System.

Tokyo-based Livedoor has bought another 11.5 million shares in Nippon Broadcasting, acquiring a deal-blocking 35% stake.

A Fuji-Nippon tieup would be worth around ¥170.5 billion ($1.6bn, €1.2bn, £900m). The commercial TV station has 12.39% stake in the radio company. In turn, Nippon Broadcasting is the largest shareholder with 22.51% of Fuji TV.

Nippon was a willing target for the Fuji bid, the two companies already sharing the same logo and Tokyo headquarters.

Data sourced from Financial Times Online; additional content by WARC staff