Japan's biggest broadcaster, Fuji Television Network, has offered to buy major radio station Nippon Broadcasting System for around 170.5 billion yen ($1.6bn, €1.2bn, £900m).

The commercial TV station is Nippon Broadcasting's second-largest shareholder with a 12.39% stake. In turn, Nippon Broadcasting is also the largest owner of Fuji TV, holding 22.51%.

Nippon says it is in favour of the deal between the two companies, which already share the same logo and headquarters in Tokyo.

Says Andrew Millward of Henderson Global Investors in London: "It cleans up the shareholder structure of these companies."

Data sourced from New York Times; additional content by WARC staff