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Fuji TV Dragged by Livedoor, with Profit Halved

5, 19. 2006

Fuji Television Network Inc. said on May 18 its net profit for fiscal 2005 plunged to 11.3 billion yen, decreasing 50.3% from the previous year. The drop in profit was made because Fuji posted extraordinary loss of 34.5 billion yen after selling Livedoor’s stocks, of which the prices plummeted after Livedoor was raided on suspicion of financial fraud.

Fuji sold the shares for 9.5 billion yen, although it had bought them for 44 billion yen. It filed a damage suit against Livedoor for the difference of 34.5 billion yen.

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