ＴＢＳ・楽天 攻防戦の結末が示す教訓は

The Yomiuri Shimbun (Apr. 1, 2009)
Takeover bid foiled, but challenges await
ＴＢＳ・楽天　攻防戦の結末が示す教訓は（4月1日付・読売社説）

Rakuten Inc. apparently had no option but to accept that its effort to control another company by using a sizable stake it bought in the firm as a lever eventually failed.
　大量に買い占めた株式をテコに企業を支配する手法の失敗を、認めるしかなかったのだろう。

Rakuten, the nation's largest Internet mall operator, announced Tuesday that it would sell its stake in Tokyo Broadcasting System Inc., likely giving up a capital and business alliance with the broadcaster. A 3-1/2-year-long battle between the two companies over Rakuten's takeover attempt is to end with Rakuten's complete withdrawal.
　電子商取引最大手の楽天が、保有するＴＢＳ株を手放すと発表した。ＴＢＳとの提携を断念する方向だ。３年半にわたる両社の攻防は、楽天の全面撤退で幕を下ろすことになる。

The latest case implies that it is difficult for an American way of thinking--that shareholders' interests should take priority--to be accepted in Japan. It must be recognized anew that broad understanding between employees, business partners and customers is indispensable for corporate management.
　「会社は株主のものだ」という米国流の考え方は、日本では支持を得にくいということだ。企業経営は従業員や取引先、顧客などの幅広い理解が不可欠なことを、再認識する必要があろう。

Rakuten, which acquired an almost 20 percent stake in TBS in October 2005, proposed management integration. At the same time, the company has been taking its time to negotiate with TBS via combination of a hard and soft approach, indicating an openness to dialogue in a bid to dodge opposition from TBS.
　楽天は２００５年１０月にＴＢＳ株を１９％超取得、経営統合を提案する一方で、ＴＢＳ側の反発を避けるために対話にも前向きな姿勢を示し、硬軟両様で時間をかけて交渉してきた。

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No surrender

However, the negotiation made almost no progress as TBS never let down its guard against the planned takeover. This is because Rakuten's method of forcefully seeking the integration with its stake in TBS as a lever was related in a way to Livedoor Co., which attempted to take control of the management of Fuji Television Network Inc.
　だが、ＴＢＳは楽天への警戒感を解かず、交渉は最後までほとんど進まなかった。取得株をテコに強引に統合を求めた手法が、フジテレビジョンの経営支配をもくろんだライブドアと相通じるものだったからだ。

TBS will become a government-certified broadcasting holding company on Wednesday under the revised Broadcast Law, making it impossible for a single shareholder to be allowed to acquire more than a 33 percent stake in the broadcaster. This means that Rakuten's plan to integrate management integration with TBS and make the broadcaster its subsidiary is now unachievable. For Rakuten, asking TBS to buy back its stake became the only option.
　ＴＢＳは４月から放送持ち株会社に移行するため、３３％の出資制限が設けられる。当初見込んでいたＴＢＳとの統合や子会社化が不可能になり、楽天は保有する株をＴＢＳに買い取ってもらうしかなくなった。

Rakuten will hold talks with TBS to set a price for the sale of its shares. The price of TBS stock has fallen to less than half the price at which Rakuten acquired its stake. It is highly likely that Rakuten will lose more than 60 billion yen on the sale of its TBS shares.
　株式の売却価格は今後、ＴＢＳと協議して決めるが、ＴＢＳの株価は楽天の取得時の半額以下に値下がりしている。売却による楽天の損失は６００億円を超える可能性が大きい。

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School of hard knocks

It is a high price for the lesson learned, but Rakuten has already booked an appraisal loss on the TBS shares it holds. Rakuten will probably be able to expand its business via a broader tie-up with various partners rather than sticking with one particular company. Rakuten should try developing its business steadily by gauging the benefits to be reaped from individual deals.
　高い授業料だったが、楽天は損失を事前に処理済みという。今後は、特定の相手に固執するより、幅広く手を結ぶ方が事業の拡大につながるのではないか。個々にメリットを見極めて、着実な業務展開を図るべきだ。

TBS was actively negotiating with Internet-related companies other than Rakuten on business tie-ups, with resisting Rakuten's takeover attempt among the company's reasons for doing so. However, the broadcaster has thus far been unable to take full advantage of cooperative television and Internet efforts and it appears that the tie-ups have yet to show any profit.
　楽天に対抗する目的もあって、ＴＢＳは楽天以外のネット関連企業と積極的な提携交渉を進めてきた。だが、テレビとインターネットの利点を十分に生かし切れず、提携の成果はまだ収益に結びついていないようだ。

Because of a decline in its advertising revenues due to the current recession as well as increasing financial burden, including investment related to terrestrial digital broadcasting, the performance of TBS' affiliates also is predicted to deteriorate.
　不況による広告収入の減少に加え、地上デジタル化投資への負担などがかさみ、系列局の業績も悪化が予想される。

Although the threat of a management takeover by Rakuten no longer exists, difficulties await TBS.
　楽天による経営支配の脅威が去っても、経営の先行きには難題が待ち構えている。

The reason for setting a limit on acquisition of stake in broadcasting holding companies is to try to ensure independent management at each broadcaster with emphasis on its duty to the public interest. TBS must keep this in mind.
　放送持ち株会社に出資制限を設けたのは、放送局の公共性を重視し、自立した経営を求めているからだ。ＴＢＳはこのことを忘れてはならない。

(From The Yomiuri Shimbun April 1, 2009)
（2009年4月1日01時27分 読売新聞）