Ad woes hurt Tokyo Broadcasting bottom line
EmptyTOKYO -- Tokyo Broadcasting System's television business fared well in the first half of the fiscal year, but declining income from advertising reduced the company's operating profit by 2.8%.
The company reported record revenue of 158.86 billion yen ($1.4 billion), thanks largely to the popularity of its sports coverage and light entertainment lineup.
The shortfall in earnings from television advertising, however, means that the projected operating profit for the entire year is 21.5 billion yen ($192 million), down more than 20% from its forecast in July.
For more than two years, TBS has been the target of a hostile takeover campaign by Rakuten Inc., an online shopping mall operator.