Japan Meltdown Plant Operator to Sell Cable TV Stake for $129 Million
The sale by Fukushima operator Tokyo Electric Power Co. gives telco KDDI total control of Japan Cablenet.
TOKYO – Fukushima power plant operator TEPCO (Tokyo Electric Power Co.) is selling its stake in Japan Cablenet (JCN) for 10 billion yen ($129 million) to help raise funds for compensation payments to victims of the nuclear accident that followed the March tsunami.
TEPCO is to sell its remaining 17 percent stake in JCN, the country’s second-largest cable operator, with 1.1 million subscribers, to telecoms operator KDDI, according to the Nikkei business daily. This will give KDDI 96 percent of JCN's stock.
KDDI, a major telecoms player, also owns a major stake in J:COM (Jupiter Telecommunications Co.), Japan’s largest cable operator, with nearly 3 million subscribers.
Last month TEPCO sold an 8 percent stake in KDDI back to the company for 188.2 billion yen ($2.42 billion), following sales of other shares the company held. The utility can raise over 700 billion yen through asset sales, according to a government estimate.
“It is company policy now to sell all assets that are not related to electricity generation, though we are not releasing information about individual sales,” a TEPCO spokesperson told The Hollywood Reporter.
Total compensation claims from all those affected by the nuclear disaster may top 4.5 trillion yen ($58 billion).