Sky Perfect to partner with Jsat
EmptyTOKYO -- Sky Perfect Communications Inc. plans to set up a holding company with Japanese satellite operator Jsat Corp. in April, effectively merging the two companies' management teams in order to make the most of their respective areas of expertise.
Sky Perfect president Masao Nito will become the president of the holding company, while Jsat board member Masanori Akiyama will be named chairman, the companies said Thursday.
The two firms have worked together closely for the past 10 years, according to Tomonari Niimoto, a spokesman for Sky Perfect, but by cementing their relationship they plan to provide comprehensive satellite services, including the provision of television programs.
"We intend to use the improved cashflow from across the industry to attract new subscribers as well as enabling us to facilitate the increased use of high-definition television," Niimoto said.
The arrangement also will allow the new firm, which has not yet been named, to provide more attractive content, he said
Competition is intensifying in Japan's broadcasting industry and the two companies have set a target of ?300 billion ($2.56 billion) in annual sales within five years of the new company's creation.
Both firms will be required to delist their stocks from the Tokyo Stock Exchange in advance of the merger.