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Tokyo Broadcasting System

Broadcasting Industry

As a national broadcaster, TBS has an important role in Japanese society. TBS is responsible for the provision of news and information, especially in times of national emergency, as well as providing entertainment. Under no circumstances should TBS’ ability to fulfil these functions be impaired and it is not the intent of the proposal to do so. Rather, the proposal aims to reduce risk, helping to ensure TBS’ continued stability.

We are also cognisant of the changes occurring in the Japanese broadcasting industry. Viewing habits are evolving, as new technologies, such as streaming, allow for non-linear consumption. This, in turn, is changing how content is monetised, with a move away from traditional TV advertising. This period of change brings both risk and opportunity.

As such, we recognise that TBS must maintain sufficient capital to pursue new initiatives, meet changing consumer needs and build for the future. TBS has been proactive in capturing new opportunities, most recently co-founding Paravi, a streaming video on-demand service, with, reportedly, the largest domestic drama archive. In the coming years TBS is likely to pursue other new initiatives to improve its broadcast offering. The partial reduction of stock ownership in a company unrelated to the broadcasting industry is no barrier to this, and would leave TBS in a position of strength, not weakness.

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This fund is not an Alternative Investment Fund it must be read in conjunction with the Additional Information and Key Investor Information documents. Please ensure that you have read and understood both documents before taking any investment action.

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