Tokyo Broadcasting System Inc. said Wednesday its group has held a stake of more than 20 percent in TV-U Fukushima Inc. in violation of the government's rules on stock ownership among broadcasters.
TBS said in a statement that in addition to its 15 percent stake, one of its subsidiaries has effectively held a 9.35 percent stake in TV-U Fukushima, based in the city of Fukushima.
The 9.35 percent stake has been held under the name of an executive of TV-U Fukushima, TBS said, vowing that the broadcaster would rectify the stock ownership situation as soon as possible.
The rules set by the Internal Affairs and Communications Ministry restrict the number of broadcasting stations one broadcaster can own or mutual ownership among TV broadcasters, radio broadcasters and newspaper publishers.