The parent company of Fuji TV, which has been caught in a series of scandals since the beginning of the year, on Friday posted a net loss of ¥20.1 billion ($138.5 million) for the business year through March amid a decline in sales after sponsors pulled their commercials from the broadcaster.
Fuji Media Holdings’ net loss compares with ¥37.08 billion in net profit the year before and follows a slew of scandals concerning the company’s corporate culture and governance, which were first triggered by reports on former TV star Masahiro Nakai’s “sexual trouble,” which was later deemed “sexual violence” by a third-party probe. For fiscal 2024, it posted ¥550.7 billion in sales, which marked a 2.8% drop from the previous year.
This is the first time that the company has reported a net loss since going public in 1997, a reflection of the financial impact of the scandal. The company had initially projected a net profit of ¥29 billion for the business year, which was revised to a net loss of ¥20.1 billion at the end of April.
