Horieemon 2.0, Taemon Horie's Counterattack! The Road to Acquiring Fuji TV and Becoming President, a 20-Year Revenge Match
Framed by the slogan “If it isn’t interesting, it isn’t television,” Fuji Television built the golden era of the bubble economy.Today, however, it has become a symbol of “old media” suffering from low ratings, sponsor retreat, and compliance issues. In such a context, there is renewed talk that Horiemon (Horie) might move again. Twenty years after the LiveDoor scandal, will the mistakes of that time be repeated? Just as Elon Musk bought X (formerly Twitter), could Horiemon 2.0 seize Fuji Television and drive a major media reform?
Horiemon 1.0: LiveDoor Shock to Nippon Broadcasting
In 2005, LiveDoor, led by Takafumi Horie, acquired Nippon Broadcasting System, Fuji Television’s parent company’s stock, delivering a shock to the media industry. At that time, amid rapid internet growth fueling anxieties about television’s future, Horie boldly proclaimed, “Television is old; it’s the internet from now on,” directly clashing with the traditional media industry.
■Situation and challenges at the time
Initially, LiveDoor planned to become Nippon Broadcasting’s principal shareholder to indirectly control Fuji Television. Fuji TV pushed back hard, facing pressure from the Sankei Shimbun group, Dentsu, and even political circles. Ultimately Fuji Television allied with SBI Holdings (then SoftBank Investments) to curb LiveDoor’s influence.
■Acquisition failure and its aftermath
As a result, the acquisition of Fuji by LiveDoor ended in failure, and Horie was arrested on securities law violation (cooking the books). LiveDoor was delisted, and Horie received a prison sentence, marking the end of a bold challenge to the media industry.
■Looking back at the era
In hindsight, LiveDoor’s acquisition drama was not merely a corporate takeover; it highlighted the dynamic between “entrepreneurs challenging the internet revolution” and “resistance of existing media.” Yet many feel that Horie’s arrest reflected a broader message to flamboyant IT bubble-era money-makers.
Possibility of Horiemon 2.0 Realization? What’s Changed in 20 Years?
In these two decades, the media industry has changed dramatically. Old media’s decline accelerated while the influence of online media grew overwhelmingly. The former “television supremacy” has crumbled, and the advertising market has become more dispersed.
■Decline of old media
TV ratings have fallen notably, especially among younger audiences who have shifted to online platforms like YouTube and TikTok. Advertising has shifted from traditional TV commercials to social media and influencer advertising, with companies prioritizing digital targeting. As a result, TV networks’ revenues shrink, sponsor investments become more cautious, and traditional business models crumble.
■Impact of compliance
Recently, stricter compliance checks have significantly affected the media industry. Content review has tightened, and there is a stronger emphasis on handling viewer complaints and protecting brand image. Consequently, provocative or distinctive content becomes harder to produce, decreasing television’s appeal.
■Changes in talent business
Formerly, TV appearances supplied a large part of an entertainer’s income, but now creators can publish their own content via YouTube and social media and monetize directly. This increases talent freedom to build personal brands and reduces dependence on television. As a result, TV stations struggle to discover and retain new stars.
Possibility of Fundraising
Fuji Media Holdings’ market capitalization is around 4,000 billion yen. Suppose 25% of stock (about 1,000 billion yen) is needed to affect voting rights. It would not be realistic for Horie to bear this amount alone.
■Crowdfunding potential
One idea is to use SNS to rally “Let’s buy Fuji TV together” and collect funds from the general public. Realistically, the funds may not be substantial, but such momentum could persuade existing shareholders to support the move.
■Elon Musk’s support
There is a possibility that support from a world‑class tycoon like Elon Musk could make it feasible. However, Japan’s broadcasting law imposes foreign ownership limits (the 20% rule), making it difficult for foreign capital to wield significant influence.
■Partnership with Masayoshi Son
There are acquisition strategies through SoftBank or SBI Holdings. If Masayoshi Son were to back “Make Horiemon the president,” considering funding, domestic influence, and clout with Dentsu, the likelihood of realization would rise dramatically. Yet Son was effectively involved in Fuji TV’s defense against acquisition in 2005, creating historical enmity, so this is very unlikely.
Realistic Scenarios and Prospects
Fuji Television’s acquisition is not only a financial issue but also involves intricate political, economic, and media-industry interests, making it realistically very difficult. In addition to influential domestic players like Masayoshi Son and Dentsu, Korean capital’s influence is strengthening, requiring reconciliation among domestic and international forces.
Even though the industry is in decline, the influence of major media remains strong, and many competitors are eyeing Fuji TV. If entrants like Rakuten join, the media industry could become a battlefield, underscoring how much favored television stations are.
■Nevertheless, transformative changes are anticipated
Many expect Horiemon 2.0 to shake up old media. 2024 saw major headlines around old versus online media. The world is certainly moving toward new media.
Simply buying a company does not automatically reorganize an industry; many approaches exist, so this content should be viewed as one possible scenario.
Looking ahead, how Fuji Television’s future will unfold and whether Horiemon 2.0 will revive the slogan “If it isn’t interesting, it isn’t television” is a question of growing interest.
