Dalton Allies With Murakami-Linked Fund to Shake Up Fuji Media

Dalton Investments is joining forces with other investors to pressure Fuji Media Holdings Inc. to spin off its real estate arm, the latest development in what’s become a litmus test for shareholder influence in Japan.

Dalton’s co-founder James Rosenwald said he’s spoken with Aya Nomura, the Japanese broadcaster’s single largest outside shareholder and the eldest daughter of prominent activist investor Yoshiaki Murakami. Spinning off the property unit may double the entertainment group’s value, according to Rosenwald.

James Rosenwald

Photographer: Shoko Takayasu/Bloomberg

Dalton is trying to pressure Fuji Media after the broadcaster earlier this month spurned the fund’s proposal for 12 new directors, ...