Jan. 24--TOKYO -- Fuji Television Network Inc. has decided to dissolve its capital and business tie-ups with Livedoor Co. following the arrest of the Internet service firm's president, Takafumi Horie, the Yomiuri Shimbun reported Tuesday.
According to the terms of the tie-up agreement, Fuji TV cannot sell its 12.75 percent stake in Livedoor without its consent. But the TV station believes Horie's arrest constitutes a breach in the tie-up agreement, the daily reported in its morning edition, citing confirmation by more than one senior Fuji TV official.
Prosecutors arrested Horie on Monday, along with three other Livedoor executives, on suspicion of spreading false financial information to deceive investors.
Fuji TV became Livedoor's second-largest shareholder after the two companies ended a two-month battle for control of the Fuji TV group's radio station in April 2005.
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