Livedoor Co. Ltd. Sues Fuji TV for the Illegal Use of a 'Poison Pill' to Stop Livedoor from Taking Over Nippon Broadcasting System

Livedoor Co. Ltd. Sues Fuji TV for the Illegal Use of a 'Poison Pill' to Stop Livedoor from Taking Over Nippon Broadcasting System

- Livedoor Seeks an Injunction against Fuji TV, Japan's Largest Media Group, and Vows to Continue to Vigorously Defend Their Position -

TOKYO, March 3 /PRNewswire/ -- Livedoor, Co. Ltd., ( http://corp.livedoor.com/en ), a leading provider of new media and internet solutions, announced the filing of a lawsuit on Thursday, February 24, 2005 in the Tokyo District Court against Fuji TV, Japan's largest media group, after the company's recent announcement of the illegal use of a "poison pill" in order to prevent the takeover of Nippon Broadcasting System.

Fuji Television Network, Inc. said it would buy stock options that give Fuji the right to purchase as many as 47.2 million shares in Nippon Broadcasting, its radio broadcasting affiliate, more than doubling the outstanding stock. This move would raise Fuji's stake in Nippon Broadcasting to about 64 percent and will dilute Livedoor's current holding of 43 percent in the company.

The issuance of new shares under Japanese Commerce Law is mainly done to raise capital for the company when it is needed, not to maintain existing management control. Also, these special share issues require shareholder approval. In this case, Fuji has not followed this proper procedure.

"We plan to vigorously defend ourselves from the illegal move by Fuji TV," said Mr. Takafumi Horie, founder and CEO of Livedoor. "We will also take action to prevent this illegal act from tainting the general investor's view on our economy."

Press Release in Japanese: http://finance.livedoor.com/img/ir/4753/news/050224.pdf

About Livedoor, Co. Ltd.,

Livedoor Co. Ltd. (TSE's MOTHERS: 4753) is one of the major web portals in Japan, as well as an innovator in Internet solutions, offering total solutions for businesses and consumers alike with Internet services ranging from finance to weblogs. Livedoor's line of business solutions arises from the synergy of the numerous services and distribution channels. Livedoor is also one of the major Japanese publishers and distributors of software. Livedoor has a network of offices in USA, Japan, China, Germany, Spain and Thailand. Livedoor Co., Ltd. is a publicly traded company in the Tokyo Stock Exchange MOTHERS (TSE's MOTHERS: 4753) with a current market cap of over USD $3 Billion.

For more information on Livedoor Co. Ltd., visit: http://corp.livedoor.com/en/

Contact: Noriaki Okubo Executive Vice President Livedoor Co., Ltd. Tel. +81-3-5788-4848 Fax. +81-3-5788-4825

Source: Livedoor Co. Ltd.

CONTACT: Noriaki Okubo, Executive Vice President, Livedoor Co., Ltd. in Japan, +011-81-3-5788-4848, or fax, +011-81-3-5788-4825

Web site: http://corp.livedoor.com/en http://finance.livedoor.com/img/ir/4753/news/050224.pdf

------- Profile: Ent