Japan's DirecTV taps investors for more cash

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TOKYO--DirecTV of Japan has decided to increase its capital by $227 million to $244 million through a private placement. The company will ask for additional investments from existing shareholders including U.S.-based Hughes Electronics, Japanese video rental chain Culture Convenience Club, Matsushita Electric, bookseller Tokuma Shoken, Mitsubishi Corp. and Dai Nippon Printing. The decision was prompted by sluggish growth in DirecTV's subscriber base and a desire to stabilize operations. The company currently claims 250,000 subscribers and has a target of 40,000-to-50,000 new subscribers during the fiscal year starting April 1, according to a spokesman.

Copyright April 1999, Crain Communications Inc.

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