Fuji Media Shareholders Spurn Activist-Backed Board Members

Fuji Media Holdings Inc. shareholders voted against all 12 candidates proposed by Dalton Investments, in a victory for the Japanese media group despite widespread investor anger over the broadcaster’s damaged brand and profitability.

Shareholders lined up in pouring rain Wednesday morning to attend the meeting in Tokyo’s Ariake Arena, an event hall that normally hosts boxing matches or pop concerts. Over 3,000 shareholders showed up, with many snapping selfies and photos given the public interest the company’s difficulties had generated locally.