Baby Calendar Inc. (TSE: 7363), the pregnancy-and-childcare web-media operator, will pay ¥507mn for all 9,910 shares of Orange Page Inc., publisher of the food-and-lifestyle magazine of the same name, after its board approved the deal on September 15. East Japan Railway Company (JR East) currently owns Orange Page outright and will transfer the full stake when the deal closes on November 2.
The headline number understates what JR East is actually taking out. Before the share transfer, Orange Page is set to pay JR East a dividend of about ¥2bn, keeping only the working capital it needs to keep operating. Baby Calendar's ¥500mn share price, plus roughly ¥7mn in advisory costs, was fixed on the assumption that dividend goes out first, the company says in its disclosure. That sequencing explains an otherwise odd gap: Orange Page's net assets stood at ¥2.76bn as of February 28, 2026, several times the acquisition price, precisely because JR East is stripping most of the cash cushion before selling the shares.
Orange Page is not yet profitable, but the losses have been shrinking. Revenue rose from ¥2.15bn in the year to February 2024 to ¥2.83bn in the year to February 2026, while the net loss over the same period narrowed from ¥410mn to ¥39mn.
| Fiscal Year | Revenue | Net Income/Loss |
|---|---|---|
| Year to Feb 2024 | ¥2.15bn | -¥410mn |
| Year to Feb 2025 | ¥2.36bn | -¥281mn |
| Year to Feb 2026 | ¥2.83bn | -¥39mn |
Baby Calendar says it will fund the purchase entirely from its own cash. It plans to apply its web-media, content-production and search-optimization know-how to Orange Page's food and lifestyle content, while using Orange Page's publishing and e-commerce operations to push its own material into print and retail. The company says the effect on its full-year consolidated results is still under review.