TBS Holdings has taken an 8.03% stake in U-NEXT Holdings in a roughly ¥20bn off-market transaction tied to a June 26 capital and business alliance, while Yasuhide Uno and UNO-HOLDINGS have cut their combined holding to 50.59% from 57.55%. The result is a new strategic shareholder on U-NEXT's register, but not a new majority owner.
| Feature | Detail |
|---|---|
| Buyer | TBS HOLDINGS, INC. |
| Seller | Yasuhide Uno |
| Trade date | June 26, 2026 |
| Off-market block | 11,627,900 shares (6.45%) |
| Price | ¥1,720 a share |
| TBS holding after | 14,486,300 shares (8.03%) |
| Uno direct holding after | 906,535 shares (0.50%) |
| UNO-HOLDINGS holding after | 90,353,400 shares (50.09%) |
| Uno and UNO-HOLDINGS combined after | 91,259,935 shares (50.59%) |
TBS's large-shareholding report says it now owns 14,486,300 U-NEXT shares. In the recent-transactions table included in the packet excerpt, TBS disclosed one off-market purchase on June 26 of 11,627,900 shares, or 6.45% of outstanding stock, at ¥1,720 a share. The company said the acquisition was funded entirely with its own funds and was made under a capital and business alliance agreement dated the same day, with the aim of creating business synergies and improving corporate value.
The two disclosures line up on the trade economics. Uno's amendment report records an off-market disposal of 11,627,900 shares, also 6.45% of U-NEXT, on June 26 at ¥1,720. The filing was triggered because the holding ratio fell by more than 1 percentage point.
More important for governance, the controlling shareholder group stayed above the line. Uno's personal stake fell to 906,535 shares, or 0.50%, from 7.44%, while UNO-HOLDINGS was little changed at 90,353,400 shares, or 50.09%, from 50.12%. Together they still held 91,259,935 shares out of 180,375,333 outstanding, or 50.59%. In cap-table terms, this was a large reshuffle, not a handover.
For readers outside Japan, that is the signal. TBS now has a meaningful minority position in U-NEXT through an alliance-backed block deal, while Uno and UNO-HOLDINGS say their purpose remains long-term stable ownership for management participation. The packet excerpts, however, say little about the alliance beyond a general promise of synergies, so the ownership shift is clear even if the operating plan is not yet.