WOWOW and NTT Docomo have signed the absorption-type company split contract for the Lemino video-streaming business, completing a step that had slipped past its original summer target. The agreement, finalized August 12, sets the legal terms for folding Docomo's Lemino service into a new company that WOWOW already wholly owns, with the deal ultimately handing WOWOW majority control.
The mechanics: WOWOW set up the new subsidiary on June 17. Under the split, Docomo will transfer its entire Lemino streaming operation into that subsidiary in exchange for newly issued shares in the same company. Docomo will then sell 51% of the enlarged company back to WOWOW, while WOWOW separately issues additional new shares to Docomo through a third-party allotment. Once that sequence completes, the entity becomes a joint venture in which WOWOW holds a 51% stake and Docomo the remainder.
Every other step in the deal remains scheduled, not done, until October 1, 2026. That is the target date for the split to take legal effect, for the share transfer to WOWOW to close, for the third-party allotment payment to land, and for the joint venture to start operating Lemino as the alliance formally begins.
| Milestone | Date | Status |
|---|---|---|
| Joint business, share-transfer, and underwriting agreements signed | June 15, 2026 | Completed |
| New company established | June 17, 2026 | Completed |
| Absorption-split contract signed | August 12, 2026 | Completed |
| Third-party allotment payment | October 1, 2026 | Planned |
| Absorption split takes legal effect | October 1, 2026 | Planned |
| Share transfer: WOWOW acquires 51% stake | October 1, 2026 | Planned |
| New company begins operating Lemino | October 1, 2026 | Planned |
| Capital and business alliance formally begins | October 1, 2026 | Planned |
The August 12 signing is itself a small case study in deal friction. WOWOW had originally aimed to finalize the split contract sometime in July, then pushed the date back after preparatory work for the split took longer than expected. The joint business agreement, share-transfer agreement and underwriting agreement, by contrast, were all signed on June 15 without delay.
What the filings do not include is a transaction value or subscriber count for Lemino, and WOWOW has not disclosed how the earnings effect will run through its books. The company says the impact on its consolidated results for the year to March 2027 is still under review, with further disclosure promised once that assessment is complete. For a broadcaster taking majority control of a streaming service it did not build, and for a telecom operator handing over a media business it has run since launch, that is the number both companies' investors are waiting on.