TOKYO (Reuters) – Fuji Media, rocked by a scandal that has gripped Japan, on Thursday slashed its annual net profit forecast by two-thirds citing a sharp drop in advertising revenue.
Fuji Media this week announced a management shake-up amidst a probe into alleged sexual misconduct by a celebrity TV host against one of its staff. Corporate advertisers had already pulled out advertising en masse on Fuji Television.
The company said it had decided not to charge for the cancelled commercial spots, and now expects net profit of 9.8 billion yen ($63.42 million) for the year through March 31, or a third of the 29 billion yen it had previously forecast.
($1 = 154.5300 yen)
(Reporting by Chang-Ran Kim; Editing by Himani Sarkar)
