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Toei Animation Sells Shares to Hedge U.S. Influence

Toei Animation plans to sell 935,000 shares, valued at $5 million, to its parent company Toei as a way to prevent U.S. hedge fund Steel Partners, a 5% stake holder in Toei Animation, from solidifying too much influence, reports VARIETY. Previously, Toei Animation sold TV Asahi 110,000 shares and Fuji TV 410,000 shares. Both companies already hold large stakes in the Japanese animation giant. The move hopes to keep outsiders, such as Steel Partners, from changing corporate governance rules or gaining a board seat.

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