Houlihan Lokey Advises TBS Holdings

Houlihan Lokey is pleased to announce that TBS Holdings, Inc. (TBS) has acquired WACUL, Inc. (WACUL) by tender offer. The deal value of this transaction was ¥3.91 billion ($27 million). The transaction closed on July 4, 2025.

TBS is the holding company of the TBS Group, which includes TBS Television, one of Japan’s top five commercial broadcasters in a multi-trillion-yen terrestrial TV market. It manages its subsidiaries and group companies and also engages in real estate operations.

WACUL provides digital transformation support services, offering end-to-end support in digital marketing from strategic consulting to execution, such as content creation and advertisement operations. It also supports in-house capability development through recruitment services.

TBS aims to realize its “EDGE” strategy, as set out in its medium-term management plan, by leveraging WACUL’s marketing expertise to enhance group-wide marketing strategies and utilizing TBS ID, a convenient membership service that allows users to access various services provided by TBS Group with a single ID. “EDGE” (expand digital global experience) refers to TBS’ strategy for maximizing the value of its content, focusing on three key areas: digital, global, and experience (physical experiences related to live entertainment and lifestyle).

WACUL aims to achieve three key synergies: expand business domains by acquiring limited media, such as mass media, and distributing TV content; enhance its services by acquiring and utilizing the vast amount of data accumulated through TBS ID; and strengthen outreach to enterprise clients that WACUL has not been able to engage.

Houlihan Lokey acted as the exclusive buyside financial advisor to TBS, having led a comprehensive deal process. This successful outcome underscores Houlihan Lokey’s deep expertise in the IT services sector.

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