Nippon Television Network Corporation
(Tokyo Stock Exchange 9404)

NTV announced today its decision to reorganize its subsidiaries, as follows.

１．Details

Beginning in spring of 2007, program production subsidiaries NTV Eizo Center Corporation (hereafter referred to as NTV Eizo Center), NTV Video Corporation (hereafter referred to as NTV Video), NTV Enterprises Co. LTD (hereafter referred to as NTV Enterprises) and Nippon Television Art Corp. (hereafter referred to as NTV Art) will be reorganized by functional categories due to the overlap of business operations with our company (hereafter referred to as NTV).

As NTV implements the targets outlined in its Medium-Term Management Plan to achieve “total success” by 2008, the NTV Group aims to maximize profit by optimally allocating managerial resources and aggressively investing where necessary. Furthermore, NTV will enhance its content production abilities to evolve into a comprehensive media company.

２．Basic Principles behind Group Reorganization

To concretize above principles, below are the basic policies:
(1)Raise awareness of entire Group to become equal partners through mutual effort
(2)Strengthen independence of each business company, and clarify and delegate responsibilities in accordance with its mission
(3)Ensure thorough accountability of its productivity and governance by each business company
(4)Promote streamlining of Group personnel and financial resources

３．Specific Method of Group Reorganization

The method of reorganizing our Group companies is as follows:
(1)Four production companies (NTV Eizo Center, NTV Video, NTV Enterprises and NTV Art) will be divided by the following method according to industry sector and functional categories to be reclassified into these four companies:
　　　  i)technology company “NTV Technical”(provisional name)
　　　  ii)production company “NTV Dream Content” (provisional  name)
　　　  iii)events company “NTV Events” (provisional name)
　　　  iv)art company “NTV Art” (currently exists) 
(2)Furthermore, to tie these above four companies together, a comprehensive  production business company”(holdings company) will be newly established.

Candidate for new Chairman: Kohei Manabe (Current Representative Director and NTV Corporate Advisor)
Candidate for new President: Shinji Tokuichi (Current Representative Director and Chairman of VAP Inc.)

Candidate for new President:　 Mitsuyoshi　Azuma (Current Representative Director and President of NTV Eizo Center)	Candidate for new President: Kazuyuki Sakurada (Current Representative Director and President of NTV Video)	Candidate for new Chairman: Mitsuoki Umino (Current Representative Director and Chairman of NTV Enterprises) Candidate for new President: Takashi Shindoh (Current Representative Director and President of NTV Enterprises)	Candidate for new Chairman: Koyu Haba (Current Representative Director and Chairman of NTV Art ) Candidate for new President: Masahiro Kimura (Current Representative Director and President of NTV Art)

４．Business Outline of Five Production-related Companies(tentative plans)

(1)Technology Company
　　studio technology, live broadcasting technology, EJ news gathering, editing/post production
(2)Production Company
　　overall program production (drama, variety, sports, information, news, etc.), content production, closed caption production, library
(3)Events Company
　　various NTV events, sporting events, management of NTV Entertainment School
(4)NTV Art
　　studio props, lighting, sound, graphic design, etc.
(5)Role of Comprehensive Production Business Company(holdings company)
　　 i)governance, monitoring and compliance functions of four production companies

• governance function to ensure a smooth program production in an organized and efficient manner
• function of comprehensively managing the entire production system
• function of monitoring the progress of four production companies and NTV working together toward fulfilling Group strategies

ii)Aggregate management and shared service function

• management of four companies will include settlement of accounts, payroll accounting, health management, etc.
• in the future, shared service with other subsidiaries will be considered.

Regarding corporate profiles, including that of the comprehensive production business company(holdings company), once details are finalized, information will be disclosed.

５．Commencement of Business Operations of New Companies

April 1, 2008 (tentative date)

６．Future Effects on Business Results

As subsidiaries are being reorganized according to their function, future effects from this reorganization on consolidated/unconsolidated business results are expected to be minor.

Reference:

【Corporate Data】(As of September 30, 2006　*Financial results: As of March 31,2006 )

(１)NTV

(２)Subsidiaries