On May 30, 2024, Dalton Investments LLC sent a letter to Fuji Media Holdings, Inc. outlining a proposal to take the group private through a management buyout. Dalton Investments stated that the Company would be delisted following the buyout. Dalton Investments also stated that it sees the potential to raise the Company's value through a restructuring that involves asset sales.

In addition to recommending the Company to focus on content and other areas of the broadcast business, Dalton Investments' proposal suggested raising funds for the buyout by securitizing real estate holdings and selling cross-held shares. Dalton Investments has been calling for the Company to improve capital efficiency.