Nintendo is about to become less of a family-owned business. The living members of the founding Yamauchi family will be selling stock during a stock buyback, according to a report from Bloomberg Businessweek.
“We are not in a position to know how much shares the Yamauchi family will sell,” said Nintendo spokeman Yasuhiro Minagawa.
The company will be holding a 114.2 billion-yen ($1.1 billion) buyback on Tuesday, purchasing as much as 7.4 percent of its shares (about 9.4 million shares).
This comes after a sobering fiscal year for Nintendo, resulting in executives, including Nintendo president Satoru Iwata, taking a pay cut.
[via Bloomberg Businessweek]