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CH164 | GSI
🕑 Added 2025-02-25 03:30:01 +0000 UTCAt Seok-won’s blunt and unfiltered question, Masayoshi faltered for a brief moment. Sensing the hesitation, Seok-won simply shrugged, his demeanour relaxed and confident.
"You’re not expecting to get exclusive rights for free, are you?"
But Masayoshi Son, a businessman who had seen and survived it all, quickly composed himself and adjusted his posture before responding calmly.
"Of course not."
"Then let’s hear your terms."
At Masayoshi Son’s subtle glance, Yokouchi, who was seated beside him, retrieved a thin file from his bag and placed it on the table.
"I understand that Eldorado Fund invested $2 million in Yahoo. We’ll purchase exclusive rights to the Asian market for the same amount. That way, you’ll recover your initial investment within a few months—it’s a win for your side as well."
If the offer was accepted, Yahoo would retain its shares while recouping its investment in less than two months, making it a fairly attractive deal.
Even Landon, seated nearby, managed to maintain a neutral expression, but the subtle gleam in his eyes betrayed his intrigue.
Without offering an immediate response, Seok-won nonchalantly opened the file and skimmed through its contents.
"Excuse me."
At that moment, a knock was followed by the entrance of two servers, who slid open the traditional Japanese doors and stepped inside.
As they carefully placed chawanmushi, seasonal salad, and assorted pickled side dishes onto the table, no one paid the slightest attention to the food. Their focus remained solely on Seok-won’s reaction.
Once the servers had exited the room, Seok-won casually closed the file, setting it aside before directing his gaze toward Masayoshi Son.
"Considering your bold investments in Comdex and Ziff Davis, I had higher expectations. This is… disappointing."
Masayoshi Son’s brows knitted slightly, but rather than reacting rashly, he maintained his composed and seasoned demeanour.
"I believe it's a reasonable offer. May I ask which part you find unsatisfactory?"
His cool and measured response only reaffirmed what Seok-won had already suspected.
‘If he were an easy opponent, that would’ve been the real disappointment.’
After all, this was the man who, despite his Korean heritage, had risen to become the richest figure in Japan through sheer determination. As if that weren’t enough, he had also built and managed the world's largest venture capital fund. Even in his younger years, there was no way he would be an easy adversary.
‘Of course, at the end of the day… he’s just a Sun Wukong dancing in the palm of my hand.’
A faint smile briefly flickered across Seok-won’s lips, but his expression quickly returned to an impassive calm.
"For starters, Yahoo’s valuation has changed since our initial investment."
"But as far as I know, the Eldorado Fund invested in Yahoo less than two months ago."
Yokouchi swiftly interjected, offering an immediate rebuttal.
"That’s true. However, didn’t SoftBank recently make an investment valuing Yahoo at $40 million?"
As Seok-won nodded, Yokouchi’s expression stiffened, realizing he had just been cornered into silence.
Without another word, Seok-won casually picked up a thin slice of sashimi, dipped it into the sauce, and placed it in his mouth.
"It wasn’t us who inflated a $5 million company to eight times its valuation in less than two months—it was your side."
Speaking leisurely, Seok-won then took a moment to savour the sashimi before nodding in approval.
"Mmm, this croaker is quite good. You should all give it a try."
Once again, he was masterfully pulling the strings, and the first to acknowledge it with a chuckle was Landon.
"Haha, is that so? Then I suppose I should have a taste as well."
With a relaxed demeanour, Landon picked up a piece of croaker sashimi from the plate in front of him and took a bite.
In stark contrast to the ease displayed by the two men, Masayoshi Son and Yokouchi, seated across from them, had visibly tense expressions, their faces hardening by the second.
If they refuted the argument, they would essentially be admitting that they had grossly overvalued Yahoo themselves.
To make matters worse, the way Seok-won pointed it out almost felt like a subtle jab—after all, Eldorado Fund had secured a 40% stake in Yahoo for the same investment amount, whereas SoftBank had only managed to acquire a mere 5%. The realization made their faces flush slightly.
Seok-won glanced at the two men out of the corner of his eye before continuing.
"Of course, considering Yahoo’s growth potential in the unfolding internet era, even a $40 million valuation is likely an understatement."
"……!"
"That just goes to show how remarkable President Son’s foresight was—boldly making that bet right away."
Rather than feeling flattered by the praise, Masayoshi Son felt an underlying sense of unease.
It was as if he were sitting across from a seasoned negotiator—someone who had long mastered the art of the deal.
As he warily observed Seok-won, his suspicions were quickly confirmed by the next words that followed.
"Naturally, you must fully understand the value of securing exclusive rights to dominate the portal market in Japan and the rest of Asia. That’s exactly why you’re trying to acquire it, isn’t it?"
"……."
In an instant, Seok-won’s smile vanished, and his tone grew firm.
"Yet, you expect me to sell that exclusive right for a mere $2 million? If you truly thought I’d accept such an offer, then you’ve underestimated me."
Straightening his posture, Masayoshi Son locked eyes with Seok-won and spoke evenly.
"Then name your price."
Seok-won leaned back in his chair, arms crossed, rubbing his chin as if in thought. After a brief pause, he spoke.
"I’d consider it—for $100 million."
"What?!"
"Hah!"
Both Masayoshi Son and Yokouchi reacted with shock, their expressions twisting in disbelief.
Even Landon, though more composed, couldn’t help but internally question whether Seok-won had gone too far with his demand.
As Masayoshi Son’s face hardened, an exasperated Yokouchi raised his voice.
"One hundred million dollars?! That’s an outrageous price!"
Seok-won calmly lifted his teacup, taking a slow sip before responding with complete composure.
"It’s $100 million now. But before long, its value will multiply several times over."
"What are you saying…?"
Ignoring Yokouchi’s incredulous expression, Seok-won turned his gaze back to Masayoshi Son and asked,
"Do you also think that’s too high a price, President Son?"
Masayoshi Son remained silent for a moment, his expression unreadable. Then, with a voice weighted in thought, he asked in return,
"And if I do?"
"If you won’t pay what it’s worth, then there’s no reason to make a deal."
Seok-won’s answer came without the slightest hesitation.
A slight furrow formed between Masayoshi Son’s brows as he studied Seok-won’s unwavering stance. Then, his voice took on a firm edge.
"Yahoo isn’t the only portal service out there."
It was a subtle but clear warning—if the deal didn’t go through, they could simply acquire exclusive rights to a different portal and launch their services in Japan anyway.
But Seok-won didn’t so much as flinch.
"That’s entirely up to you, President Son. Do as you see fit." He set his teacup down and leaned in slightly. "Just know that I didn’t acquire these rights simply to let them sit in my pocket."
"……!"
Masayoshi Son raised an eyebrow, but Seok-won simply turned to Landon and asked,
"That reminds me—how’s the preparation going for establishing our Japanese subsidiary? No issues, I assume?"
Landon, quick to catch Seok-won’s intent, responded smoothly,
"Of course. Everything is proceeding as planned. The process should be completed by the end of the year at the latest."
Seok-won glanced briefly at Masayoshi Son and Yokouchi, both listening with serious expressions, before continuing,
"Let’s name the company something instantly recognizable—Yahoo Japan."
"Understood. I’ll make sure of it."
Anyone with a shred of intelligence could grasp the meaning behind their conversation.
"Are you threatening me right now?" Masayoshi Son’s face twisted into a scowl.
As soon as his opponent bared his fangs, Seok-won wiped the last traces of amusement from his face, his gaze sharpening.
"You were the first to apply pressure with your bluff. And even if it wasn’t just a bluff, that’s fine. If you want a fight, I’m more than willing to take you on."
Refusing to back down even an inch, Seok-won met Masayoshi Son’s furious glare head-on.
"And let’s be clear about one thing—our plan from the beginning was to establish a subsidiary and launch a portal service in Japan and across Asia." He let the words settle before adding coldly, "The ones interfering now are SoftBank."
"Hmph."
Since Seok-won wasn’t wrong, Masayoshi Son couldn’t refute him and instead let out a low, frustrated sigh.
"I heard SoftBank raised about 200 billion yen in cash through its Tokyo Stock Exchange listing."
"And what exactly are you trying to say?" Masayoshi Son shot back, eyes filled with suspicion.
"You’ve spent a considerable amount acquiring Comdex and Ziff Davis, but I assume you still have a decent amount of cash left."
"……."
"Not to mention, SoftBank generates steady annual revenue. Your pockets must be quite full."
Masayoshi Son frowned, staring at Seok-won, still unable to grasp where this was heading.
Then, Seok-won dropped the bombshell.
"For the record, I have a very optimistic outlook on the Japanese market. I plan to invest $1 billion into Yahoo Japan."
Masayoshi Son’s eyes widened in shock, and even Yokouchi flinched at the staggering figure.
Seok-won smirked coldly, radiating confidence.
"And if competition arises? Then I’ll invest even more. You see, there’s one thing I absolutely despise—losing."
At that, Masayoshi Son finally snapped. He slammed his fist against the table with a loud thud.
"Are you saying you want to go head-to-head with me?!"
The tension in the room instantly became palpable, the atmosphere turning dangerously hostile.
Landon tensed, ready to intervene at any moment, while Yokouchi looked as if he was prepared to physically restrain his boss if things got out of hand.
Yet, amidst the thickening tension, Seok-won remained composed. Fingers interlocked, he rested his hands on his knee and met Masayoshi Son’s gaze head-on.
"But if we fight like this, all we’ll be left with is a hollow victory filled with scars. That’s why I have a proposal."
"And what would that be?"
"Rather than fighting, we join forces."
Masayoshi Son let out a dry chuckle, taken aback.
"Are you suggesting… a partnership?"
"Exactly. We’ll contribute the exclusive rights for Japan and the rest of Asia, while SoftBank provides an equivalent investment. We split the shares 50-50 and establish a joint venture. That way, there’s no need for conflict—we both win."
"A partnership, huh…?"
Sensing interest, Seok-won leaned in slightly, his tone persuasive.
"The internet boom is already in motion. Do you think we’re the only ones who’ve recognized the potential of the portal business? Just as SoftBank grew by partnering with Microsoft, who’s to say there aren’t already other emerging players—another SoftBank in the making—preparing to enter the game?"
Masayoshi Son mulled over the words.
It was a valid point.
There was no way he was the only one who had realized the internet’s limitless growth potential.
That was precisely why he had flown to Korea—to secure Japan’s market before potential competitors could stake their claim.
Seok-won pressed on, his voice calm but firm.
"You know as well as I do that in any business, securing first-mover advantage is crucial. If we fight, it’ll be a long, gruelling battle. But if we join forces, taking control of the Japanese market will be effortless."
Masayoshi Son remained silent, deep in thought for a long moment. Then, he finally lifted his head and spoke to Seok-won.
“Give me a few days to think it over.”
Seok-won nodded, raising a single finger.
“I can’t wait too long. I’ll give you a week.”
“I’ll have an answer for you by then.”
With that, Seok-won’s sharp, commanding presence softened in an instant. A smile returned to his face as if he had never been the one steering the conversation with such intensity just moments ago.
“Well then, let’s put the business talk aside and enjoy the rest of our meal.”
Fortunately, the exquisite dishes, crafted by a top-tier chef, had retained their freshness.
As Seok-won continued savouring each course with evident enjoyment, Masayoshi Son and Yokouchi, burdened by the weight of their thoughts, merely picked at their plates, barely aware of what they were eating.
TL/n -
In the 1990s, Masayoshi Son made two major investments related to the tech and media industry:
1. COMDEX (1995) – SoftBank acquired a controlling stake in COMDEX, the world's largest computer trade show at the time, by purchasing Ziff-Davis' exhibition division for $800 million. This move positioned SoftBank as a key player in the global tech industry. However, SoftBank later sold COMDEX to Key3Media in 2001.
2. Ziff-Davis (1995) – In the same year, SoftBank acquired Ziff-Davis, a major technology publishing company known for magazines like PC Magazine, Computer Shopper, and PC Week, for $2.1 billion. This investment gave SoftBank influence over tech journalism and marketing. However, SoftBank sold most of Ziff-Davis' assets by the early 2000s.
Comments
Jarod lane
100mil is still too cheap tho, he should only sell controlling interests not 100%
