A.原文: A Key Figure in the Future of Yahoo BY ANDREW ROSS SORKIN
“I shouldn’t make a comment on that,” said Masayoshi Son, the usually voluble serial entrepreneur who is one of the richest men in Japan. “It’s too delicate a question. Too sensitive right now.”
We had been chatting for some time on the 26th floor of the headquarters of his company, Softbank, seated in a conference room that offered sweeping views of Tokyo Bay. What had caused Mr. Son to turn cagey all of a sudden?
I had mentioned Yahoo.
Kiyoshi Ota/Bloomberg NewsMasayoshi Son is president and chief executive of SoftBank, which owns big chunks of Yahoo’s most valuable investment stakes.
If there is one person who holds the key to the future of the American Internet also-ran, it may be Mr. Son, the 53-year-old billionaire founder of Softbank.
While Mr. Son is little known in the United States, Softbank owns big chunks of Yahoo’s most valuable investment stakes: Yahoo Japan and the Alibaba Group, one of China’s largest Internet companies. Combined, analysts estimate, those assets, along with Yahoo’s cash, represent more than half of Yahoo’s $22 billion value.
With all the speculation about Yahoo’s future — Will it be broken up? Will it be taken private? Will it merge with AOL? — virtually every situation contemplated begins and ends with Yahoo selling its Asian crown jewels. And that is where Mr. Son comes in, perhaps on either side of a deal. (By the way, the chance of AOL buying Yahoo is next to never.)
Indeed, Mr. Son has held back-channel discussions with Yahoo, as its chief executive, Carol A. Bartz, plans the company’s future, people involved in the talks said. Mr. Son declined to comment, saying only, “She has to make a hard decision.”
No deal is imminent — and one may never come — but the betting line is that Ms. Bartz has no more than a year before she must shake up Yahoo or lose her job. A person close to the board said she had its full support through at least the end of her contract, which runs through 2012.
A Yahoo spokesman said, “Our Asian assets and our Asian relationships are very valuable to Yahoo.”
Still, Mr. Son, who most recently brought Apple’s iPhone to Japan, is clearly depressed about the state of the company. In 1996, he started Yahoo Japan as a joint venture with Yahoo; now he is its controlling shareholder.
In the last decade, Yahoo Japan held onto its dominant spot here while Yahoo languished virtually everywhere else. Just this month, in what may be the ultimate symbol of Yahoo’s fall, Mr. Son had Yahoo Japan begin using Google as its search engine on its home page.
“Yahoo was Jerry Yang’s baby. He did a great job creating the baby,” he said. “Unfortunately, some of the key executives after the foundation of the company couldn’t keep up with the technology innovation of the industry. They thought that Yahoo should become a media company.”
As he spoke, he got more and more agitated: “I said from the very beginning, ‘Yahoo should position itself as a technology innovation company, not as a media company.’ ”
Mr. Son is particularly frustrated with the way Yahoo approached international markets. While he persuaded Yahoo to allow him to create a stand-alone site in Japan, Yahoo chose to run its own operations in most other parts of the globe.
“You need a local hero,” he said, suggesting that Yahoo was too arrogant with its global approach, especially around media. He said its expansion strategy was the equivalent of saying, “You’re the only smart guy and those slaves in the poor counties are dumb guys.”
He added, “If they had listened to me and had equal partnerships in China, the U.K., Germany and Brazil, maybe Yahoo in those countries could have become positioned like Yahoo Japan.”
Of course, Mr. Son has had his own ups and downs. He started Softbank in 1981 as a publisher of software and media. By the late 1990s, Softbank, which was making itself into an Internet company, was worth as much as $180 billion. Today it is worth only $20 billion. Mr. Son is said to have lost nearly $70 billion personally.
But his stakes in Yahoo Japan and in Alibaba (he is also a board member) — along with the acquisition of Vodafone’s Japanese business in 2006 — have kept him as one of the most influential investors in Asia.
Over the last year, Alibaba has sought to buy back Yahoo’s stakes in the company, but to no avail. Yahoo owns 40 percent of Alibaba and 35 percent of Yahoo Japan.
Ms. Bartz has been holding off from trying to sell Yahoo’s investments in Asia — especially Alibaba — because, it is said, she and others on the board think there will be more value when some of Alibaba’s most profitable parts, Taobao and Alipay, go public.
“It would be difficult for Yahoo to get fair market value on these assets given the environment in which they would be divesting,” Gene Munster, an analyst with Piper Jaffray, wrote when speculation surfaced that Yahoo might seek a deal.
Still, if Yahoo were to sell those stakes, it would create a big cash pile, which the company could use to take itself private or make some significant acquisitions.
“With Yahoo Japan outsourcing search to Google, Yahoo has several assets that do not have a lot of synergies, and we think the sum of the parts is worth more than the whole,” Justin Post, an analyst with Bank of America Merrill Lynch, wrote.
So what would Mr. Son do if he were running Yahoo?
“If I were Yahoo’s U.S. C.E.O., I would have my own view and own approach. But my approach is always riskier. I always take bold moves. So it can have great return but with great risk,” he said. “I would be more aggressive to acquire companies or start a new business.”
With a laugh, he added that shareholders of Softbank might have more tolerance for risk than Yahoo’s shareholders. Softbank’s shares, he said, “go sky-high and to hell all the time. Our shareholders in Japan are used to it.”
And then, having discussed more about Yahoo than he might have wanted to, he hinted ever so slightly that he expected a deal to be made eventually.
“Our interests and her interests do not necessarily contradict each other,” he said. “Sooner or later we will have a win-win situation.”

B.新浪轉載 ~ 孫正義:雅虎遲早要交易 | 2010年12月14日 19:53  新浪財經
導讀:近期,關於雅虎可能尋求交易的傳言此起彼伏,《紐約時報》記者索金(ANDREW ROSS SORKIN)訪問了雅虎大股東,軟銀的創始人孫正義,後者分析了雅虎何以會從互聯網先鋒淪為今天的落伍者,以及對該公司未來可能的發展進行了預測。
  據知情人士稱,事實上,在雅虎的首席執行官巴茨(Carol A. Bartz)苦心為公司制定未來的規劃時,孫正義也曾經和雅虎的高管進行過秘密討論。孫正義什麼都不肯說,只是評論道:「她必須做出一個艱難的決定。」
  目前沒有什麼交易是會在一夜之間發生的,而且甚至有一筆潛在的交易永遠都不會發生,問題在於,幾乎所有人都可以肯定,巴茨餘下的時間已經不多了,如果她不能在一年之內讓雅虎來一個徹底的改頭換面,她就將失去這份工作。一位較為接近雅虎董事會的人士透露, 巴茨至少在她的合約約滿之前都將獲得董事會的全力支持——那個時間節點是2012年年底。
  在關於雅虎尋求交易的傳言四起時,Piper Jaffray的分析師孟斯特(Gene Munster)在研究報告當中寫道:「考慮到雅虎當前的處境,他們要出售這些資產,顯然是很難得到公平價格的。」
  美國銀行美林的分析師珀斯特(Justin Post)指出:「伴隨雅虎日本將搜索外包給Google,雅虎的情況愈加明顯,他們擁有幾份彼此間並無多少協同作用可言的資產,我們認為這些資產各自獨立計算的價值要超過公司總體的價值。」

C.Google英翻中 ~ 一鍵圖在未來雅虎 | 由黃宏羅斯索爾金
“我不應該做出評論說,”孫正義說,平時口若懸河的企業家誰是最富有的人之一,在日本。 “這太微妙的問題。 現在過於敏感。“
我們已經和她聊了一些時間在26樓的總部,他的公司,軟銀,坐在一個會議室,提供東京灣的美景一覽無餘。 是什麼造成了先生的兒子,又小心翼翼一下子?
如果有一個人誰擁有未來的關鍵是美國互聯網也然,它可能是先生的兒子,現年 53歲的億萬富翁軟銀的創始人。
而鮮為人知的是先生的兒子在美國,軟銀擁有大塊大塊的,雅虎的最有價值的投資風險:雅虎日本和阿里巴巴集團之一,中國最大的互聯網公司。 相結合,分析人士估計,這些資產,隨著雅虎的現金,佔一半以上,雅虎的220億美元的價值。
與所有的猜測雅虎的未來 - 是否會被打破呢? 是否會採取公開的呢? 將它與美國在線合併? - 幾乎每一個開始和結束時的情況考慮與雅虎出售其亞洲皇冠上的寶石。 而這正是先生的兒子進來,也許任何一方的任何協議。 (順便說一下,有機會購買美國在線,雅虎從未旁邊。)
事實上,先生的兒子已經阻礙通道的討論與雅虎,因為它的行政長官,卡羅爾答:巴茨,規劃公司的未來,人們參與談判說。 先生的兒子拒絕發表評論,只說了一句:“她必須作出艱難的決定。”
沒有交易是迫在眉睫 - 還有一個可能永遠不會 - 但投注線巴茨女士沒有一年多前,她必須動搖雅虎或失去工作。 一位接近該委員會表示,全力支持她至少通過她的合同結束,貫穿 2012年。
“雅虎是傑里楊的孩子。 他做了偉大的創造就業機會的小寶寶,“他說。 “不幸的是,一些關鍵的管理人員後,基金公司無法跟上技術創新的產業。 他們認為,雅虎應當成為一家媒體公司。“
他一邊說著,他得到了越來越多的激動:“我說從一開始,'雅虎應定位於技術創新的公司,而不是作為一個媒體公司。' “
先生的兒子是特別沮喪的方式雅虎接近國際市場。 雖然他說服雅虎讓他建立一個獨立的網站在日本,雅虎選擇運行自己的業務,在大多數其他地區的地球。
“你需要一個當地的英雄,”他說,這表明雅虎太自大,其全球性的辦法,特別是在媒體。 他說,其擴張戰略是相當於說:“你是唯一聰明的傢伙和那些奴隸在貧困縣的啞人。”
當然,先生的兒子已經有自己的跌宕起伏。 軟銀在1981年他開始作為一個出版商的軟件和媒體。 到90年代末,軟銀,這是使自己成為一個互聯網公司,是價值高達 1800億美元。 今天,它的價值只有200億美元。 先生的兒子,據說已損失近700億美元的個人。
但他的股份,雅虎日本和阿里巴巴(他也是董事會成員) - 隨著收購沃達丰日本業務在2006年 - 他一直為一體的最具影響力的投資者在亞洲。
在過去的一年,阿里巴巴一直尋求回購雅虎的股份,公司,但都無濟於事。 雅虎擁有阿里巴巴百分之四十和百分之35的雅虎日本。
巴茨一直持觀望態度,從試圖出售雅虎的投資在亞洲 - 尤其是阿里巴巴 - 因為,這是說,她和其他人在董事會認為將有更多的價值,當一些阿里巴巴最賺錢的地方,淘寶和支付寶,去公開。
“這將是很難得到公平雅虎這些資產的市場價值給予的環境中,他們將剝離,”吉恩,Piper Jaffray的分析師寫道,當猜測浮出水面,雅虎可能尋求一個協議。
“如果我是雅虎的USCEO,我有我自己的看法和自己的方法。 但我的做法是始終風險較大。 我總是採取大膽的行動。 因此,它可以有很大的回報,但有很大的風險,“他說。 “我會更積極的收購公司或啟動一個新的業務。”
哈哈大笑起來,他補充說,股東軟銀可能有更多的承受風險比雅虎的股東。 軟銀的股份,他說:“得天高和地獄所有的時間。 我們的股東在日本已經習慣了。“
“我們的利益和她的利益並不一定相互矛盾的,”他說。 “遲早我們將有一個雙贏的局面。”