Director Hattori sat cross-legged in the seat of honor, dressed in a loose, comfortable, dark-colored yukata. The old man wasn't wearing his reading glasses; his eyes were narrowed, and his posture was so relaxed it seemed as if he were truly here on vacation.
Honda from Daiwa Securities sat rigidly beside and slightly behind him, dressed in a sharp suit, playing the part of the perfect aide.
Opposite them sat Matsushima, the Vice President of Sotsu, along with four other core shareholders—men with graying hair whose influence in the copyright agency world was so great that a single stomp of their feet could cause an earthquake.
After three rounds of drinks and five courses of food, the atmosphere had thawed. The initial stiffness and mutual wariness that had filled the room upon their arrival had given way to a much warmer, more relaxed mood, fueled by the gentle buzz of alcohol and the unique tranquility of the hot spring inn.
Matsushima set down his exquisite white porcelain sake cup. His cheeks were flushed with alcohol, but his deeply set eyes remained sharp and discerning.
"Director Hattori," Matsushima cleared his throat, sensing the timing was right. He took the initiative to get straight to the point. "After returning, I faithfully conveyed Sega's sincerity to all the shareholders. That revenue report on Pokémon—"
"It truly opened our eyes. Sega Galaxy's future pan-entertainment blueprint is breathtakingly ambitious. To be perfectly honest, it's genuinely tempting."
A portly old man sitting next to Matsushima snorted and took over the conversation. This was Suzuki, another major shareholder of Sotsu, known for his blunt and straightforward temperament.
"Tempting as it may be, we still have our reservations." Suzuki slammed his hands down on his knees, leaning forward slightly as his sharp gaze locked onto Hattori. "Sotsu is a brand we old bones built from the ground up, fighting for every scrap over decades. Sega is flush with cash now—they've even swallowed Sunrise whole. If they acquire us, who's really going to call the shots? Are we here to be partners, or just Sega's puppets?"
The question was a razor-sharp jab. The air in the private room froze for a split second. The other three shareholders paused, their chopsticks suspended, all eyes fixed on Hattori.
But Director Hattori wasn't the least bit flustered. He chuckled softly, reached for the sake bottle on the table, and leaned forward to refill Suzuki's cup to the brim.
"Mr. Suzuki, that's an excellent question. Before I came, Executive Director Nakayama specifically instructed me to lay out Sega's bottom line for you all, crystal clear."
Director Hattori set down the wine bottle, his smile fading as his gaze swept sincerely across the five men opposite him.
"Sega is acquiring Sotsu to complete our puzzle, not to destroy it. Sega Galaxy's current portfolio is immense—games, anime, merchandise, overseas distribution—our business lines stretch incredibly far. We need an experienced, professional, and capable team to help us manage the core business of the Production Committee."
He slowly extended one finger.
"First, the Sotsu brand will be permanently preserved. To the outside world, you will remain Sotsu Agency. Sega will not touch your reputation or your standing in the industry."
Next, he raised a second finger, his tone growing more emphatic.
"Second, the management team will remain unchanged. Everyone here who wishes to stay may continue in their current roles. Sega will only dispatch the necessary financial and legal personnel for compliance purposes. We will never let amateurs dictate to professionals, nor will we interfere with your specific business operations! Executive Director Nakayama's exact words were: 'We're all eating from the same pot. You help Sega expand the IP, and Sega will help you make a fortune!'"
At these words, the five shareholders exchanged glances, and their tense shoulders visibly relaxed.
The wariness on Suzuki's face also faded significantly. He lifted his glass and took a sip, concealing the turmoil within.
"So—what about the payment method?" Matsushima asked, swallowing hard. This was the core issue of their interests.
This was the moment of truth.
Honda timely opened his briefcase, took out a beautifully bound document, and respectfully handed it to Matsushima with both hands.
"This is the preliminary framework agreement drafted by Daiwa Securities," Honda explained with a smile. "Sega is offering two options: an all-cash acquisition, or a combination of cash and Sega stock. Everyone can freely choose the proportion based on their own needs."
Matsushima took the document, and he and the other old men immediately huddled together, carefully flipping through it page by page.
Cash—that meant securing their gains, the safe choice.
But—Sega stock!
The breathing of the old foxes grew slightly heavier.
After all, Sega's stock on the Tokyo Stock Exchange was now a hard currency, even harder than gold!
With Final Fantasy VII selling like wildfire globally, Sega had firmly crushed Sony and Nintendo in the console wars. Its stock price was skyrocketing, hitting new all-time highs every single day.
Owning Sega stock was like holding a golden goose.
For any businessman, such a temptation was fatal.
Gulp.
The sound of someone swallowing hard echoed clearly in the silent private room.
"So... how exactly is the valuation calculated?" Suzuki looked up, the sharpness in his eyes gone, replaced by an irrepressible eagerness.
Director Hattori merely waved a hand, maintaining his composure with practiced ease.
"We won't discuss price today," Hattori said, lifting his wine glass. His tone was calm and deliberate. "Once our legal and financial teams have completed their due diligence, Daiwa Securities will provide a fair and satisfactory figure for everyone. That was your original request, and Sega fully respects it. Today, we are here only to discuss our intentions—and the future."
Matsushima closed the file and placed it solemnly on the edge of the table.
His mind was completely made up.
Sega's offer was ten times more generous than they had ever anticipated. Retaining their brand, keeping their positions, and even getting a share of Sega's skyrocketing stock!
What was the alternative? To stubbornly hold out as middlemen, only to be kicked aside by Sega once Sunrise's contract expired? Or to take this opportunity, accept a good price, and board Sega's super-dreadnought as it swept across the globe?
Even a three-year-old would know the answer to this multiple-choice question.
As for Bandai? Hah. Let Makoto Yamashina, that indecisive fool, cry over his unsellable toys. Sotsu would not be buried with him!
"Director Hattori," Matsushima took a deep breath, lifted his glass with both hands, and raised it toward Hattori. His eyes were filled with resolve and respect. "Today, we have truly witnessed Sega's magnanimity and vision. As for the specific details, I will have my staff coordinate with Mr. Honda first thing tomorrow morning."
As the words fell, the other four old men raised their glasses in unison without hesitation.
Director Hattori laughed heartily and raised his own glass to meet theirs.
"To a successful partnership, gentlemen."
Clink. The crisp sound of clinking glasses echoed through the steamy private room.
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