As a former AOL employee, I look at Yahoo Japan and think what could have been.
Yahoo Japan is in the broadband distribution business; the portal business; the auctions business; the e-commerce business; the personals business; the search business; and is the only true integrated access/content/utilities business with multiple revenue streams. They have used acquisitions very smartly and rolled up the value chain of companies in the right way. They have beaten off all competitors and have big market share in each segment. They are highly profitable; have built great value and they have NOT been disintermediated at all by more nimble competitors. They are a great case study of the power of all-in-one services and support. The most interesting rumor out there is that they will enter the fray to buy out their parent and compete with Microsoft to acquire Yahoo. Yahoo Japan is traded as a separate company on the Japanese trading exchange. They have the balance sheet to do it. "The son becomes the father."