What Are You Thinking?
As soon as Kang In-hyuk hung up the intercom, Hong Yu-geon stepped forward with a startled expression.
“Kang Do-young from KQ… isn’t he the son of that woman who tried to kill the chairman last time?”
The two of them had eavesdropped on the conversation between Jeon Hae-in and Lee Dae-myung at the time. Naturally, they also knew exactly what kind of relationship she had with In-hyuk.
“That’s right.”
“So we’re just going to sit here and watch half-brothers fight each other?”
“Shut up. Go wait outside. I’ll leave as soon as I’m done.”
“Isn’t this dangerous?”
“Judging from everything that’s happened so far, Kang Do-young still has no idea who I really am. And if he had any intention of doing something to me, he wouldn’t have come to the company. He would have acted outside.”
“I suppose that’s true.”
Hong Yu-geon wore a bored expression as he left the office with Van Hester.
A short while later, Baek Si-hwan returned from downstairs and ushered Kang Do-young in. The man sat down across from In-hyuk.
“It’s been quite a while. Looks like you’ve built up quite the track record in the meantime. Last time I saw you, you were just a team leader. Now you’re a division head.”
His voice dripped with considerable sarcasm.
“I’ve worked hard, yes. But what brings you all the way here? I doubt you came just to ask how I’ve been.”
“…What?”
“Why? Oh, is it because I’m speaking casually? You started it first at the party. You’re still doing it now. Weren’t we going to drop the formalities with each other?”
At In-hyuk’s calm words, a vein bulged on Kang Do-young’s forehead.
However, unlike last time, he didn’t explode. He simply clenched his fists tightly and spoke as calmly as possible.
“Never mind that. Let’s get to the point. I hear your PEF division has been investing in quite a few entertainment companies in exchange for equity stakes. What’s the reason? Is Tae Shin Asset Management planning to acquire an entertainment agency?”
“We invest to make a profit. Why do you ask?”
When the casual speech continued, Kang Do-young let out a heavy sigh. Though irritation surged through him, it also meant he had something to gain from In-hyuk.
“I need the equity and rights to the entertainment companies you invested in. I’ll pay you more than what you originally put in, so hand them over to me.”
It was the kind of attitude that suggested he was simply demanding something already in someone else’s hand.
In-hyuk listened to the proposal without a single change in his expression.
“No thanks.”
“…Did you not understand what I just said?”
“My ears work fine. I understood perfectly. I don’t know what your reasons are, but I have no intention of handing over the stakes in the companies we invested in, no matter what conditions you offer.”
In truth, In-hyuk already knew exactly why Kang Do-young was doing this.
At present, Kang Do-young was planning to sweep up small entertainment companies that held recently popular celebrities using massive capital, then establish them as a separate subsidiary under the KQ Group.
The name was Lifestar Entertainment.
In the original future, this had indeed happened. A massive entertainment agency was completed under the KQ Group and went on to achieve great success.
That was why, the moment In-hyuk learned he was Chairman Kang Chun-gyu’s illegitimate son, he had already made his move. He had created the current division, taken over the investment targets, and transferred them accordingly.
He had also predicted that Kang Do-young would contact him in some way, but he hadn’t expected the man to show up so abruptly, as if fire had literally fallen on his feet.
“Either way, shouldn’t you just focus on profit? It would be better to sell at a good margin rather than holding onto them anxiously.”
“Which means KQ is after them, so holding the equity is more profitable no matter what price you offer. Isn’t that right?”
“Doesn’t it occur to you that things could go wrong if you keep holding them?”
The KQ Group was famous for its distribution and entertainment businesses. With deep financial connections and personal networks in the broadcasting industry through advertising and sponsorships, they could exert considerable influence.
However, they had never operated their own entertainment agency until now. This was Kang Do-young’s attempt to establish one by leveraging his financial power.
“Are you saying you’ll apply pressure?”
“It’s not like I can’t.”
In-hyuk closed his mouth for a moment, pretending to think, then answered.
“Then how about this? Instead of everything, we transfer about thirty percent of the entertainment companies we invested in. How does that sound?”
“Only thirty percent? Do you really think the KQ Group’s business can be satisfied with just that? In the end, you’re just going to sit on them anyway. Those companies would have better opportunities working with us.”
With that answer, Kang Do-young smiled. It seemed as though his simple threat had worked on In-hyuk.
In response, In-hyuk deliberately looked at him with a worried expression.
“We’ve already shared the first private equity fund report with the investors, so we can’t reverse everything and hand them over. I’ll be generous and go up to fifty percent.”
“Ninety percent. I’ll make sure to pay generous interest on the equity.”
“Sixty percent.”
“…Eighty percent.”
They gradually conceded, tossing out new offers.
“Let’s settle at seventy-five percent. If you want more than that, we’re done here. Apply whatever pressure you want.”
Kang Do-young furrowed his brow and shot In-hyuk a sharp glare.
“Haa… Fine. Seventy-five percent it is. I’d like to decide which companies you’re handing over right now.”
“Very well.”
With his answer, In-hyuk spoke into the intercom to Baek Si-hwan.
Beep—
“Please organize the list of recently acquired entertainment company stakes from the handover materials and bring it here immediately.”
Understood.
“He’s a new secretary who started today, so it might take a little time.”
A short while later, Baek Si-hwan delivered the document containing the list.
Tae Shin Asset Management held stakes in a total of thirteen entertainment companies. As promised earlier, In-hyuk checked ten of them and showed the list to Kang Do-young.
“How about these? Is this acceptable?”
Kang Do-young’s expression grew strange as he checked the contents.
“This seems more generous than I expected… 45 billion won? Why would you invest so much in stakes of companies that are basically hole-in-the-wall shops?”
“It’s an investment, just like I said. If you don’t like it, forget it.”
When In-hyuk moved to take the document back, Kang Do-young’s hand quickly reached out to stop him.
“It’s fine. We’ll go with this.”
He looked rather desperate.
In reality, Kang Do-young had barely received approval from his father, Chairman Kang Chun-gyu, to proceed with this project. However, the entertainment companies he had scouted in advance had already been secured as investment targets by Tae Shin Asset Management’s private equity fund.
Since those stakes were absolutely necessary to acquire the companies without issues, he had rushed over immediately.
Of course, In-hyuk roughly knew all of this. That was why his expression grew even calmer as he stated the next condition.
“And for the equity, just add another ten percent on top.”
“Ten percent more?”
“That way I can save face with the fund investors. If it’s too much of a burden, we can stop here.”
Kang Do-young frowned, thought for a long moment, then spoke again.
“Let’s do this instead. In return, you must complete the equity transfer as quickly as possible.”
“We’ll need to explain things to the companies as well.”
“I’ve already reached a preliminary agreement with the companies I checked. They said they would proceed as long as Tae Shin Asset Management accepts.”
“Still, we need to verify on our end, so we’ll finish that and then transfer them. We don’t want any sloppy work that might cause talk later. We have our image to consider.”
“Image? You’re not planning to pull some trick behind the scenes after saying all this, are you?”
His eyes were full of suspicion.
It was a natural reaction. After all, Kang In-hyuk and Kang Do-young had never been in a relationship built on trust.
“If you can’t trust me that much, shall I draw up a contract?”
When In-hyuk deliberately spoke as if doing him a favor, Kang Do-young’s face hardened, his pride wounded. But perhaps thinking it through carefully, his expression soon relaxed again.
“Honestly, it’s hard to trust you, so let’s do that. You could say all these nice things here and then throw the conditions somewhere else.”
Until recently, the entertainment industry had been in poor shape. While there were occasional companies that grew rapidly when one of their artists became famous, it was also common for talents to switch agencies or be absorbed by larger companies after losing out in competition.
That was why Kang Do-young had prepared this project by putting the full weight of the KQ Group behind it. If the acquisition went smoothly and integration succeeded, they would have the chance to stand shoulder-to-shoulder with the major entertainment companies.
In-hyuk glanced at the man’s expectant face, smiled, and answered.
“I’ll prepare it right away.”
He instructed Baek Si-hwan, who had just left the office, to bring the contract. It didn’t take long before both parties signed the document confirming the verification process and the execution of the agreement.
Kang Do-young, having checked the contents and signatures, left with a satisfied expression.
A short while later, there was a knock, and Hong Yu-geon and Van Hester entered In-hyuk’s office again.
“What did you talk about? I saw Baek Si-hwan carrying documents back and forth earlier.”
In-hyuk let out a small chuckle and explained what had just transpired. He even spoke in English for Van Hester, whose Korean was still awkward, but the man didn’t seem particularly interested.
On the other hand, Hong Yu-geon was genuinely shocked after hearing the whole story.
“Those entertainment companies… weren’t they what you talked about at Go Mi-ah’s house last time? You went through so much trouble to secure those stakes. Is it really okay to hand them over like this?”
“We’re receiving an extra ten percent on top of the acquisition price, so it’s not a loss.”
“But… weren’t you planning to make even more than that?”
“Well, the current situation is better.”
When In-hyuk gave a meaningful smile, Hong Yu-geon tilted his head in confusion.
“Boss, what the hell are you thinking?”
A few days later, Tae Ju-ha, the Representative Director of Tae Shin Asset Management, sat on the sofa with the suddenly visiting Executive Director Oh Kang-gu.
“The PEF division moved a staggering 53 billion won without any executive consultation. And they invested it in high-risk entertainment companies? Do you really think this makes any sense?”
The deal that KQ Group’s Executive Director Kang Do-young had made after visiting Kang In-hyuk had reached his ears.
Of course, Tae Ju-ha had already heard about it and knew the details well.
“I do have concerns, but thanks to Executive Director Kang from KQ Group’s proposal this time, we’re transferring about seventy-five percent of the stakes for 45 billion won. On top of that, we secured an additional 4.5 billion won as extra profit. That should resolve any issues, shouldn’t it?”
“Division Head Kang raised a full 300 billion won in investment funds. Aside from this entertainment company investment, there has been no disclosure on where the rest of the money was invested. If a problem arises from this, can you take responsibility?”
In the end, it was clear he was unhappy that Kang In-hyuk had moved funds using his own authority.
“From the beginning, it was decided that the operation of the M&A/PEF Division would be entirely at Division Head Kang In-hyuk’s discretion. And we haven’t actually suffered any losses yet.”
“As I mentioned earlier, I’m bringing this up because the investments were made in high-risk business sectors. You’re not unaware that this has created an atmosphere of anxiety among our clients, are you?”
“Has it?”
“I understand that reports have already come up from each division. Do you intend to keep pretending you don’t know about these matters?”
Just as he said, circumstantial reports had indeed been submitted. However, every single one of them came from divisions under Executive Director Yang Chan-woo and Director Bong Ju-hyung—both part of the faction led by Executive Director Oh Kang-gu and Tae Seok-ho of Taeshin Mulsan.
It was impossible not to suspect that they were the ones deliberately creating the current atmosphere.
“So, are you saying that from now on, Division Head Kang In-hyuk must go through executive consultation whenever he manages investment funds?”
“I hope you don’t take this in a bad way. I simply mean that we need at least a minimum safety mechanism. That way, clients can feel at ease entrusting us with their funds, can’t they?”
She wondered which part exactly she wasn’t supposed to take badly… Tae Ju-ha clicked her tongue inwardly at his blatantly obvious intentions and stared straight through him.
“I’m sorry, but that will be difficult.”
“…Why? Surely you don’t mean you’re going to continue ignoring the current situation?”
Oh Kang-gu smiled inwardly. The atmosphere they had wanted had been sufficiently created. Moreover, opinions had emerged even from the opposing faction of executives that Tae Ju-ha and Kang In-hyuk were monopolizing power.
In the current situation, if the Representative Director Tae Ju-ha did not side with the executives, she would only be endangering her own position.
But at the answer Tae Ju-ha gave, his expression froze.
“Division Head Kang In-hyuk has brought in a sale deal from the M&A side. The deal size is approximately 800 billion won. We’re currently negotiating a 1.3% M&A fee.”