UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Ziff-Davis Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
989511100
- -------------------------------------------------------------------------------
(CUSIP Number)
RONALD FISHER STEPHEN A. GRANT, ESQ.
SOFTBANK HOLDINGS INC. SULLIVAN & CROMWELL
10 LANGLEY ROAD, SUITE 403 125 BROAD STREET
NEWTON CENTER, MA 02159 NEW YORK, NY 10004
(617) 928-9300 (212) 558-4000
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 31, 1998
- -------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If a filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(continued on following pages)
<PAGE>
- ------------------------ -----------------------
CUSIP NO. 989511-10-0 13D PAGE 2 OF 18 PAGES
- ------------------------ -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK America Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 71,619,355
--------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
71,619,355
REPORTING --------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
71,619,355
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
71.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 989511-10-0 13D PAGE 3 OF 18 PAGES
- ------------------------ -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Holdings Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 72,120,000
--------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
72,120,000
REPORTING --------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
72,120,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
72.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 989511-10-0 13D PAGE 4 OF 18 PAGES
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Kingston Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 500,645
--------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
500,645
REPORTING --------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500,645
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 989511-10-0 13D PAGE 5 OF 18 PAGES
- ------------------------ -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 72,120,000
--------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
72,120,000
REPORTING --------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
72,120,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
72.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 989511-10-0 13D PAGE 6 OF 18 PAGES
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Masayoshi Son
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 72,120,000
--------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
72,120,000
REPORTING --------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
72,120,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
72.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 989511-10-0 Page 7 of 18 Pages
Item 1. Security and Issuer.
-------------------
This statement on Schedule 13D relates to the Common Stock, par value
$0.01 per share (the "Common Stock"), of Ziff-Davis Inc., a Delaware corporation
(the "Issuer"). The principal executive offices of the Issuer are located at One
Park Avenue, New York, NY 10016.
Item 2. Identity and Background.
-----------------------
(a), (b), (c) and (f). SB America, a Delaware corporation ("SB
America"), is a wholly owned subsidiary of SOFTBANK Holdings Inc., a Delaware
corporation ("SBH"), which is a wholly owned subsidiary of SOFTBANK Corp., a
Japanese corporation ("Softbank"), which, as of December 31, 1998, was 43.3%
owned by Mr. Masayoshi Son, a Japanese citizen. SOFTBANK Kingston Inc., a
Delaware corporation ("SKI"), a Delaware corporation, is a wholly owned
subsidiary of SBH. SB America, SKI, Mr. Son, Softbank and SBH are referred to
herein as "Reporting Persons". Presently, Mr. Son's principal occupation is
president and chief executive officer of Softbank. The principal business of
SBH, SKI and SB America is to serve as holding companies for operations and
investments of Softbank. The business address of SBH, SKI and SB America is 10
Langley Road, Suite 403, Newton Center, MA 02159, and of Softbank and Mr. Son is
c/o SOFTBANK Corp., 24-1 Nihonbashi-Hakozakicho, Chuo-Ku, Tokyo 103- 8501,
Japan. Softbank's principal businesses include the provision of information and
distribution services and infrastructure for the digital information industry,
the distribution of computer software and network products and the publication
of Japanese computer technology magazines.
(d) and (e). None of the Reporting Persons, nor, to the best knowledge
and belief of SB America, SBH, Softbank and SKI, and any of their respective
executive officers or directors, has during the last five years been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or has been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Annexes A-1, A-2 A-3 and A-4 hereto set forth the business address of
SB America, Softbank, SBH and SKI, respectively, and with respect to each
executive officer and director of SB America, Softbank, SBH and SKI,
respectively, the following
<PAGE>
CUSIP No. 989511-10-0 Page 8 of 18 Pages
information: (a) name, (b) residence or business address, (c) present principal
occupation or employment and the name, principal business and address of any
corporation or other organization in which such employment is conducted and (d)
citizenship.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
On May 4, 1998, Softbank, through its wholly-owned subsidiary SBH,
completed a reorganization whereby the common stock of ZD Inc. and ZD Events
Inc. were contributed to the Issuer in exchange for 73,619,355 shares of Common
Stock. Also on May 4, 1998, the Issuer received approximately $9.1 million of
fixed assets from Kingston Technology Company ("Kingston"), a subsidiary of SKI,
in exchange for 580,645 shares of Common Stock, which Common Stock was then
transferred by Kingston to SKI on May 4, 1998. On May 14, 1998, SKI sold 50,000
shares of Common Stock to an unrelated third party. On May 28, 1998, the Issuer
purchased 2,000,000 shares of Common Stock from Softbank. On December 29, 1998,
SKI sold 30,000 shares of Common Stock to an unrelated third party.
On December 31, 1998, pursuant to a subscription agreement of even date
therewith, between SBH and SB America (the "Subscription Agreement"), SBH
contributed 71,619,355 shares of Common Stock to SB America.
Except as described above, none of the persons listed in the Annexes
hereto contributed any funds or other consideration towards the purchase of the
Common Stock.
Item 4. Purpose of the Transaction.
--------------------------
SBH contributed the Common Stock to the capital of SB America as part
of a reorganization of the corporations controlled by Softbank.
Each Reporting Person expects to evaluate on an ongoing basis the
Issuer's financial condition, business operations and prospects, market price of
the Common Stock, conditions in securities markets generally, general economic
and industry conditions and other factors. Accordingly, each Reporting Person
reserves the right to change its plans and intentions at any time, as it deems
appropriate. In particular, each Reporting Person may, at any time and from time
to time: acquire additional Common Stock or securities convertible or
exchangeable for Common Stock; dispose of shares of Common Stock; and/or enter
into privately negotiated derivative transactions with institutional
counterparties to hedge the market risk of some or all of its positions in the
<PAGE>
CUSIP No. 989511-10-0 Page 9 of 18 Pages
Common Stock. Any such transactions may be effected at any time and from time to
time subject to any applicable limitations of the Securities Act of 1933, as
amended, and the contractual restrictions described in Item 6. To the knowledge
of each Reporting Person, each of the persons listed on Annexes A-1, A-2, A-3
and A-4 hereto may make the same evaluation and reserves the same rights.
As of the date of the filing of this statement, none of the Reporting
Persons, nor, to the best knowledge and belief of SB America, SBH, Softbank and
SKI, or any of their respective executive officers or directors, has any other
plan or proposal which relates to or would result in any of the actions set
forth in parts (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) The percentage interest held by each Reporting Person presented
below is based on the number of shares of Common Stock reported to be
outstanding as of November 16, 1998 in the Issuer's Quarterly Report on Form
10-Q for the quarter ended September 30, 1998 (the "Outstanding Shares").
As of the date of the filing of this statement, SB America beneficially
owns and SBH, Softbank and Mr. Son may be deemed to beneficially own through SB
America, 71,619,355 shares of Common Stock, representing approximately 71.6% of
the shares of Common Stock reported to be outstanding as of November 16, 1998
(the "Outstanding Shares").
SKI beneficially owns and SBH, Softbank and Mr. Son may be deemed to
beneficially own, 500,645 shares, representing approximately 0.5% of the
Outstanding Shares.
Softbank, SBH and Mr. Son may be deemed to beneficially own through SB
America and SKI 72,120,000 shares representing approximately 72.1% of the
Outstanding Shares.
Eric Hippeau, Director of Softbank, owns 10,000 shares of Common Stock
directly and may be deemed to own 100 shares of Common Stock indirectly. Ronald
D. Fisher, Vice Chairman and Director of SB America, Vice Chairman of SBH and
Director of Softbank, may be deemed to beneficially own 5,000 shares of Common
Stock indirectly. Thomas L. Wright, Vice President and Treasurer of SBH, owns
7,500 shares of Common Stock directly.
<PAGE>
CUSIP No. 989511-10-0 Page 10 of 18 Pages
Except as described in this Schedule 13D, none of the Reporting
Persons, nor, to the best knowledge and belief of SB America, Softbank or SKI,
any of their respective executive officers or directors, beneficially owns any
Common Stock or securities convertible into Common Stock.
(b) Each Reporting Person shares the power to vote or direct the vote
and dispose or direct the disposition of the Common Stock beneficially owned by
such Reporting Persons.
(c) Except as described in this Schedule 13D, none of the Reporting
Persons, nor, to the best knowledge and belief of SB America, SBH, SKI and
Softbank, any of their respective executive officers or directors, has effected
any transaction in the Common Stock during the past 60 days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
-------------------------------------------------------------
Softbank and the Issuer entered into a Registration Rights Agreement,
dated as of April 1, 1998 (the "Registration Rights Agreement"). The
Registration Rights Agreement entitles Softbank to require the Issuer to
register any or all of the Common Stock held by it in a public offering pursuant
to the Securities Act of 1933, as amended, as well as to "piggyback" or include
its shares of Common Stock in any registration of Common Stock made by the
Company.
In a Subscription Agreement, dated December 31, 1998, between SBH and
SB America, SBH subscribed to 100 shares of Common Stock of SB America for a
purchase price of $10 per share. As an additional contribution to capital, SBH
assigned and transferred to SB America all of its right, title and interest in,
inter alia, the Common Stock, free and clear of all liens, encumbrances,
equities or claims.
The summary descriptions contained in this Statement of certain
agreements and documents are qualified in their entirety by reference to the
complete texts of such agreements and documents filed as Exhibits hereto.
<PAGE>
CUSIP No. 989511-10-0 Page 11 of 18 Pages
Except as described in this Schedule 13D, or in the exhibits hereto,
none of the Reporting Persons, nor, to the best knowledge and belief of SB
America, SBH, Softbank and SKI, any of their respective directors or executive
officers, is a party to any other contract, arrangement, understanding or
relationship with respect to any securities of the Issuer.
Item 7. Material to be filed as Exhibits.
--------------------------------
1. Subscription Agreement by SOFTBANK Holdings Inc. to SOFTBANK
America Inc. dated December 31, 1998.
2. Registration Rights Agreement, dated as of April 1, 1998, between
SOFTBANK Corp. and Ziff-Davis Inc. (incorporated herein by reference
to the exhibit in the Issuer's Registration Statement on Form S-1,
File No. 333-46493).
3. Joint Filing Agreement dated as of January 11, 1998, between SOFTBANK
America INC, SOFTBANK Corporation, SOFTBANK Holdings Inc., MASAYOSHI
Son and SOFTBANK Kingston Inc..
4. Power of Attorney (incorporated by reference to Exhibit 24 to the
Statement on Schedule 13G filed by SOFTBANK, Mr. Son and SOFTBANK
Ventures, Inc. on February 18, 1998 with respect to Concentric Network
Corporation).
<PAGE>
CUSIP No. 989511-10-0 Page 12 of 18 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 11, 1999
SOFTBANK AMERICA INC.
By: /s/ Stephen A. Grant
--------------------------------
Attorney-in-fact
SOFTBANK HOLDINGS INC.
By: /s/ Stephen A. Grant
-------------------------------
Secretary
SOFTBANK KINGSTON INC.
By: /s/ Stephen A. Grant
-------------------------------
Attorney-in-fact
SOFTBANK CORP.
By: /s/ Stephen A. Grant
-------------------------------
Attorney-in-fact
MASAYOSHI SON
By: /s/ Stephen A. Grant
-------------------------------
Attorney-in-fact
<PAGE>
CUSIP No. 989511-10-0 Page 13 of 18 Pages
ANNEX A-1
The name, position and present principal occupation of each director and
executive officer of SOFTBANK America Inc. are set forth below.
The business address for SB America and each of the executive officers and
directors listed below is SOFTBANK America Inc., 300 Delaware Avenue, Suite 900,
Wilmington, DE 19801.
All executive officers and directors listed below are United States citizens,
except Mr. Son, Hitoshi Hasegawa and Yoshitaka Kitao, who are citizens of Japan.
Name Position Present Principal Occupation
- ---------------- --------------------- -----------------------------
Masayoshi Son Chairman and Director President and Chief Executive
Officer of SOFTBANK Corp.
Yoshitaka Kitao Director Executive Vice President and
Chief Financial Officer of
SOFTBANK Corp.
Ronald Fisher Vice Chairman and Vice Chairman of SOFTBANK
Director Holdings Inc.
Steven Murray Treasurer Controller of SOFTBANK
Holdings Inc.
Hitoshi Hasegawa Secretary General Counsel of
SOFTBANK Corp.
<PAGE>
CUSIP No. 989511-10-0 Page 14 of 18 Pages
ANNEX A-2
The name, position and present principal occupation of each director and
executive officer of SOFTBANK Corp. are set forth below.
The business address SOFTBANK Corp. of and each of the executive officers and
directors listed below is SOFTBANK Corp., 24-1 Nihonbashi-Hakozakicho, Chuo-Ku,
Tokyo 103-8501, Japan.
All executive officers and directors listed below are Japanese citizens, except
Ronald Fisher and Eric Hippeau, who are citizens of the United States.
Name Position Present Principal Occupation
- ---------------- --------------------- -----------------------------
Masayoshi Son President, President and Chief Executive
Chief Executive Officer Officer of SOFTBANK Corp.
and Director
Yoshitaka Kitao Executive Vice Executive Vice President and
President, Chief Chief Financial Officer of
Financial Officer and SOFTBANK Corp.
Director
Ken Miyauchi Executive Vice Executive Vice President,
President, Software & Network Products
Software & Network Division of SOFTBANK Corp.
Products Division and
Director
Makoto Okazaki Executive Vice Executive Vice President,
President, Publishing Division of
Publishing Division and SOFTBANK Corp.
Director
<PAGE>
CUSIP No. 989511-10-0 Page 15 of 18 Pages
Name Position Present Principal Occupation
- ---------------- --------------------- -----------------------------
Norikazu Ishikawa Executive Vice Executive Vice President,
President, Human Resources & General
Human Resources & Affairs Division of
General Affairs Division SOFTBANK Corp.
and Director
Takashi Eguchi Director President, Chief Executive
Officer of PASONA
SOFTBANK Inc.
Masahiro Inoue Director President, Chief Executive
Officer of Yahoo Japan
Corporation
Ronald Fisher Director Vice Chairman of SOFTBANK
Holdings Inc.
Eric Hippeau Director Chairman and Chief Executive
Officer, Ziff-Davis Inc.
Mitsuo Sano Full-Time Corporate Full-Time Corporate Auditor of
Auditor SOFTBANK Corp.
Katsura Sato Corporate Auditor Corporate Auditor of
SOFTBANK Corp.
<PAGE>
CUSIP No. 989511-10-0 Page 16 of 18 Pages
ANNEX A-3
The name, position and present principal occupation of each director and
executive officer of SOFTBANK Holdings Inc. are set forth below.
The business address for SOFTBANK Holdings Inc. and each of the executive
officers and directors listed below, except Masayoshi Son, Yoshitaka Kitao, Gary
Rieschal, Stephen A. Grant, and Thomas Wright, is 10 Langley Road, Suite 403,
Newton Center, Massachusetts 02159. The business address for Masayoshi Son and
Yoshitaka Kitao is 24-1, Nihonbashi-Hakozaki-cho, Chuo-ku, Tokyo 103 Japan. The
business address for Gary Rieschal is 333 W. San Carlos St., Suite 1225, San
Jose, CA 95110. The business address for Stephen A. Grant is 125 Broad Street,
New York, New York 10004. The business address for Thomas Wright is One Park
Avenue, New York, NY 10016.
All executive officers and directors listed below is an American citizen, except
for Masayoshi Son and Yoshitaka Kitao, each a citizen of Japan.
Name Position Present Principal Occupation
- ---------------- --------------------- -----------------------------
Masayoshi Son Chairman, President and President and Chief Executive
Director Officer of SOFTBANK Corp.
Yoshitaka Kitao Director Executive Vice President and
Chief Financial Officer of
SOFTBANK Corp.
Ronald D. Fisher Vice Chairman Vice Chairman of SOFTBANK
Holdings Inc.
Gary Rieschal Senior Vice President Executive Managing Member,
SOFTBANK Technology
Ventures LLC
Stephen A. Grant Secretary Partner, Sullivan & Cromwell
Thomas L. Wright Vice President and Treasurer of Ziff-Davis Inc.
Treasurer
Louis DeMarco Vice President - Tax Vice President-Tax
Charles R. Lax Vice President Partner, SOFTBANK Technology
Ventures Inc.
<PAGE>
CUSIP No. 989511-10-0 Page 17 of 18 Pages
ANNEX A-4
The name, position and present principal occupation of each director and
executive officer of SOFTBANK Kingston Inc. are set forth below.
The business address of SOFTBANK Kingston Inc. and each of the executive
officers and directors listed below is SOFTBANK Kingston Inc.,10 Langley Road,
Suite 403, Newton Center, MA 02169.
Each of the executive officers and directors listed below is a United States
citizen.
Name Position Present Principal Occupation
- ---------------- --------------------- -----------------------------
Ronald Fisher Sole Director and Vice Chairman of SOFTBANK
President Holdings Inc.
Thomas L. Wright Vice President and Treasurer of SOFTBANK
Treasurer Holdings Inc.
Stephen A. Grant Secretary Partner of Sullivan & Cromwell
Exhibit 1
----------
This exhibit contains excerpts from the Subscription Agreement,
pursuant to which SOFTBANK Holdings Inc. transferred the securities of
Ziff-Davis Inc., as described in Item 5(b) of Schedule 13D.
<PAGE>
10 Langley Road, Suite 403
[SOFTBANK LOGO] SOFTBANK HOLDINGS INC. Newton Center, MA 02169-1971
Tel (617) 928-9300
Fax (617) 928-3301
December 31, 1998
SOFTBANK American Inc.
300 Delaware Avenue, Suite 900
Wilmington, DE 19801
Dear Sirs:
We hereby subscribe to 100 shares of Common Stock, par value $1.00 per
share, of SOFTBANK America Inc. for a purchase price of $10 per share.
As an additional contribution to capital, we hereby assign and transfer
to SOFTBANK America Inc. all our right, title and interest in the securities
listed in Annex A hereto, free and clear of all liens, encumbrances, equities or
claims.
Please confirm your acceptance of the foregoing subscription and
capital contribution by signing and returning the enclosed copy of this letter.
SOFTBANK HOLDINGS INC.
By: /s/ Thomas Wright
------------------------
Thomas Wright, Treasurer
SOFTBANK AMERICA INC.
By: /s/ Ronald D. Fisher
-------------------------------
Ronald D. Fisher, Vice Chairman
<PAGE>
<TABLE>
<CAPTION>
ASSETS TRANSFERRED TO SB AMERICA
Company Amount Securities Cost (per S&C) NBV @ 11/98
------- ------ ---------- -------------- -----------
<S> <C> <C> <C>
Ziff-Davis 71,619,355 Common
[Information deleted]
E*Trade Group, Inc 15,647,922 Common
GeoCities, Inc. 7,056,086 Common
[Information deleted] [Information deleted]
MessageMedia Inc. 10,575,775 Common
[Information deleted]
Yahoo! Inc. 29,632,564 Common
[Information deleted]
Cybercash, Inc. 976,540 Common
[Information deleted]
[Information deleted]
</TABLE>
EXHIBIT A
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(k) under the Securities and Exchange Act
of 1934, as amended, the undersigned hereby agree to the joint filing on behalf
of each of them of a Statement on Schedule 13D, and any amendments thereto, with
respect to the Common Stock, par value $0.01 per share, of Ziff-Davis Inc. and
that this agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same agreement.
IN WITNESS WHEREOF, each of the undersigned hereby executes this
Agreement as of January 11, 1999.
SOFTBANK AMERICA INC. SOFTBANK CORPORATION
By: /s/ Stephen A. Grant By: /s/ Stephen A. Grant
---------------------------- ------------------------------
Name: Stephen A. Grant Name: Stephen A. Grant
Title: Attorney-in-fact Title: Attorney-in-fact
SOFTBANK HOLDINGS INC. MASAYOSHI SON
By: /s/ Stephen A. Grant By: /s/ Stephen A. Grant
---------------------------- ------------------------------
Name: Stephen A. Grant Name: Stephen A. Grant
Title: Attorney-in-fact Title: Attorney-in-fact
SOFTBANK KINGSTON INC.
By: /s/ Stephen A. Grant
----------------------------
Name: Stephen A. Grant
Title: Attorney-in-fact
