Genius Grandson of the Loan Shark King

I know what you mean

"If the bill passes, it will be quite a blow."

"Yes. There are attempts to restrain me little by little."

Murdoch's media empire was growing much bigger than before.

Perhaps because of the remarkable growth rate, existing media groups were noticeably keeping Murdoch in check.

"If they announced that they were acquiring the Wall Street Journal, there would be more chaos, right?"

"I think the New York Times has already smelled it. I heard they're even preparing a special article about me."

It looks like attacks are coming from all over the place.

As Murdoch's media empire grew more solid, his enemies were bound to grow.

"From the New York Times?"

"They've been hostile to us since they acquired the New York Post. They've looked down on us as a tabloid and ignored us, but if they acquire the Wall Street Journal, they won't be able to ignore us anymore. They'll do everything they can to stop us."

As Murdoch says, his acquisition of the Wall Street Journal would further elevate his status.

It's not just any media outlet, it's one of the two major economic magazines in the world.

"Is this the bill the Democratic Party is pushing for?"

Murdoch nodded with a complicated expression.

"Yes. The Democratic Party led the way, but I heard that quite a few Republicans also agree with me. It can't be helped because not only the progressive media, but also the conservative media don't like me."

It was difficult for the Democratic Party to pass the bill in its original form with only its own power.

But if Republicans get involved, it's a different story.

I touched my chin, thought for a moment, then opened my mouth.

"Then it will be difficult to block passage altogether, no matter how much lobbying is done."

"I don't want that much, Charlie. But you still need to secure enough shares to exert influence. I think the Maginot Line is exactly 40%."

"Then, Chairman Murdoch will take charge of the Republican Party. I will take charge of the Democratic Party."

Murdoch's face brightened.

"Okay. I'll do whatever it takes for the Republicans, and for the Democrats, just trust Charlie."

"Okay, I'll talk to Representative James. I've got the Democrats on board, so even if they can't scrap the bill, they can at least ease it. Of course, the Republicans have to work together."

"That's enough."

I think that's enough talk about the bill.

Right now, the Wall Street Journal story is more interesting.

Because the media is a pretty attractive bullet in the conflict with China.

"Mr. Murdoch, let's leave the bill alone for now and get back to the Wall Street Journal acquisition. How much progress has been made?"

"Whew······. As I said before, the acquisition amount is not the issue. What they want is editorial independence. They want a document that is free from any interference from me. But that is not an easy task."

Editorial independence······.

This was a story that would have been unthinkable in Korea. Korean media outlets were nothing more than private media outlets that moved according to the tastes of their owners.

Advertisements

Murdoch was also one of those media owners.

Although I acknowledge the right to editorial autonomy, I am not the type of person who does not interfere at all.

This was also the reason why most of the media companies acquired by Murdoch changed to conservative colors.

"I think it would be better to agree to their proposal. Damaging the value of the Wall Street Journal is not a good choice in the long run."

"still······."

"They. So, what the Bancroft family wants is complete editorial independence?"

Murdoch nodded.

"Then how about accepting it?"

"I want to accept it too. But isn't a company meaningless if its major shareholder can't do anything? It's not like I'm interfering too much with editing either."

"If necessary, wouldn't it be a good idea to bend and step in? How far along have the negotiations gone? How much are you asking for the acquisition price?"

"Umm······."

Murdoch couldn't answer easily and just drooled.

His reaction seemed to indicate why the takeover negotiations were stalled.

"If the acquisition price of the Wall Street Journal is the problem, they can acquire it at a premium. But isn't that wrong? Even if you say that the shares of Dow Johnson are released to the market, they are only about 40%."

"······."

"All they want is a small wish to preserve the journalism of the Wall Street Journal. And Chairman Murdoch has no intention of compromising its values, right?"

Murdoch, who had been silent for a long time while listening to me, looked straight at me.

"Charlie. It's been 20 years since I dreamed of buying the Wall Street Journal. I'm a businessman who runs a media company to make money, not fame. In order to do that, I have to maintain the quality of the media. So I don't plan on interfering too much with the editorial. But there's a big difference between not doing something and not doing it, right?"

His words were not wrong, but the opponent was the Wall Street Journal, which has great influence in the United States.

"I know what you mean. But I will never sell unless you accept the terms. That's because it's the Wall Street Journal. No matter how big the shareholder is, you can't just ignore that and hand over the stock. It might be different for other companies, but considering the special nature of a media company, it's even more so."

"That's why I'm worried."

The Bancroft family owned Dow Johnson for 100 years and grew the Wall Street Journal.

There was no way a family like that would sign a sale agreement just for money.

The acquisition price may be negotiable, but editorial independence is a different story. That is the last bastion they will never give up.

In the end, Murdoch will probably accept the conditions after much thought.

But at this critical time, I wanted to bring forward the timing of the Wall Street Journal acquisition a little bit.

The Wall Street Journal, which has a huge influence on Wall Street, could certainly have a big influence on what I want to do.

"Mr. Murdoch, do this. Guarantee the independence of the editorial press, but separate the editorial section and make it independent."

"Separate articles and editorials······."

"Yes. Articles are based on facts, but editorials are another matter."

Murdoch, who had been lost in thought for a moment without saying anything, soon smiled faintly.

"Charlie, you're really great. You can give my editorials the conservative tone I want."

"That's right. And if you say you're going to expand the Wall Street Journal, not just in the U.S., but also in Europe and Asia, and increase the number of pages and improve the quality of articles on international affairs, politics, and current affairs, I'll probably take it."

The Wall Street Journal is a prestigious economics paper, but has little standing in other fields.

You will think that it would be a shame to miss this condition as it means that it will be reinforced.

Advertisements

"That would cost a lot of money. Charlie, can you help me?"

"Of course. It's for the Chairman, but it's also for me. The Chairman's media outlets are doing well, but to be honest, aren't they framed as only dealing with yellow journalism?"

"Haha! Charlie is the only one who says that openly in front of me. Well, it's true. I won't deny it. I'm a businessman who tries to make money through the media. The best way to tempt people's wallets is through sensational articles."

Far from being offended, Murdoch laughed out loud.

I said with a faint smile.

"Please grow the Wall Street Journal and tear down the New York Times' stronghold. I will invest as much as I can. But please do not damage the value of the Wall Street Journal."

"That's right. It wouldn't be a bad idea to have one media outlet like that. It was also a long-held wish of mine."

After hearing Murdoch's answer, I took out my cell phone and called Han Kyung-young.

"Brother, are you busy?"

- No. I'm having a drink. Why?

"Do you know Dow Johnson?"

- Dow Johnson? The company that owns the Wall Street Journal?

"Uh. This time······."

- Why is Dow Johnson suddenly like this again? Wait. Just wait a minute.

Han Kyung-young cut me off and started talking urgently to someone next to him before speaking.

― I heard we have about 3%? But we can't get Dow Johnson, right? It's a company where one family owns 60% of the shares. Why? You got a feeling again? Buy it?

"No. I think Chairman Murdoch is thinking of acquiring Dow Johnson."

I shared my story with Murdoch with Han Kyung-young.

Han Kyung-young, who had heard the whole story, spoke with concern.

― Hmm······. There might be a problem with us buying the quantity released into the market.

"I just asked to confirm. What's the stock price now?"

- $25 per week.

I put the receiver down for a moment and asked Murdoch.

"Chairman Murdoch, how much do you think the acquisition price would be?"

"I'm thinking up to $50 a share. That's a price that the Bancroft family and other shareholders would have no reason to object to."

The amount he asked for was twice the current stock price.

I nodded and continued the call.

"Brother, I think Chairman Murdoch is thinking of acquiring the major shareholders' shares at $50 a share."

― Double······. Double seems like a cheap deal. The Wall Street Journal is the most credible media outlet on Wall Street. It has value that can't be measured in money.

Han Kyung-young, who always talks only in numbers, sometimes says things like this.

― And if this story gets out, the stock price will skyrocket? At least up to the acquisition price. Well, that doesn't sound bad, does it? Dow Johnson owns more than just the Wall Street Journal, it also has various other businesses.

"How about making the board bigger?"

- What? What are you going to do by making the board bigger here?

"It's to prevent the Bancroft family members from opposing the sale."

The Bancroft family's holdings were not all concentrated in one person.

Advertisements

― When you say you're increasing the board, you mean you're going to increase the acquisition amount? Is there really a need to go that far? Even $50 would be enough.

"The members will all have different thoughts. What I want is······."

Han Kyung-young was impressed when he heard the plan I had made.

- I understand what you mean. You're saying that we should make it a one-way street. If the takeover negotiations fail and the stock price plummets, you'll blame it on us.

"Right. What do you think of my plan?"

- Good. It's a way of forcing a choice, but that's also the Wall Street way.

The traditional American way was to tie down the other party and take over so they couldn't escape.

― If you reject the takeover offer and take responsibility for the falling stock price, you will have to endure numerous lawsuits from shareholders. This is America, a country of lawsuits.

America, the land of lawsuits.

It was a nickname befitting a country that would sue for even the smallest of things and determine right from wrong.

On Wall Street, lawsuits were being filed every day.

Because Wall Street will do anything to steal other people's money.

"When Chairman Murdoch returns to the U.S. and resumes negotiations, you should be present. Offer $60 per share for the acquisition. And spread the word on Wall Street. Don't give an official answer, just a rumor. You know the method better than I do, don't you?"

― Isn't that what you pay me to do? It's not hard work. But is it beneficial to us?

"I wonder if it could be of great use in the fight against China? The media companies owned by Chairman Murdoch are a bit······."

At my words, Han Kyung-young and Murdoch burst into laughter at the same time.

― Hahaha! You crazy bastard. Aren't you in front of Chairman Murdoch right now? Well, it's true. Okay. I'll prepare a noose that you can never escape from. Tell Murdoch that I'm preparing it. Don't try to do it alone.

"Thank you. Oh, and among the bills currently being discussed in Congress······."

When Han Kyung-young heard about the local broadcasting station ownership restrictions, he responded as if it was nothing serious.

― It wouldn't be difficult as long as the bill isn't scrapped. That's why we gave a huge amount of money to the Democratic Party. But you know that this is something that can only be done after the presidential election, right?

"I know. The presidential election is just around the corner, so it'll be hard to get that kind of lobbying."

― I'll take the Democratic Party, so tell Murdoch to take the Republican Party. They both look a bit odd for me to take.

"You're saying the same thing as me, even though it's not even salty," I said with a smirk.

"We had already decided to do that."

- By the way, what is China going to do? Are they planning on recovering their investment?

I haven't told Han Kyung-young about my plans yet, but he has already anticipated my moves.

As expected, he knew me better than anyone else because he had worked with me for a long time.

"That's right. Even if you go back in later, it'll be a huge loss, right?"

- There won't be any loss. Even if we recover the investment, it will be more profitable than the amount we invested, right?

"Hyung, prepare that for me too."

- Yeah. I guess I'll be busy again. But I like this better than meeting politicians and drinking.

"Let's talk again later."

After finishing the call with Han Kyung-young, he put down his phone and smiled at Chairman Murdoch.

"Mr. Chairman, let's acquire it at $60 a share."

Murdoch frowned at my words.

Advertisements

"Sixty dollars? Then······."

"It will probably cost around $6 billion."

"Another billion dollars will be added······."

Murdoch trailed off, wondering if the acquisition price was higher than expected.

"But I'll make a plan that you can never escape from. Isn't this something James is an expert at? There's nothing Dream High can't do. What do you think?"

His face looked thoughtful, but his worries did not last long.

After a moment, Murdoch nodded.

"Okay. If I can take over, I'll have to accept that level of loss."

Since then I have had long conversations with Murdoch.

< I know what you mean > End