Genius Grandson of the Loan Shark King

The gift was received properly

"I think Mr. James knows what I mean. Sometimes you have to do something even if it means taking a big loss. This is the case with the Dow Johnson acquisition."

I looked into Han Kyung-young's eyes and spoke firmly.

"James, you've been on Wall Street so long that you've forgotten why we invest and why we save so much money, haven't you?"

Han Kyung-young nodded slightly in agreement.

"······That's right. I was momentarily mistaken."

Money is a means to protect me. It is time to spend the money I have saved to protect myself and my people.

"Mr. Murdoch, you said that your dream is to own the Wall Street Journal. If that's the case, then you have to take some losses to achieve that dream. If you hadn't jumped into the takeover battle, then it wouldn't have been different. But if you step down now that you've already held a press conference, it would be a dent in Mr. Murdoch's media empire."

Besides, I couldn't hand over the Wall Street Journal to Sulzberger of the New York Times, let alone anywhere else.

If that happened, it was clear that all media outlets would rush in and mock Murdoch.

"In America. No, on Wall Street, the center of world finance, there is no weapon more powerful than the dollar. The history of the Wall Street Journal? That too will eventually collapse before money. If they only cared about honor, they would have accepted the Sulzberger family's offer long ago."

"Phew······. I understand what you mean."

Murdoch, who understood what I meant, nodded and agreed with my opinion.

"Mr. Eric, would you mind sharing some information about the Sulzberger family?"

Eric began his explanation by handing me the materials he had prepared on the Sulzberger family tree and relationships.

The more I listened, the more I saw the determination of the Sulzberger family to protect their management rights.

"So you're saying there's absolutely no way to attack from the outside?"

"That's right. We've created a system where no family member can sell their Class B shares unless they decide to sell."

"The current chairman of the board is Sulzberger Jr., right?"

"Yes. Sulzberger Jr. is the chairman of the board. Also, members of the Sulzberger family control 70% of the board."

As expected, it's a family that has protected the New York Times for 100 years.

If you can't shake it from the outside, why not shake it from the inside?

"What are the relationships between the members of the family?"

"I didn't have enough time to delve too deeply into it, but I was able to find out that the relationships among the members were not that bad. They all seemed to have a love for the New York Times."

"It's hard to shake it from the outside or the inside. Then we'll have to attack the New York Times in a different way."

If you can't shake management control, you can shake the credibility of the New York Times.

But that could have influenced the Iraq war and the presidential election.

"Let's leave that for now and move on after the presidential election is over."

The presidential election is just a few weeks away.

I had no intention of doing anything that would be a variable in the election.

Now that President Bush's re-election is almost certain, there is no reason to count the days with him.

I looked around at everyone and then opened my mouth.

"First, Chairman Murdoch, propose $70 per share. Then, hold a press conference right away."

Advertisements

After seeing Murdoch nod, he gave instructions to Han Kyung-young this time.

"And Mr. James, announce a public offering of Dow Johnson's stock. Offer $60 a share."

"No matter how much stock you raise, you can't control the board unless it's Class B."

"I know. But you can pressure the Bancroft family with the minority shareholders. They won't be able to negotiate something that's not in the interests of the shareholders."

"I will do that."

Finally, I told Eric.

"Eric, dig deeper into the Sulzberger family. And the Bancroft family as well."

"Yes, boss."

"It's war now. They want us to back down, but I have no intention of backing down. So please take care of me, everyone."

A solemn light appeared in the eyes of everyone who answered my questions in small voices.

* * *

[Murdoch to acquire the Wall Street Journal.]

Media tycoon Rufus Murdoch, chairman of News Corporation, has offered to buy Dow Johnson, publisher of the Wall Street Journal, for $7 billion.

However, it is known that the Bancroft family, Dow Johnson's major shareholder, initially rejected the offer.

[The turbulent Wall Street Journal takeover battle.]

Rufus Murdoch, chairman of News Corporation, and the Sulzberger family, publishers of the New York Times, have entered the bidding war for Dow Johnson, publisher of the Wall Street Journal.

News Corporation made a sensational offer of $70 per share, but the Sulzberger family reportedly offered $50 per share.

According to sources close to the Bancroft family, the board is sharply divided over where to sell.

Everyone's attention is focused on who will take over the Wall Street Journal, which has a 100-year history.

[Murdoch's Greed or Bancroft's Perseverance?]

The Bancroft family, which owns 64% of Dow Johnson's voting stock, is holding out despite a $7 billion takeover bid.

The Dow Johnson Labor Union made clear in an official statement that it opposed the acquisition, saying Murdoch would destroy the quality and independence of the press.

The confusion reached a fever pitch when the Sulzberger family of the New York Times jumped into the takeover race.

However, after news broke that Murdoch was pursuing a Dow Johnson acquisition, Dow Johnson's stock price soared.

Accordingly, there are growing concerns that if Dow Johnson rejects Murdoch's proposal and its stock price falls, the board of directors could be embroiled in litigation.

Thomas, a securities law expert, said that if Dow Johnson's board ultimately rejects Murdoch's offer and sells to the Sulzbergers, who offered a lower price, he would expect a series of lawsuits alleging that the board failed to protect investors' interests.

Thomas noted that it would be difficult for the board to reject Murdoch's offer from both a legal and business perspective.

After Murdoch's press conference, several media outlets poured out related articles.

The Bancroft family held family meetings every day to discuss the situation.

There was a fierce conflict between those who wanted to sell to Murdoch and those who wanted to sell to the Sulzberger family.

John Bancroft threw down the newspaper he was reading and rubbed his aching forehead.

"I'm going crazy."

"Are you okay?"

John nodded at the butler's worried question.

"What do you think? Were there any other offers from Sulzberger Jr.?"

"Yes. We have issued an ultimatum in return. If you wish to preserve the honor and pride of the Bancroft family, do not reject the hand we are offering you."

"······You crazy kids."

John clicked his tongue, his face crumpled.

Advertisements

With all the reports already pouring in, it would have been crazy to turn down Murdoch's $70 a share offer and hand it over to Sulzberger for $50.

"If selling is difficult, there was also a proposal to avoid this controversy by merging the two companies."

"How did we end up like this······."

John sighed and covered his face with both hands.

His body was shaking slightly, perhaps due to his emotions.

After a while, he calmed his anxious mind and opened his mouth again.

"A merger is out of the question. Even if management is difficult, we cannot merge with the New York Times and make the Wall Street Journal disappear."

"I think so too."

"Hammer. What do you think?"

Roy Hammer, the Bancroft family's representative and a director of Dow Johnson, was John's closest confidant.

Hammer opened his mouth as he watched John looking increasingly tired over the past few days.

"I think it would be a good idea to take Murdoch's offer."

"What do you think about the accusation that you sacrificed honor for money?"

"No one can blame the gentleman. There have been many temptations in the 100 years that the Wall Street Journal has been published. But the Bancroft family has never once joined hands with them. I think that's enough."

Hammer spoke comfortingly, but John looked rather gloomy.

John muttered gloomily, his head bowed.

"Why did this happen when I was the one who was going······."

"Because times are changing. The New York Times and the Washington Post are also operating at a loss. This is because the advertising market is shrinking and the Internet is developing. If the family had the means, they could have held on and improved their structure, but it is difficult to hold on any longer."

"······."

"If things continue this way, the Wall Street Journal could go bankrupt in a few years."

John's head snapped up at the word bankruptcy.

"That can't be happening. It's absolutely unacceptable to close down the Wall Street Journal."

"Then I think it would be better to accept Murdoch's proposal. They have made a lot of concessions. In addition, the fact that the Sulzberger family has entered the acquisition battle has increased the sale price, which is not bad for us. And I understand that the directors, excluding the family, have already decided to accept Murdoch's proposal."

"That's right. They are people who value money more than honor."

There were directors on the board who were representatives of other investors.

It was natural for those who only considered gains and losses to raise their hand for Murdoch.

"And aren't the opinions of the family members divided? If it were like before, there wouldn't have been such divisions. That means the conflict among the members has reached its peak. It's a conflict between the elders who are immersed in past glory and the younger generation who want a new era."

"······The world is changing so quickly. Unfortunately, we haven't been able to keep up with the changes."

"No one could have followed. If I had known that in advance, I wouldn't have collapsed like this. Now is the time to decide, my lord."

Is it fortunate or unfortunate that I have at least some decision-making power?

John said with a slightly relieved face at Hammer's words that it was bitter but a natural flow.

"Contact both parties. Tell Murdoch that you want editorial independence more clearly stated, and ask the Sulzbergers to raise the sale price to $70. After hearing both sides' responses, call another family meeting."

"Okay, I will do that."

"Please."

Hammer, under the direction of Gaju, contacted both sides and negotiated.

Advertisements

* * *

As the Wall Street Journal takeover battle raged, the U.S. presidential election ended.

As expected, the presidential election ended with a landslide victory for President Bush.

In his previous life, there was so much pain that Democratic candidate John Kerry refused to accept the results and demanded a recount, but this time, the overwhelming margin of victory led Kerry's camp to quickly concede defeat.

Han Kyung-young and I went to the place where President Bush's reelection party was being held.

There were already many people gathered there to celebrate the re-election.

"If a bomb attack occurs here, all systems in the United States will be paralyzed."

"Please don't say such crazy things. You'll get caught if you do."

Han Kyung-young looked around and scolded.

America is sensitive to the word terrorism, but the people gathered here are the ones who control America, so they are even more cautious.

If something were to happen here, America would be thrown into great chaos.

Han Kyung-young spoke again after confirming that there was no one around.

"The atmosphere has changed since the Patriot Act was passed. We need to be careful."

"Well, I was just joking······. Don't glare at me like that. I'll be careful. Let's go in for now."

I moved towards the party venue, avoiding Han Kyung-young who was glaring at me with his sharp eyes.

We were finally able to enter the party venue only after a thorough body search was completed before we could enter.

"Oh, who is this? Isn't it James?"

As soon as we entered the party venue, George Soros noticed us and approached us.

"Long time no see, Soros."

"Haha. It's been a while. Yeah, that's right."

After finishing his greetings with Han Kyung-young, Soros looked at me and said.

"Charlie. It's been a while for you too."

Despite his age, he had neatly combed his gray hair and smiled leisurely as he extended his hand.

I took his hand, shook it, and brought my face close to him.

Then he whispered in a voice so small that only George Soros could hear.

"I have properly received this gift. Please pass it on to your master. I will prepare a bigger reward for this gift."

As I spoke, holding his hand tightly, I felt George Soros flinch.

You probably thought I didn't know. He let go of my hand and opened his mouth again.

"Your involvement in the Dow Johnson takeover has resulted in significant losses. The acquisition price is likely to be larger than expected."

"······."

"But eventually we'll take Dow Johnson. If they raise the acquisition price, we'll raise it too. Just give it a try. Let's see who gives in first."

Looking at the stiff-faced George Soros, I raised one corner of my mouth and smiled.

< The gift was properly received > End

< It's not as easy as I thought >