Chapter 741: I Know What You Mean

“If the bill passes, it’ll be quite a blow.”

“Indeed. I can already feel attempts to keep me in check.”

Murdoch’s media empire had grown significantly larger than before.

Due to its remarkable growth, existing media groups were noticeably trying to restrain Murdoch.

“If you announce the acquisition of the Wall Street Journal, it’ll cause even more of an uproar, won’t it?”

“It seems the New York Times has already caught wind of it. I heard they’re preparing a special feature about me.”

It seemed like attacks were coming from all directions.

The more solidified Murdoch’s media empire became, the more enemies he was bound to make.

“The New York Times?”

“They’ve been hostile to us since we acquired the New York Post. They belittled us, saying we were just a tabloid-like outlet. But if we acquire the Wall Street Journal, they won’t be able to ignore us. They’ll try their hardest to stop us.”

As Murdoch said, acquiring the Wall Street Journal would elevate his status even further.

It wasn’t just any media outlet; it was one of the two pillars of the world’s financial news.

“Is this bill being pushed by the Democratic Party?”

Murdoch nodded with a troubled expression.

“Yes. The Democratic Party is leading it, but many Republican lawmakers are also siding with them. It’s inevitable since not only liberal media but also conservative media doesn’t particularly like me.”

The Democratic Party alone would struggle to pass the bill in its original form.

However, if Republican lawmakers also jumped on board, that would be a different story.

I stroked my chin, pondered for a moment, then spoke.

“In that case, it’ll be hard to block it entirely. No matter how much lobbying you do.”

“I’m not expecting that much, Charlie. But we need to secure a share of influence. My bottom line is about 40%.”

“Then you take care of the Republicans, Chairman Murdoch. I’ll deal with the Democratic side.”

Murdoch’s face brightened.

“Good. I’ll handle the Republican side, so I’m counting on you for the Democrats, Charlie.”

“Understood. I’ll talk to James. I’ve already greased the wheels with the Democrats, so we might not be able to scrap the bill but we can definitely water it down. Of course, the Republicans need to work with us.”

“That’s enough for me.”

That seemed like enough about the bill.

Right now, the Wall Street Journal deal was more appealing.

The media outlet would be a useful asset against China.

“Chairman Murdoch, let’s put aside the bill for now, and go back to talking about the Wall Street Journal acquisition. How far along are you in the process?”

“Haa… As I said before, the acquisition price is not the issue. What they want is editorial independence. They want a document stating that I won’t interfere at all. That’s not an easy thing to give up.”

Editorial independence huh…

That was unheard of in Korea. Korean media companies were no better than private outlets, dancing to the tune of their owners.

Murdoch was one such media owner.

While he recognized the importance of editorial independence, he wasn’t someone who wouldn’t interfere at all.

That was the reason why most media outlets Murdoch acquired had turned to a more conservative stance.

“I think it’s best to agree to their terms. Damaging the value of the Wall Street Journal wouldn’t be a good choice in the long run.”

“Still…”

“So, what they, or rather the Bancroft family, want is complete independence of the editorial team?”

Murdoch nodded.

“Then why not accept it?”

“I want to accept it as well. But an enterprise where the major shareholder can’t do anything has no meaning, does it? It’s not like I’m going to over-interfere with the editing process.”

“Sometimes, it’s better to yield. How far along are the negotiations? How much are they asking for the acquisition?”

“Umm…”

Murdoch couldn’t give a straightforward answer and merely sighed.

From his reaction, it was easy to see why the acquisition negotiations were dragging on.

“If the issue is the acquisition price of the Wall Street Journal, you can acquire it by offering a premium. But, isn’t that the problem? The Dow Jones stocks that have been released on the market are less than 40%.”

……

“What they want is simply to protect the journalism of the Wall Street Journal. And Chairman Murdoch, you have no intention of hurting that value, do you?”

After a long moment of silence, Murdoch looked directly at me.

“Charlie, I’ve been dreaming of acquiring the Wall Street Journal for twenty years. I’m a businessman who runs a media company not for the sake of honor but to make money. And to do that, I have to maintain the quality of that media outlet. So I have no intention of overly interfering with the editorial process. But isn’t there a significant difference between not being able to interfere, and choosing not to?”

What he said was not wrong. However, the other party was the Wall Street Journal, which had immense influence in the U.S.

“I know what you mean, but they will absolutely not sell if you don’t accept that condition. That’s just what the Wall Street Journal is like. Even if you’re a major shareholder, you can’t ignore that and take over the shares. You have to consider the uniqueness of a media company more than other enterprises.”

“That’s why I’m worried.”

The Bancroft family had owned Dow Jones for 100 years and had grown the Wall Street Journal.

There was no way that they would sign a sales agreement simply for money.

The acquisition price could be negotiated, but editorial independence was different. That was their final red line they would never concede.

In the end, Murdoch would accept the terms after agonizing about it.

However, at this crucial time, I wanted to accelerate the acquisition of the Wall Street Journal by even a little.

The Wall Street Journal, which wielded immense influence in Wall Street, would certainly have a significant impact on what I wanted to do.

“Chairman Murdoch, how about this? Guarantee the independence of news articles, but separate and isolate the opinion pieces.”

“Separate the articles and the editorials…”

“Yes. Articles should be based on facts, but editorials are a separate matter.”

Murdoch was lost in thought for a moment, then suddenly smiled.

“Charlie, you are truly something. I can use the editorials to instill the conservative tone I want.”

“That’s right. And say that you will expand the Wall Street Journal. Not only in the U.S. but increase its influence in Europe and Asia, and increase the number of pages to improve the quality of international, political, and current affairs articles. With those conditions, they will likely accept without question.”

The Wall Street Journal had a strong authority as a financial newspaper but it had a narrow presence in other areas.

By offering to strengthen those areas they’d consider it too good of an offer to pass up.

“That will take a huge amount of money. Charlie, can you help with that?”

“Of course. It’s something for you, Chairman, but it’s for me too. Your media companies are doing well, but to be frank, they’re seen as nothing more than yellow journalism.”

“Hahaha! You’re the only one who speaks so frankly to me, Charlie. Well, it’s true. I won’t deny it. I’m a businessman who’s trying to make money from the media. The best way to entice people’s wallets is with sensational articles.”

Far from being offended, Murdoch burst into laughter.

I smiled faintly and said,

“Let’s expand the Wall Street Journal further and bring down the New York Times. I’ll invest as much as necessary. But don’t damage the value of the Wall Street Journal.”

“I won’t. It wouldn’t be bad to have one such media outlet. It was my long-cherished wish anyway.”

Hearing Murdoch’s answer, I took out my phone and called Han Gyeong-yeong.

“Older Brother, are you busy?”

— No. I’m having a drink. Why?

“Do you know Dow Jones?”

— Dow Jones? The company that owns the Wall Street Journal?

“Yeah. This time…”

— Why suddenly Dow Jones? Wait. Wait a minute.

Han Gyeong-yeong, cutting me off, urgently spoke with someone next to him and then spoke.

— I heard we have about 3%? But we can’t take over Dow Jones, can we? It’s a company where one family owns 60% of the shares. Why? Do you have a hunch? Are we buying it?

“No. It seems like Chairman Murdoch plans to acquire Dow Jones.”

I shared my conversation with Murdoch with Han Gyeong-yeong.

After hearing the details, Han Gyeong-yeong said worriedly.

— Hmmm… Buying the shares that are on the market might be a problem.

“I just asked to confirm. What’s the current share price?”

— $25 per share.

I briefly put the phone down and asked Murdoch.

“Chairman Murdoch, how much are you thinking of offering for the acquisition?”

“I am thinking of paying up to $50 per share. That should be a price that neither the Bancroft family nor the other shareholders can object to.”

The price he quoted was twice the current share price.

I nodded and then continued the call.

“Older Brother, it seems Chairman Murdoch plans to acquire the shares of the major shareholders at $50 per share.”

— Double… At double, it feels like it’s cheap. The Wall Street Journal is the most prestigious media outlet on Wall Street in terms of credibility. There is a value that cannot be measured by money.

It was rare for Han Gyeong-yeong, who always talked about numbers, to say something like this.

— And if this news gets out, the stock price will skyrocket, right? It’ll probably go up to at least the acquisition price. Well, it doesn’t seem too bad? Dow Jones doesn’t only own the Wall Street Journal; they have various other businesses as well.

“How about we take it up a notch?”

— What? What are you going to do by taking it up a notch?

“Let’s make it so that the Bancroft family members can’t refuse the sale.”

The shares owned by the Bancroft family were not concentrated in one person.

— Taking it up a notch means you’re going to offer an even higher acquisition price? There’s no need to overdo it; $50 is enough.

“Each family member will have different thoughts. What I want is…”

Han Gyeong-yeong, after listening to the plan, was impressed.

— I understand what you mean. You’re going to create a checkmate situation. You’re going to pin the blame on them if the acquisition fails and the stock price collapses, right?

“Exactly. So, how’s my plan?”

— It’s good. It’s a way to force them to make a decision. It’s a typical way to operate in Wall Street.

It was the traditional American way to corner and acquire the other party, leaving them with no escape.

— If they refuse the acquisition offer and have to take responsibility for the stock price dropping, they’ll have to withstand numerous lawsuits from the shareholders. This is the U.S., the land of lawsuits.

The U.S., the land of lawsuits.

It was a fitting nickname for a country that filed lawsuits over even the most trivial things to determine right and wrong.

On Wall Street, lawsuits were filed almost daily.

Because Wall Street would do anything to get their hands on other people’s money.

“When Chairman Murdoch returns to the U.S. and resumes negotiations, join him. Offer $60 per share for the acquisition price. And spread that rumor throughout Wall Street. Don’t give an official answer; just spread rumors. You know how to do that better than I do, right?”

— Isn’t that what you pay me for? It’s not a difficult task. But will that benefit us?

“It’ll be very helpful in the fight against China, right? The media outlets Murdoch owns are a bit….”

My words caused Han Gyeong-yeong and Murdoch to burst into laughter at the same time.

— Hahaha! You crazy bastard. Aren’t you in front of Murdoch right now? Well, it’s the truth. Okay. I’ll prepare a trap they can’t escape. Tell Murdoch that I’ll take care of it. Don’t try to do it alone clumsily.

“Thanks. Oh, and about the bill currently being discussed in Congress…”

Han Gyeong-yeong, upon hearing about the bill limiting ownership of local broadcasting stations, replied as if it was no big deal.

— As long as they don’t scrap the bill, it’s not a problem. That’s why we gave a huge sum of money to the Democratic Party. But you know that this can only be done after the presidential election?

“I know. It would be hard to receive such lobbying so close to the presidential election.”

— I’ll take care of the Democratic Party, so tell Murdoch to take care of the Republican Party. It’s a little weird if I take care of both.

Without planning it, he said the same thing I was thinking. I chuckled and said,

“I already agreed to that.”

— By the way, what about China? Are you planning to pull out your investment?

I hadn’t told Han Gyeong-yeong about any of my plans yet, but he already anticipated my moves.

As expected of the person who knew me better than anyone else thanks to our long time working together.

“Of course, I am. Even if I go back later. I guess it’ll be quite a loss?”

— There won’t be any loss. Even if you withdraw your investments, it’ll be more profit than the amount we invested.

“Prepare that for me too, Older Brother.”

— Alright. I’ll be busy again. But I like this kind of job better than drinking with politicians.

“Let’s talk again later.”

After ending the call with Han Gyeong-yeong, I put down my phone and smiled at Chairman Murdoch.

“Chairman, how about acquiring it for $60 per share?”

Murdoch’s brow furrowed.

“$60? Then…”

“It’ll probably cost about $6 billion.”

“That’s an extra billion dollars…”

Murdoch trailed off, seemingly surprised by the more expensive acquisition price than he had thought.

“But I’ll create a trap they absolutely can’t escape. Isn’t that what James is good at? There’s nothing Dream High can’t handle. How does that sound?”

He looked thoughtful but his deliberation didn’t last long.

After a moment, Murdoch nodded.

“Good. If it means acquiring it, I have to accept that much of a loss.”

After that, I continued my conversation with Murdoch for a long time.