Chapter 742: Just Lucky

Murdoch, having arrived in the U.S., met with Han Gyeong-yeong first thing.

“James, it’s been a while.”

“It’s been too long, Chairman Murdoch.”

After a brief greeting, Han Gyeong-yeong led Murdoch to his office.

Various stacks of documents were scattered across the table.

The messy papers were all related to Dow Jones.

The two men sat facing each other and immediately got down to business.

“Dow Jones’s financial situation is worse than I thought. In the past, major shareholders would inject capital, but it seems they lack the resources now due to failed investments.”

“If that weren’t the case, you wouldn’t even be negotiating with me. Am I wrong?”

Han Gyeong-yeong nodded in response to Murdoch’s question.

“That’s the truth. It’s a company that has been run under one family’s name for a century. If it weren’t for this unique situation, we wouldn’t have considered selling. Especially not to Murdoch.”

“Haha, James you’re just like Charlie. Saying such things to my face.”

Far from showing any displeasure, Murdoch burst into hearty laughter.

Han Gyeong-yeong smiled faintly, following Murdoch’s lead, then spoke.

“I’m not trying to belittle you, Chairman Murdoch. You’re someone who controls the media, so it’s only natural to fear you. But when journalists talk about you, they don’t acknowledge you as one of them, do they?”

“That’s also true. I’m a businessman who runs a business to make money, so I have no intention of denying that. But that doesn’t mean I plan to turn the Wall Street Journal into another media outlet I’ve acquired.”

“That’s a relief. After being in this position for a long time, I now understand that undermining the influence of the Wall Street Journal is not a good choice in the long run. By the way, the current stock price is trading between 25 and 26 dollars. Is it okay to acquire it for 60 dollars a share?”

Murdoch shrugged and nodded.

“I already offered 50 dollars a share. That’s about 5 billion dollars. It’s about a billion dollars more than expected but it’s not an amount I can’t handle. It’s not like you can acquire a company just because you have money.”

“That’s true. But not just anyone can throw out an acquisition price as high as you, Chairman Murdoch. And you’re planning to invest more after the acquisition, aren’t you?”

“Of course. I can’t just let the Wall Street Journal disappear into the annals of history. There hasn’t been any investment for years.”

Han Gyeong-yeong and Murdoch reviewed their plans and exchanged many ideas.

Only after a long discussion was their conversation concluded.

As Han Gyeong-yeong tidied up the scattered documents, he spoke to Murdoch.

“I’ll lead the negotiations. Please just nod with gravitas from the sidelines. Don’t interfere.”

Murdoch responded with his usual hearty laughter to Han Gyeong-yeong’s words.

“Alright, I trust you.”

* * *

Han Gyeong-yeong, accompanied by a lawyer, headed to the agreed meeting place with Murdoch.

Many people were already waiting at the Bancroft family’s mansion.

“I’m James from Dream High Investment. It’s an honor to visit the Bancroft family’s residence.”

John Bancroft, the head of the Bancroft family, shook hands with Han Gyeong-yeong as a representative and spoke.

“Ah, James. I’ve heard a lot about you. They say you’re known as the devil of Wall Street.”

As if to gain the upper hand from the start, his friendly smile had a subtle sharpness hidden behind it.

Han Gyeong-yeong was past the point of getting worked up over such things so he responded calmly.

“Haha. That’s an exaggerated title. I was just lucky.”

“Luck is also a skill. Let’s sit down.”

Murdoch and Han Gyeong-yeong took their seats. Han Gyeong-yeong looked around and said.

“Have you reviewed Chairman Murdoch’s proposal?”

“Yes, we have, but the board’s opinion is that the sale is not possible.”

“Not possible… May I ask why? What’s the reason for refusing even though we offered twice the current stock price?”

“It’s because of the owner risk associated with Chairman Murdoch.”

John said, looking at Murdoch sitting next to Han Gyeong-yeong.

Han Gyeong-yeong listened to his story while observing the members of the Bancroft family.

The gazes directed at Murdoch could be divided into two main categories.

The older members sent contemptuous glares towards Murdoch, while the younger ones seemed indifferent.

“Chairman Murdoch is one of the leading figures in the media empire in the U.S. He’s certainly capable. Can that really be called owner risk?”

“I acknowledge that as well. But there are aspects that don’t align with our philosophy. Our family has been leading Dow Jones for over 100 years, and we have never exercised editorial control over the Wall Street Journal. That’s our family’s sacred legacy and why the Wall Street Journal has been considered the best newspaper for 100 years.”

“I understand that, but times have changed. Without investment, that glory will eventually fade.”

Han Gyeong-yeong placed his briefcase on the table and took out a stack of documents.

“Dow Jones’s businesses continue to fail. As a result, this quarter’s earnings have dropped by more than 80% compared to last year. Of course, businesses have their ups and downs. I’m well aware of that. But what’s more important is that there’s almost no investment being made in the Wall Street Journal. Meanwhile, its rival, The New York Times, is seeking change through continuous investment.”

“Hmm…”

The board members did not try to hide their discomfort at Han Gyeong-yeong’s direct words.

But Han Gyeong-yeong didn’t stop and continued to speak.

“The fact that the Wall Street Journal, currently in a serious deficit, has been able to maintain its journalism is thanks to the support of its parent company, Dow Jones. But I believe that has reached its limit now. If you don’t change you’ll fall behind. Isn’t that why you’re meeting with us now?”

Han Gyeong-yeong’s words, which only pointed out the facts, were more painful because they were so calm.

“I acknowledge the Bancroft family’s achievements over the past 100 years but if things continue like this, that history will also disappear into the past.”

“That’s…”

“60 dollars a share. No other investor would offer this price.”

Han Gyeong-yeong offered an even better deal than Murdoch had proposed.

The board’s expressions changed. They had just rejected an offer only for it to jump to 10 dollars a share, that’s why.

John, sensing that the atmosphere was turning sour, said urgently.

“The acquisition price isn’t the issue.”

“Are you talking about the independence of editorial rights?”

“Yes. Do you know about the Sunday Times, James?”

“Yes, I do. It’s the British newspaper owned by Murdoch.”

When Han Gyeong-yeong nodded, John continued with a slightly agitated voice.

“The Sunday Times was one of the most influential newspapers in the UK before Murdoch acquired it. But after it fell into Murdoch’s hands, he replaced the editor. From then on, the Sunday Times was filled with royal gossip, celebrity rumors, lottery results, travel guides, and unreliable trash. The Sunday Times, once a leader in great journalism, has been reduced to just another tabloid. So how can we not be uneasy?”

A barrage of scathing criticism was unleashed. Han Gyeong-yeong glanced at Murdoch.

But Murdoch remained unfazed, arms crossed, with a smile on his face.

“Change is good but most of all, the journalism of our newspapers, including the Washington Post, is more important. First of all, the independence of editorial rights must be guaranteed. Only then can we talk about the acquisition price.”

At that moment, Murdoch uncrossed his arms and spoke.

“Can we say that the independence of editorial rights protects journalism? I, too, know the value of the Wall Street Journal better than anyone. But isn’t it true that the direction of an article can change depending on the editors? If the major shareholder can’t even ‘suggest’ a change of editor, what’s the point?”

Murdoch’s words were reasonable and logical. Han Gyeong-yeong, who had been trying to stop him, subtly lowered his hand.

“I respect the freedom of editorial rights. But freedom comes with responsibility. If you don’t put editorial rights under the influence of a major shareholder… Wouldn’t that also become an unchecked power? Wouldn’t factions form to try and seize power?”

“……”

“As far as I know, the current board of directors has also been replacing editors through resolutions. But the fact that you’re making such unreasonable demands on me means you don’t trust me. I know that too.”

John couldn’t bring himself to say anything to Murdoch’s calm words.

“But I’m a businessman. I have no reason to lower the value of the Wall Street Journal, which I acquired with a premium. I’m not stupid enough to do that. If I were stupid, I wouldn’t have been so successful in the U.S.”

Murdoch spoke confidently. No one dared to refute him and they just looked away.

Murdoch looked around at the Bancroft family members and smirked.

“As you know, those of you here have ultimately failed. But I have continued to succeed. Acknowledge that difference.”

“Wh-What did you say!”

The older members glared with bulging eyes but Murdoch remained relaxed.

“60 dollars a share. And I will guarantee the employment of the current editorial staff and reporters. I will also set up an editorial board to guarantee the freedom of editorial rights. However, half of the members of the editorial board will be chosen through the board’s recommendations, and the other half will be chosen through the reporters’ recommendations. We need a way to keep each other in check, right? That’s how we can protect journalism. That’s all I can offer. If you demand anything more, I’ll cleanly walk away.”

Murdoch, having issued his ultimatum, exaggeratedly raised both hands and crossed his arms again.

Unlike his playful attitude, his gaze was chilling.

“However, you should know this. The moment I leave this place, I’ll gather the reporters and hold a press conference. I, Rupert Murdoch, have the intention to acquire Dow Jones.”

“Hey! That’s not a way to negotiate…”

“Don’t you know that rumors have already spread all over Wall Street? The stock that was 25 dollars has now risen to 30 dollars. That’s why I’m offering a 100% premium. Oh, don’t say that I spread the rumors. What good would it do me to increase the competition? If you’re any more greedy, I’ll walk away. I don’t know who you’re relying on to be so bold. Warren Buffett? Do you think that money grubber will offer a higher amount than me?”

As Murdoch said, rumors were already circulating on Wall Street even before Han Gyeong-yeong and Murdoch had taken action.

Rupert Murdoch was trying to acquire Dow Jones, but the Bancroft family was not accepting it. However, Rupert Murdoch had not given up on acquiring Dow Jones.

Murdoch had not made an official statement about the rumors, and Dow Jones had not issued a statement either.

But despite being just rumors, the stock price was on an upward trend.

“I’ll say that I offered 60 dollars a share and that the board rejected it. The shareholders will love that. If someone offers more, then go ahead and negotiate.”

With those words, Murdoch closed his mouth firmly. It was Han Gyeong-yeong who received Murdoch’s words.

“It’s honestly unrealistic to fill the editorial board only with reporters’ recommendations. If that’s the case, the reporters can just pool their money and acquire it themselves. Ownership without management, Chairman Murdoch agrees with that. However, we can’t accept the act of ignoring the rights of the major shareholder. We’ve already made many concessions at this point. And…”

Han Gyeong-yeong talked about the plan that Murdoch intends to grow the Wall Street Journal through massive investments after acquiring Dow Jones.

The tug-of-war continued for over two hours, but in the end, they failed to reach an agreement and the negotiations fell apart.

After leaving the mansion, Han Gyeong-yeong and Murdoch immediately held a press conference and officially acknowledged their plan to acquire Dow Jones.

“60 dollars per share. This offer is a price proposed not only to the major shareholder, the Bancroft family, but to all shareholders with voting rights.”

Murdoch officially acknowledged the acquisition proposal and revealed the amount he had offered.

“I have also proposed to guarantee the employment of the current editorial staff and reporters of the Wall Street Journal, as well as to establish an editorial board to ensure the freedom of editorial rights. Half of the members of the board will be chosen through the board’s recommendations, and the other half will be chosen through a vote by all the reporters of the Wall Street Journal. All of them will be external people and I have no intention of exercising any influence.”

Even as the camera shutters went off like crazy, Murdoch continued to speak with ease.

“If the board refuses this offer, I plan to step down cleanly. I’m sorry, but I won’t be taking any questions.”

Murdoch unilaterally ended the press conference and turned to enter the News Corp building.

The day after Murdoch’s press conference.

Dow Jones’s stock price surpassed 50 dollars in just one day.