Chapter 744: Fights Started Must Be Accepted

George Soros’s entry into the Dow Jones acquisition meant he was letting go of his partnership with Dream High.

“What’s the offer?”

— They’ve offered 50 dollars a share. And like the New York Times, they’re guaranteeing editorial independence.

“Isn’t the current stock price over 50 dollars?”

— It’s 52 dollars to be exact.

Despite offering a lower acquisition price than the current stock price, the situation was actually more disadvantageous for Murdoch who had offered a higher price.

“Things are taking a strange turn.”

— That old man Buffett already gave up and now the Bancroft family is split with conflicting opinions.

“The elders will probably argue to hand it over to the Sulzberger family who own the New York Times and the younger ones will want to raise the stakes.”

— Exactly. Until a few days ago, the atmosphere was almost completely on our side but then suddenly the Sulzberger family jumped in. It’s driving me nuts.

Han Gyeong-yeong muttered gloomily and sighed.

— I thought it would be easy but I never expected this. I even considered all the variables but…

“It can’t be helped. When you’re in this industry, new variables always pop up. I’ll head to the U.S. The presidential election is coming up soon anyway.”

— Are you sure it’s okay? You’re in the middle of a war with China, right?

Han Gyeong-yeong asked with a worried tone.

“We should see this as an extension of the same incident. It seems Valtiche is behind it all.”

— Valtiche… you mean the European nobles?

“That’s right. China’s pressure on us, and the sudden moves by George Soros and the Sulzberger family, it all feels like an attack aimed at me. Let’s talk more when I get to the U.S.”

— Okay. We’ll figure out a plan and deal with it our way.

“Okay. Thanks for holding the fort down.”

After ending the call with Han Gyeong-yeong, I called for Manager Ma.

“Manager Ma, please arrange my trip to the U.S. Also, contact Black Bear and find out about the Sulzberger family’s key members, family relations, and any weaknesses.”

“Yes, Boss.”

My head throbbed from the relentless rush of work.

After Manager Ma left, I took some painkillers from the drawer and swallowed them.

“There are just too many variables.”

The Wall Street Journal acquisition wasn’t entirely my own plan.

However, if we lost in the acquisition battle, it would be like being pushed around by them.

“To be hostile towards me at this time… those Wall Street dogs really repay kindness with betrayal.”

I had helped them recover their losses from the Asian financial crisis by taking advantage of Japan.

Since then, Dream High and Wall Street had maintained a good relationship.

I shook my head from side to side to clear my mind.

“Well, whatever the situation, fights started must be accepted.”

* * *

Arthur Ochs Sulzberger Jr. entered the Bancroft family mansion with George Soros.

“It’s been a while.”

Sulzberger Jr. mumbled as he looked around.

“You’ve been here before, I see.”

George Soros who stood beside him, asked.

“I’ve been here as a child. Since we are families in the same industry, there was a lot of interaction between our families.”

As George Soros nodded, Sulzberger Jr. chuckled and added.

“Well, there was no interaction after my father stepped down.”

While they were talking, the butler of the Bancroft family, who had come to greet them, led them inside.

“Haha, Sulzberger Jr. It’s been a while.”

John Bancroft greeted Sulzberger Jr. warmly.

“Uncle John, it’s been a long time. You’ve gotten a lot older.”

“Yeah, you’re right. It’s about time for me to step down as well. Still, it’s good to see your face after so long.”

John joked and laughed. He seemed to be genuinely welcoming Sulzberger Jr.

“It’s the same for me. Our families should interact more often.”

John nodded at Sulzberger Jr.’s words and lightly tapped his shoulder.

Then he looked at George Soros standing beside him and held out his hand.

“Who is this? Isn’t it the legend of Wall Street, George Soros!”

“Haha. You flatter me.”

“Flatter you? No way. Even though you’ve been pushed back a few times by Dream High, you’ve still made legendary achievements.”

At John’s words, George Soros’s expression stiffened as they shook hands.

Forcing his lips into a smile, George Soros let go of his hand first.

“Let’s take a seat. Everyone’s waiting.”

Once they were seated, the negotiations began in earnest.

“You’re interested in Dow Jones? What are your terms?”

Sulzberger Jr. began to lay out the terms.

“If we acquire Dow Jones, we will guarantee the employment of the current editors and reporters and ensure editorial independence.”

“Well, Murdoch already made the same offer. What about the acquisition price?”

“The price we can offer is 50 dollars per share.”

“Are you aware that the current stock price is 52 dollars?”

Not only was the price lower than Murdoch’s offer, it was lower than the current stock price. John asked, narrowing his eyes.

“We are aware. However, that is just the price that rose in anticipation after Murdoch’s press conference. It is not the actual value of Dow Jones. And what we are trying to acquire is not the Class A stock listed on the stock market, but the Class B stock held by the people here and the trust company. The stock price is not an issue at all.”

“Hmm.”

“The proper stock price for Dow Jones analyzed by George Soros here and Wall Street is 30 dollars. With a management premium, 50 dollars is more than enough of a premium. And…”

Sulzberger Jr. trailed off, looked around and smirked.

“None of you here would want to hand over the Wall Street Journal to a sensationalist media person like Murdoch, would you? Even if the New York Times is a competitor. If your goal was money, you would have accepted Murdoch’s offer without any hesitation. Am I wrong?”

“……”

“I’m not interested in managing the Wall Street Journal. The New York Times is more than enough. Right now, I am offering all of you a chance to maintain your pride. Not for money, but for your family’s pride.”

John bit his lip.

Hearing such words from a competitor like the Sulzberger family was a blow to their pride.

At that moment, George Soros, who had been listening quietly, opened his mouth.

“If we acquire Dow Jones, the influence of the Wall Street Journal will grow even more. Because we plan to expand the European and Asian editions further. Especially, it will also be an opportunity to enter the Chinese market.”

“The Chinese market? That place is…”

At the mention of China, John’s face scrunched up again.

China was a country that prohibited foreign media companies from publishing Asian editions and even blocked internet news.

“Articles on finance and economy can be published in China. Of course, they would have to pass censorship.”

Nevertheless, there was a reason why they were eyeing the Chinese market, which was no different than a graveyard for journalists.

China was a market of an attractive size that could not be ignored.

“Since the New York Times covers so many political issues, it’s difficult to enter, but the Wall Street Journal should have no problem. We are already in discussions with the Chinese government. Then the Wall Street Journal can turn from a loss to a profit.”

Entering the Chinese market. That was the negotiation card that George Soros brought.

“In addition to that…”

George Soros continued to make attractive offers.

* * *

After finishing up urgent matters in Korea, I arrived in the U.S.

Han Gyeong-yeong was there to greet us at John F. Kennedy International Airport.

“Mu-hyeok, it’s been a while.”

“You look very worn out, Older Brother. Are you getting enough sleep?”

“How could I? I’m going crazy. Those guys are negotiating with the card of entering the Chinese market.”

“Really? I knew it. This is related to what’s been happening.”

“This isn’t something to say so calmly about. Let’s go.”

Han Gyeong-yeong let out a deep sigh and led me out of the airport.

We used a pre-arranged vehicle to move to the Dream High Investment headquarters.

During the hour-long drive to the headquarters, I had many conversations with Han Gyeong-yeong. Naturally, the mood in the car became heavy given the topic.

We headed straight to the conference room as soon as we got out of the car.

As I walked into the conference room, Rupert Murdoch, Eric Clark, and several other people were waiting.

“Charlie.”

After exchanging greetings with Murdoch, I held out my hand to Eric.

“President Eric, I heard you’ve been appointed president. Congratulations.”

“Haha. James made me president. I preferred being the vice president.”

Eric smiled and shook my hand, and Han Gyeong-yeong added.

“Now that Black Bear has grown enough that it doesn’t need a figurehead, it’s right for Eric to take the position of president.”

It was something I already knew from the reports, but hearing it directly was different.

“Now that everyone is here, let’s discuss countermeasures.”

I naturally sat at the head of the table.

“I’ve been briefed by James. What’s the biggest obstacle in the current Dow Jones acquisition plan?”

Eric Clark spoke up.

“The biggest problem is that they lack faith in Rupert Murdoch and News Corporation more than the acquisition price. The union is also siding with the Sulzberger family.”

“Is that such a big deal? Chairman Murdoch already guaranteed the succession of employment for the editors and reporters and also agreed to the establishment of an independent editorial oversight committee.”

“The current atmosphere is that they still can’t be trusted.”

I couldn’t help but chuckle at the ridiculous statement.

“What could be more important than money in America? The Wall Street Journal is the best financial newspaper in America. Do you mean those guys would reject a better offer and decide to sell at a lower price?”

No one could respond to my question. Then Murdoch met my gaze.

“Charlie. I received a call from John this morning. He made a counteroffer to me, but I have no intention of accepting it.”

Murdoch’s face was full of anger, as if John’s offer was humiliating.

“He asked me to agree to allow the Bancroft family to continue to manage it after my acquisition. He wants me to step aside and have them run it when they have almost no shares left, is that even reasonable?”

Murdoch clenched his fist tightly, grinding his teeth.

“They want to sell but keep managing it like before… Their greed is excessive.”

“I have no intention of just throwing away 6 billion dollars. My offer was not bad. I gave up a lot because it was my dream. But they are not giving up anything, they are being greedy. They want me to put up the money, while they take the honor!”

In the end, Murdoch raised his voice. However, the people listening seemed to think his anger was justifiable, nodding quietly.

I nodded as well, turning to ask Han Gyeong-yeong.

“What do you think, President James?”

Since it was a formal setting, I spoke politely, and Han Gyeong-yeong also used polite language with me.

“The acquisition price we offered is over 40 times the current operating profit of Dow Jones. Even if News Corporation acquires it, it’s very unlikely that they will achieve the same synergy effect.”

“That’s true. But we have to consider that this acquisition offer is more affected by external factors.”

“Still, it’s negative. That’s why George Soros also offered 50 dollars a share. He must have determined there was no merit to paying more than that.”

“What would happen if we offered 70 dollars per share?”

“70 dollars per share? That’s insane.”

Han Gyeong-yeong shook his head and objected.

“Even 60 dollars per share was the price set for creating this board. Media companies are not profitable businesses. It is different for the media companies owned by Chairman Murdoch, but that’s how most of them are.”

“As President James said, the media is not a profitable business. Even if we think that this acquisition is not for profit, 70 dollars per share is too much.”

Murdoch also voiced his opposition.

But, as long as the Sulzberger family had expressed their intention to acquire it, we would never win unless the acquisition price was significantly different.

“This is not a problem to approach as a business. They have declared war on us. In this situation, we have to acquire it no matter what, even if it means a loss.”

As I spoke resolutely, everyone focused their attention on me.

“If they reject our offer, then we’ll just offer an amount they can’t possibly refuse.”