Chapter 745: The Gift Was Received Properly

“I believe Chairman James understands what I mean. Sometimes, there are things you must do, even if it means taking a big loss. This Dow Jones acquisition is one of them.”

I met Han Gyeong-yeong’s gaze and spoke decisively.

“James, have you been on Wall Street for too long? Have you forgotten why we invest and why we’re so desperate to accumulate wealth?”

Han Gyeong-yeong nodded slightly in agreement.

“…That’s right. I was momentarily mistaken.”

Money is a means to protect me. The time has come to use the money I’ve accumulated to protect myself and my people.

“Chairman Murdoch, you said that owning the Wall Street Journal was your dream. If that’s the case, you have to be willing to bleed a little for that dream. You might have gotten away with not joining the acquisition battle, but you’ve already held a press conference. Stepping back now would damage your media empire.”

Besides, I couldn’t let the Wall Street Journal fall into the hands of Sulzberger of the New York Times.

If that happened, I could already see the future where all sorts of media would swarm to ridicule Murdoch.

“In the U.S., or rather, on Wall Street, the center of world finance, there’s no greater weapon than the dollar. The history of the Wall Street Journal? It’ll crumble in the face of money in the end. If they only cared about honor, they would have accepted the Sulzberger family’s offer a long time ago.”

“…I understand what you’re saying.”

Murdoch, understanding my point, nodded in agreement.

“Director Eric, would you share the Sulzberger family’s information with me?”

Eric handed me the documents he had prepared about the Sulzberger family tree and their relationships and began his explanation.

The more I listened, the more I understood the Sulzberger family’s determination to protect their management rights.

“So there’s no way to attack from the outside.”

“That’s correct. Unless they decide to sell, no member of the family can sell their Class B shares. They’ve created a system that makes it impossible.”

“Is Sulzberger Jr. currently the chairman of the board?”

“Yes. Sulzberger Jr. is the chairman of the board. Moreover, Sulzberger family members control 70% of the board.”

Indeed, they are a family that has protected the New York Times for 100 years.

If we can’t shake them from the outside, how about disrupting them from within?

“What about the relationships between family members?”

“I haven’t had enough time to dig deep, but I was able to find out that their relationships aren’t bad. They all seem to be fond of the New York Times.”

“So, it’s hard to shake them from both the outside and the inside. Then, we’ll have to target the New York Times in a different way.”

If I can’t shake their management rights, I could target the credibility of the New York Times.

But if I did that, it could affect the Iraq War and the presidential election.

“Let’s deal with that after the presidential election is over.”

The presidential election was just a few weeks away.

I didn’t want to do anything that might create a variable in the election.

President Bush’s reelection was already a certainty, so there was no reason for me to antagonize him.

I looked at everyone and opened my mouth.

“First, Chairman Murdoch, propose $70 per share. And hold a press conference immediately.”

Seeing Murdoch nod, I turned to Han Gyeong-yeong and gave an order.

“And Chairman James, announce a public tender offer for Dow Jones shares. Offer $60 per share.”

“Even if we gather shares, we won’t be able to take control of the board unless they are Class B shares.”

“I know. But we’ll be able to put pressure on the Bancroft family with the help of minority shareholders. They won’t be able to proceed with a deal that goes against the interests of the shareholders.”

“I understand.”

Finally, I spoke to Eric.

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

“Yes, Boss.”

“This is now war. They want us to back down, but I have no intention of doing so. So, I’m counting on all of you.”

Everyone’s eyes gleamed with a determined light as they answered my words quietly.

* * *

[Murdoch to Acquire the Wall Street Journal?]

Media mogul Rupert Murdoch, chairman of News Corporation, proposed to acquire Dow Jones, which publishes the Wall Street Journal, for $7 billion.

However, the Bancroft family, the majority shareholder of Dow Jones, is known to have rejected the offer.

[Acquisition Battle for the Wall Street Journal in Chaos]

Rupert Murdoch, chairman of News Corporation, and the Sulzberger family, who publish the New York Times, have both entered the acquisition battle for Dow Jones, which publishes the Wall Street Journal.

News Corporation made a dramatic offer of $70 per share, but the Sulzberger family is known to have offered $50 per share.

According to a Bancroft family insider, the board of directors is in fierce disagreement over who to sell to.

All eyes are on who will take ownership of the 100-year-old Wall Street Journal.

[Murdoch’s Greed or the Bancroft’s Stubbornness?]

The Bancroft family, which holds 64% of Dow Jones’ voting rights, is stubbornly holding out despite the $7 billion acquisition offer.

The Dow Jones labor union issued an official statement clearly opposing the acquisition, saying that Murdoch destroys the quality and independence of the press.

The chaos has reached its peak as the Sulzberger family of the New York Times jumped into the acquisition battle.

However, after news of Murdoch’s acquisition attempt spread, Dow Jones’ stock price skyrocketed.

Accordingly, there are growing concerns that if Dow Jones rejects Murdoch’s offer and the stock price falls, the board of directors may be embroiled in lawsuits.

Thomas, an expert in securities law, said that if the Dow Jones board of directors ultimately rejects Murdoch’s offer and sells to the Sulzberger family, who offered a lower price, they are expected to face a flood of lawsuits for failing to protect the interests of investors.

Thomas pointed out that it would be difficult for the board of directors to reject Murdoch’s offer from a legal or business standpoint.

After Murdoch’s press conference, many media outlets poured out related articles.

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

Those who wanted to sell to Murdoch and those who wanted to sell to the Sulzberger family were fiercely opposed to each other.

John Bancroft threw down the newspaper he was reading and pressed his throbbing forehead.

“I’m going crazy.”

“Are you alright?”

John nodded at the butler’s worried question.

“How about it? Was there any other offer from Sulzberger Jr.?”

“Yes. On the contrary, he gave us an ultimatum. He said that if we want to protect the Bancroft family’s honor and pride, we shouldn’t reject their offer.”

“…Those crazy bastards.”

John frowned and clicked his tongue.

With so many reports already out, it was insane to reject Murdoch, who had offered $70 per share, and sell to Sulzberger for $50.

“There was also a proposal to avoid this controversy through a merger of the two companies.”

“How did we end up like this…”

John sighed and covered his face with his hands.

His body was trembling slightly, as if his emotions were heightened.

After a while, he regained his composure and spoke again.

“A merger is out of the question. Even if management is difficult, we can’t let the Wall Street Journal disappear by merging with the New York Times.”

“I feel the same way.”

“Hammer, what do you think?”

Roy Hammer, a representative of the Bancroft family and a director of Dow Jones, was John’s closest aide.

Hammer, seeing John looking exhausted these past few days, spoke.

“I think it’s best to accept Murdoch’s offer.”

“How can we handle the criticism that we threw away our honor for money?”

“No one can criticize you, the head of the family. 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 soothingly, but John looked even more gloomy.

John, with his head bowed, mumbled dejectedly.

“Why does this have to happen when I’m the head of the family…”

“Times are changing. The New York Times and the Washington Post are also operating at a loss. It’s due to the shrinking advertising market and the development of the internet. If the family had the resources, we could have held on and improved, but we can’t hold on any longer.”

“….”

“At this rate, the Wall Street Journal may go bankrupt in a few years.”

At the word bankruptcy, John raised his head sharply.

“That can’t happen. I can’t allow the Wall Street Journal to be shut down.”

“Then I think it’s best to accept Murdoch’s offer. He’s made quite a concession. Moreover, it’s not bad for us that the acquisition price has gone up because the Sulzberger family jumped into the battle. And, I know that the directors other than the family have already decided to accept Murdoch’s offer.”

“That’s right. They are the kind of people who value money more than honor.”

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

It was only natural that they would side with Murdoch, as they only cared about profit and loss.

“And aren’t the family members’ opinions also divided? This wouldn’t have happened if things were like they used to be. That means that the conflict between family members has reached its peak. It’s the conflict between the elders who are stuck in the past and the younger generation who wants a new era.”

“…The world is changing too fast. Unfortunately, we couldn’t keep up with the changes.”

“No one could have kept up. If we had known that in advance, we wouldn’t have collapsed like this. It’s time to decide, head of the family.”

Whether it was fortunate or unfortunate that he at least had the right to decide.

Though it tasted bitter, John spoke with a slightly relieved expression at Hammer’s words that it was a natural flow.

“Contact both sides. Tell Murdoch that we want the independence of the editorial rights to be specified more clearly. And tell the Sulzberger family to raise the acquisition price to $70. After hearing both sides’ replies, we will reconvene the family meeting.”

“I understand. I will do so.”

“I’m counting on you.”

Hammer, having received the head of the family’s instructions, contacted both sides and began negotiations.

* * *

While the acquisition battle for the Wall Street Journal was fierce, the U.S. presidential election came to an end.

As expected, President Bush’s overwhelming victory concluded the presidential election.

In my past life, there was so much chaos that Democratic candidate John Kerry protested and demanded a recount, but this time, Kerry’s camp quickly conceded defeat due to the overwhelming difference in votes.

Han Gyeong-yeong and I moved to the venue where President Bush’s reelection celebration party was being held.

Many people were already gathered there, celebrating the reelection.

“If there was a bomb attack here, the entire U.S. system would be paralyzed.”

“Please don’t say such crazy things. You’ll get arrested.”

Han Gyeong-yeong scolded me while looking around.

The U.S. was sensitive about the word ‘terror’, but the people gathered here were those who controlled the U.S., so we had to be even more careful.

If anything were to happen here, the U.S. would be plunged into great chaos.

Han Gyeong-yeong, confirming that no one was around, spoke again.

“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.”

Avoiding Han Gyeong-yeong’s glare, I moved toward the party venue.

We were only able to enter the party venue after going through a thorough body search.

“Oh, look who it is. Isn’t that James?”

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

“It’s been a while, Soros.”

“Haha. It has, it has.”

Soros, after greeting Han Gyeong-yeong, looked at me and said.

“Charlie. It’s been a while for you too.”

He had neatly combed back his abundant white hair, despite his age. He smiled leisurely and extended his hand.

I shook his hand, bringing my face closer.

Then, I whispered quietly, just loud enough for George Soros to hear.

“I received this gift properly. Pass this message on to your master. Tell them the reward for this gift will be even greater.”

As I gripped his hand tightly, I could feel George Soros flinch.

Did he think I wouldn’t notice? Releasing his hand, I spoke again.

“Because you jumped into the Dow Jones acquisition, we’ve taken a pretty big loss. It seems the acquisition price will be even bigger than expected.”

“….”

“But we will eventually get Dow Jones. If your side raises the acquisition price, we’ll raise ours. Try it if you dare. We’ll see who gives up first.”

Looking at the stiff George Soros, I smirked.