Chapter 752: Can You Guarantee That It Isn’t?

As soon as Maurice Greenberg’s name was mentioned, Sulzberger Jr.’s mask crumbled.

I smirked, watching Sulzberger Jr.’s face twist in discomfort.

“Do you really think Maurice Greenberg is buying up New York Times stock with good intentions?”

Maurice Greenberg, chairman of AIG, had consistently criticized the New York Times’ management and called for changes in its governance structure.

“…Is that true?”

“That’s what we know. And you’re aware that Maurice Greenberg is currently under investigation by the Prosecutors’ Office and the Securities Supervisory Board, right?”

Sulzberger Jr. nodded at my question.

“He’ll probably be stepping down from his position as CEO soon. Or rather, he’ll be forced out.”

“That’s impossible. Maurice Greenberg’s influence within AIG is absolute isn’t it? No, even looking at all of Wall Street, his influence is legendary.”

Indeed, Maurice Greenberg was a man who could rightly be called a living legend on Wall Street.

He wielded immense influence not only in the financial industry but also in politics.

“The one holding his leash is Eliot Spitzer. He wants to run for governor, and he’s chosen AIG’s Maurice Greenberg, a big name on Wall Street, as his sacrificial lamb.”

“Wall Street’s Grim Reaper…”

Unlike Korea, in the U.S., the District Attorney and the Prosecutor General are elected by the citizens.

Eliot Spitzer was elected as Prosecutor General as a Democratic Party candidate in 1998.

His goal was to become governor, and he was digging into Wall Street’s corruption and practices to project a progressive image.

“Maurice Greenberg will eventually have to step down. It’s not a situation that can be brushed off with excuses of usual practice. Eliot Spitzer, who needs to show results, will pursue him relentlessly. The AIG board of directors won’t be able to keep watching this happen.”

A Wall Street giant, forced to resign from AIG in disgrace after decades of service, sought to restore his honor by targeting the New York Times.

“He will definitely try to shake up the New York Times’ governance.”

“But as long as we don’t accept it…”

“I know. No one can take the New York Times from the Sulzberger family. But don’t you ever think about this? If that’s the case you shouldn’t have gone public. If you go public and attract investors, it’s only natural to give them the right to participate in management.”

“…We disclosed that fact when we went public, and the shareholders bought our stock knowing that.”

The New York Times went public in 1967.

America doesn’t favor hereditary management or family-run businesses.

However, the New York Times brazenly declared they would continue with hereditary succession, citing the excuse that outside interference would make them vulnerable in politically and socially sensitive situations.

Through the initial public offering, they put Class A shares on the market, gathered investors, and through Class B shares, ensured that the Sulzberger family would always hold nine out of the fourteen board seats.

But now, with the New York Times facing financial difficulties, that very structure was becoming a weakness.

“That’s true, but it’s also true that the New York Times’ stock price is not being recognized for its true value.”

“…”

“That’s why no one invests in the New York Times. It’s why you turned down George Soros’s offer and are trying to get funding from Carlos Slim. Why aren’t Wall Street investment firms investing in the New York Times? It’s simple. Because even if you run the company terribly, no one can oust you.”

“I’m not ruining the New York Times! I have to pass the New York Times on to my children to honor my father’s legacy. That’s the reason for our family’s existence.”

Sulzberger Jr.’s voice rose in protest.

Still living in a dream, I thought, and chuckled at him.

“Reality is different from ideals. Did you expect the Wall Street Journal to fall into Murdoch’s hands? If you had said that a few years ago, people would have called you crazy.”

Sulzberger Jr. bit his lip, seeing the smile on my face.

“But what happened now? Even the Bancroft family, who had been managing the Wall Street Journal for over a hundred years, like the Sulzberger family, eventually surrendered.”

“…”

“I know you had no choice but to join hands with George Soros. But to us, that felt like a declaration of war that you were willing to fight.”

Sulzberger Jr. retorted.

“It was a legitimate acquisition.”

A legitimate acquisition… I wondered if he would still say that if he experienced the same thing.

“Well, okay. The means were fair. Then how about this? We help Maurice Greenberg accumulate shares. Through Murdoch’s media outlets, we continually demand the restructuring of the New York Times’ governance, and we insist that the New York Times’ stock is undervalued due to its abnormal governance structure.”

“…”

“What will happen then? I know that you will never lose your management rights. Because the Sulzberger family won’t accept governance reforms. But you, who have been publishing the New York Times, know very well how terrifying public opinion can be.”

Sulzberger Jr.’s face turned ashen.

He knew I wasn’t just talking, that I could back up my words with actions.

And he also knew that Murdoch wouldn’t hesitate to attack the New York Times, even without my request.

“I don’t want to be the New York Times’ enemy. So don’t make me choose that path.”

Sulzberger Jr. stared at me for a long time.

He glared at me silently before slowly opening his mouth.

“…What do you want?”

“Don’t take investment from Carlos Slim, take it from us. That’s all we want.”

“…Many discussions are already underway.”

“It’s not an investment until you sign the contract.”

“Carlos Slim is a major shareholder with 9% of the New York Times’ shares. It wouldn’t be good to overturn our discussions with him.”

I glanced at Han Gyeong-yeong. Han Gyeong-yeong quickly pulled out documents from his briefcase.

“This is Dream High’s proposal for the New York Times. Read it and make your judgment.”

Sulzberger Jr. took the proposal Han Gyeong-yeong offered and opened it.

He carefully scrutinized the proposal for a long time. We waited for him quietly, saying nothing.

After some time had passed, he closed the proposal and said:

“The terms are much better than Carlos Slim’s. Not bad.”

Han Gyeong-yeong countered Sulzberger Jr.’s indifferent tone.

“Not bad isn’t the right way to say it. You’re being dishonest.”

“Alright. Let me be honest. The terms are too good, it’s actually scary. What do you want? You must want something to be offering such great terms.”

Han Gyeong-yeong looked at me. I chuckled and answered for him.

“The condition is simple. Just don’t interfere with what we’re doing.”

“That’s impossible. We are a newspaper that protects journalism. For the people’s right to know…”

I raised my hand, cutting off Sulzberger Jr.’s words.

“It seems like you’re misunderstanding something. I’m telling you to report the facts as they are. Don’t create fabricated stories based on someone’s manipulation, then publish them as feature articles.”

“…Are you insulting us?”

“Can you guarantee that it isn’t?”

Sulzberger Jr. shut his mouth tight as if he was at a loss for words.

“Of course, I don’t think you, Sulzberger Jr., would do such a thing. The position is not so insignificant that you’d throw away the honor you’ve maintained for hundreds of years. But there might be some reporters who succumb to such temptations. A perfect example is Judith Miller.”

“She is…”

“Yes. Nothing has been revealed yet. And she will never reveal her source. But she is being investigated by the Prosecutor’s Office. So, let me ask just one thing. Did she disclose her source to you?”

No answer came. But I continued to speak in a firm voice, not caring.

“Our demand is simple. Don’t intentionally interfere with our work. We won’t stop you from reporting the facts as they are.”

Sulzberger Jr. squeezed his eyes shut. He remained silent, still not answering.

“Face reality. You need to take investment from someone, and we’ve offered great terms. The requirements aren’t unreasonable either. Isn’t it easy to publish articles as they are?”

After a long time of no reaction to my words, he opened his eyes.

A determined aura filled the air as if he had finished his deliberations.

“Then, will you support me, Sulzberger Jr.?”

“We will always be with the Sulzberger family.”

“Then, I will accept the investment.”

I stood up from my seat and extended my hand to Sulzberger Jr.

“Dream High and the Sulzberger family will be great partners.”

Sulzberger Jr. also stood up and took my hand.

“I hope so.”

“You can discuss the details with James and the lawyers here. I’ll be heading back to Korea soon.”

Han Gyeong-yeong and Sulzberger Jr. also shook hands.

“Oh, and should I give you a good lead? It’s Maurice Greenberg’s weakness.”

At my words, a fierce light flickered in Sulzberger Jr.’s eyes.

“Maurice Greenberg’s weakness?”

“He’s probably preparing to transfer his stock to his wife. Possibly to protect his assets from the various lawsuits that might arise from this investigation. With just this much information, the New York Times’ investigative power should be enough, right?”

Even if the transfer would eventually be revealed, publishing it in the paper beforehand would prevent Maurice Greenberg from easily transferring the shares.

And Eliot Spitzer wasn’t incompetent enough to just let that go.

Sulzberger Jr.’s lips curved slightly, understanding my meaning.

“That’s a nice gift. Thank you.”

I left the New York Times headquarters, seeing him off.

“I wonder if he knows that taking investment from us is like putting a noose around his own neck?”

Han Gyeong-yeong asked, glancing back at the building.

“Probably not. He’s so full of pride, he wouldn’t even dream of that.”

“He equates himself with the Sulzberger family. Though the family and he are separate entities.”

“Keep buying up New York Times stock. We have to bring down Sulzberger Jr.”

We would shake them from the outside and join hands with Sulzberger Jr.’s rivals on the inside. That was our plan.

That was also why we gave him Maurice Greenberg’s weakness.

So that Sulzberger Jr. and Maurice Greenberg would fight each other like dogs.

“Whose side are we going to take? Do you have someone in mind?”

“They’re still firmly protecting each other, but if Sulzberger Jr. falters, someone will move. Then you can take care of it, Older Brother.”

Sulzberger Jr. asked me to support him, but I promised to support the Sulzberger family.

He equated the Sulzberger family with himself, but the Sulzberger family was not structured with a single head of household.

A structure that selected its successor through a family meeting made the family strong against external attacks, but it also led to internal competition.

“Put together a top-tier legal team for the Wilsons and Flames. That’s what we need to fight the Neocons.”

“It’s already done. I’m planning to meet with them separately soon.”

I nodded.

Sulzberger Jr. would continue to defend Judith Miller. He did so in my past life too.

He would probably make Judith Miller a fighter against government oppression, not even realizing it was damaging the credibility of the New York Times.

It was possible because Miller was one of the key figures among the reporters at the New York Times.

But Miller was writing articles that suited the Neocons’ tastes in exchange for information.

‘It seems he hasn’t even heard who her source is yet.’

I was quite looking forward to how shocked Sulzberger Jr. would be when he found out the truth about Judith Miller.

It was a fact that would be revealed much later, but I planned to move Wilson and Flame to expose that fact sooner.

“If we shake them from the outside and turn them from the inside, it won’t be difficult to bring Sulzberger Jr. down.”

The Bancroft family sold the Wall Street Journal to Murdoch.

The Graham family would sell the Washington Post to Amazon’s founder, Jeff Bezos, due to financial difficulties.

In my past life, the Sulzberger family protected the New York Times until the very end, but this life would be different.

“If we can’t have it, we’ll change the owner from the inside.”

If they were going to interfere with our work, they would have to pay the price.

I smiled, raising one corner of my lip as I thought of Sulzberger Jr.