After arriving in the United States, Murdoch’s first eting was with Han Kyungyeong.
“Jas. It’s been a while.”
“It’s good to see you again, Chairman Murdoch.”
After exchanging brief greetings, Han Kyungyeong led him into his office.
Stacks of docunts were spread across the table.
The seemingly chaotic piles were all materials related to Dow Jones.
The two n sat facing each other and went straight to the point.
“Dow Jones’ financial condition is worse than expected. In the past, the major shareholders injected capital when needed, but after their recent investnt failures, they seem to lack that flexibility.”
“If that weren’t the case, they wouldn’t even be negotiating with . Am I wrong?”
Han Kyungyeong nodded.
“That’s correct. It’s a company run under one family’s na for a century. Under normal circumstances, they wouldn’t sell—especially not to you.”
“Haha. You sound just like Charlie. Saying that to my face.”
Rather than showing irritation, Murdoch laughed heartily.
Han Kyungyeong gave a small smile and continued.
“I’m not underestimating you, Chairman. You’re a man who controls dia empires—if anything, that makes you soone to fear. But journalists don’t exactly recognize you as one of their own, do they?”
“That’s true. I’m a businessman who runs newspapers to make money. I won’t deny it. But that doesn’t an I intend to turn the Wall Street Journal into one of my other papers.”
“That’s reassuring. After working in this industry long enough, I’ve learned sothing. Undermining the Wall Street Journal’s influence is not a wise long-term strategy. By the way, the stock is trading around $25 to $26 right now. Are you comfortable offering $60 per share?”
Murdoch shrugged and nodded.
“I already offered $50 per share—about five billion dollars. It’s about a billion more than I initially expected, but it’s not beyond my ans. After all, this isn’t a company you can buy just because you have money.”
“That’s true. But not everyone can throw around acquisition premiums like you. And you intend to invest even more after the acquisition, don’t you?”
“Of course. I won’t let the Wall Street Journal fade into history. There hasn’t been any aningful investnt for years.”
Han Kyungyeong and Murdoch reviewed their plans and exchanged extensive opinions.
Only after a long discussion did they conclude.
As Han Kyungyeong gathered the scattered docunts, he said,
“I’ll lead the negotiations. Chairman, just sit beside and nod with weight. Don’t jump in unnecessarily.”
Murdoch gave his usual booming laugh.
“I’ll trust you.”
* * *
Han Kyungyeong arrived at the agreed location with Murdoch and their lawyers.
Many people were already waiting at the Bancroft family estate.
“I’m Jas from Dream High Investnt. It’s an honor to visit the Bancroft family estate.”
John Bancroft, the head of the family, shook his hand.
“Ah, Jas. I’ve heard much about you. They call you the Devil of Wall Street.”
It was a subtle attempt at psychological pressure from the outset—sharp words wrapped in a pleasant smile.
Han Kyungyeong no longer flinched at such tactics.
“Haha. An exaggerated title. I was simply fortunate.”
“Luck is skill too. Please, sit.”
Murdoch and Han Kyungyeong took their seats.
“Have you reviewed Chairman Murdoch’s proposal?” Han Kyungyeong asked.
“We have. The board’s position is that the sale is not possible.”
“Not possible... May I ask why? Even with an offer at double the current price?”
“Owner risk.”
John glanced at Murdoch as he spoke.
Han Kyungyeong observed the Bancroft family mbers carefully.
The older generation looked at Murdoch with open disdain. The younger mbers appeared more neutral.
“Chairman Murdoch built one of the most powerful dia empires in Arica. His ability is unquestionable. Can that truly be called owner risk?”
“I acknowledge his ability. But it does not align with our philosophy. For over a century, our family has refrained from exercising editorial control over the Wall Street Journal. That is our sacred legacy—and the reason it has remained the finest newspaper for a hundred years.”
“I understand. But tis change. Without investnt, even glory fades.”
Han Kyungyeong placed a docunt file on the table and removed several sheets.
“Dow Jones’ other ventures have repeatedly failed. This quarter’s profits are down more than 80% year-over-year. Business has ups and downs—I know that better than anyone. But more importantly, there has been almost no investnt in the Wall Street Journal itself. anwhile, its rival, the New York Tis, continues to invest aggressively.”
A strained silence followed.
The board mbers did not hide their discomfort.
“The Journal has maintained its journalism largely thanks to Dow Jones’ support. But that support is reaching its limit. Without change, decline is inevitable. Isn’t that why we’re here today?”
His tone was calm, but the truth stung.
“I acknowledge the Bancroft family’s century of stewardship. But if things continue like this, that history will fade.”
“Well...”
“$60 per share. No other investor will offer that.”
The number shifted the atmosphere imdiately.
Even John looked unsettled.
“The price is not the issue.”
“You an editorial independence?”
“Yes. Do you know the Sunday Tis?”
“Yes. A British newspaper owned by Chairman Murdoch.”
John’s voice sharpened.
“Before Murdoch acquired it, it was one of Britain’s most influential papers. Afterward, he replaced the editor. The Sunday Tis beca filled with royal gossip, celebrity rumors, lottery features, travel fluff—uncertain and sensational content. A great pillar of journalism turned into yellow press. Why wouldn’t we be concerned?”
It was a direct and cutting criticism.
Han Kyungyeong glanced sideways at Murdoch.
Murdoch rely crossed his arms, smiling faintly.
John continued,
“Editorial independence must be guaranteed. Only then can we discuss price.”
Murdoch uncrossed his arms and spoke calmly.
“Does editorial independence alone protect journalism? Editors themselves can shift direction. If a majority shareholder cannot even propose replacing an editor, what aning does ownership have?”
The argunt was logical.
“Freedom without accountability creates unchecked power,” Murdoch continued. “Would factions not form?”
Silence.
“I know your board has voted to replace editors in the past. Yet you demand such conditions from because you do not trust . I understand.”
No one could respond directly.
“I am a businessman. I have no reason to devalue an asset I acquire at a premium. If I were foolish, I would not have succeeded in Arica.”
Then ca the decisive strike.
“As you know, many of you here have failed. I have continued to succeed. Recognize the difference.”
Angry murmurs erupted from the older mbers.
Murdoch remained composed.
“$60 per share. Full employnt guarantees for editors and journalists. Establish an editorial committee—half nominated by the board, half elected by journalists. All external mbers. Mutual oversight protects journalism. This is my final offer. If you demand more, I walk away.”
He raised his hands theatrically, then crossed his arms again—eyes cold.
“And understand this: the mont I leave, I will hold a press conference announcing my intent to acquire Dow Jones.”
“That would be inappropriate—”
“The rumor is already on Wall Street. The stock rose from $25 to $30. That’s why I’m offering a 100% premium. If you reject $60, I will publicly say so. Shareholders will decide how pleased they are.”
Silence followed.
Negotiations dragged on for over two hours.
No agreent was reached.
Outside the estate, Murdoch and Han Kyungyeong imdiately held a press conference.
“I am offering $60 per share to all voting shareholders, including the Bancroft family.”
He confird the acquisition bid and publicly stated the terms.
“Employnt guarantees for editors and journalists. An editorial committee—half nominated by the board, half elected by journalists. All external. I will exercise no influence.”
Caras flashed relentlessly.
“If the board rejects this offer, I will withdraw. No questions.”
Murdoch ended the conference unilaterally and entered the News Corp building.
The next day—
Dow Jones stock broke $50 in a single trading session.
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