“You understand what I an, Jas. Sotis there are things you must do, even if it ans taking a significant loss. This Dow Jones acquisition battle is exactly that.”
I looked straight into Han Kyungyeong’s eyes and spoke firmly.
“Jas. You’ve been on Wall Street too long. You haven’t forgotten why we invest, why we claw and scrape to gather money in the first place, have you?”
Han Kyungyeong gave a faint nod.
“...You’re right. I was mistaken for a mont.”
Money is a ans to protect myself.
The ti had co to spend the money I had gathered to protect myself — and my people.
“Chairman Murdoch. You said owning The Wall Street Journal was your dream. Then for that dream, you must be prepared to bleed a little. If you hadn’t entered the bidding war, that would be one thing. But after holding a press conference? Backing down now would leave a permanent scar on your dia empire.”
And it couldn’t be anyone else — especially not handing The Wall Street Journal over to Ochs Sulzberger of The New York Tis.
If that happened, I could already see the future — every dia outlet in the world mocking Murdoch relentlessly.
“In the United States — no, at the center of global finance, Wall Street — there is no weapon stronger than the dollar. The history of The Wall Street Journal? That, too, will collapse before money. If they truly cared only about honor, they would have accepted the Sulzberger family’s offer long ago.”
“Hoo... I understand.”
Murdoch nodded slowly. He understood exactly what I ant.
“Eric. Can you share the information on the Sulzberger family?”
Eric handed a prepared file outlining the Sulzberger family tree and internal relationships, then began explaining.
The more I listened, the clearer it beca — the Sulzberger family’s obsession with retaining control was absolute.
“So there’s no way to attack them from the outside.”
“That’s correct. Unless they decide to sell, no family mber can dispose of Class B shares. They’ve built a system to ensure that.”
“The current chairman of the board is Ochs Sulzberger Jr., correct?”
“Yes. Ochs Sulzberger Jr. serves as chairman, and mbers of the Sulzberger family control about 70% of the board.”
As expected of a family that had protected The New York Tis for a century.
If we couldn’t shake them externally... perhaps internally?
“How are relations between family mbers?”
“We didn’t have ti to dig very deep. But from what we’ve gathered, relationships aren’t particularly bad. They all seem to genuinely care about The New York Tis.”
“So we can’t shake them from the outside or the inside.”
“In that case,” I said calmly, “we’ll have to attack The New York Tis differently.”
If we couldn’t shake control of managent, we could undermine trust.
But doing so now could affect the Iraq War and the presidential election.
“Let’s wait until after the presidential election before making any move.”
The election was only weeks away.
I had no intention of becoming a variable.
Bush’s re-election was virtually guaranteed. There was no reason to clash with him now.
I looked around the room.
“Chairman Murdoch, offer seventy dollars per share. Then imdiately hold a press conference.”
Murdoch nodded.
I turned to Han Kyungyeong.
“And Jas, announce a public tender offer for Dow Jones. Sixty dollars per share.”
“Even if we accumulate shares, without Class B we can’t control the board.”
“I know. But we can pressure the Bancroft family alongside minority shareholders. They won’t be able to negotiate in a way that harms shareholder interests.”
“I’ll proceed.”
Finally, I looked at Eric.
“Dig deeper into the Sulzberger family. And the Bancroft family as well.”
“Yes, boss.”
“This is war now. They want us to retreat — but I have no intention of stepping back. I’m counting on all of you.”
Their eyes shone with grim resolve.
* * *
[Will Murdoch Acquire The Wall Street Journal?]
dia mogul Rupert Murdoch, chairman of News Corporation, has proposed a $7 billion acquisition of Dow Jones, publisher of The Wall Street Journal.
However, the Bancroft family, Dow Jones’ largest shareholder, has reportedly rejected the offer for now.
[Chaos in the Wall Street Journal Takeover Battle]
Rupert Murdoch of News Corporation and the Sulzberger family of The New York Tis have both entered the bidding war for Dow Jones.
News Corporation has made an unprecedented offer of $70 per share, while the Sulzberger family is rumored to have proposed $50 per share.
According to a source within the Bancroft family, the board remains sharply divided over the sale.
The world is watching to see who will claim the century-old Wall Street Journal.
[Is It Murdoch’s Greed or Bancroft’s Stubbornness?]
The Bancroft family, which holds 64% of Dow Jones’ voting power, remains firm despite the $7 billion offer.
Dow Jones’ labor union issued an official statent opposing Murdoch’s acquisition, claiming he would destroy journalistic quality and independence.
With the Sulzberger family entering the bidding war, confusion has intensified.
However, Dow Jones’ stock price surged following news of Murdoch’s offer.
So analysts now warn that if the board rejects Murdoch’s higher offer and the stock price falls, the board could face shareholder lawsuits.
Thomas, a securities law expert, stated that if the board rejects Murdoch’s offer and instead sells to the Sulzberger family at a lower price, investors could file multiple lawsuits for failing to protect shareholder interests.
He emphasized that legally and comrcially, it would be extrely difficult for the board to refuse Murdoch’s proposal.
After Murdoch’s press conference, dia coverage exploded.
The Bancroft family held daily internal etings.
One faction favored selling to Murdoch. The other pushed for the Sulzberger family.
John Bancroft threw down the newspaper he had been reading and pressed his temples.
“This is driving insane.”
“Are you all right, sir?”
He nodded at the butler’s concerned voice.
“Any further proposal from Ochs Sulzberger Jr.?”
“No. On the contrary, he issued an ultimatum. He said if the Bancroft family wishes to preserve its honor and pride, it should not reject the hand being offered.”
“...Those lunatics.”
John clicked his tongue.
With headlines everywhere, rejecting Murdoch’s $70 offer and selling to Sulzberger at $50 would be madness.
“There was also a suggestion — if a sale proves difficult, perhaps a rger between the two companies to sidestep the controversy.”
“How did we end up like this...”
John covered his face with both hands.
His body trembled slightly.
After a mont, he steadied himself.
“A rger is out of the question. Even if managent is struggling, we cannot allow The Wall Street Journal to disappear into The New York Tis.”
“I agree.”
“Hamr. What do you think?”
Roy Hamr, the Bancroft family’s representative and a Dow Jones director, was John’s closest confidant.
“I believe we should accept Murdoch’s offer.”
“And be accused of selling honor for money?”
“No one can criticize you, sir. For one hundred years, the Bancroft family has resisted countless temptations. You never joined hands with them. That alone is enough.”
Hamr spoke gently, but John looked desolate.
“That this happens while I’m the head of the family...”
“The tis are changing. The New York Tis and The Washington Post are operating at losses. The advertising market is shrinking. The Internet is advancing. If the family had resources, perhaps you could endure and reform. But we cannot hold on much longer.”
“....”
“At this rate, The Wall Street Journal could go bankrupt within a few years.”
“Bankrupt?” John snapped his head up.
“That cannot happen. I will never allow The Wall Street Journal to be shuttered.”
“Then accepting Murdoch’s offer is the better path. They have already made concessions. And thanks to the Sulzberger family entering the bid, the sale price rose. That benefits us. Furthermore, excluding ◆ Nоvеlіgһt ◆ (Only on Nоvеlіgһt) the family, the board mbers have already leaned toward Murdoch.”
“Of course they have. For them, money matters more than honor.”
The board included directors representing other investors.
It was only natural they would support Murdoch.
“And even within the family, opinions are divided. In the past, that would not have happened. The conflict between elders clinging to past glory and the younger generation demanding change has reached its peak.”
“The world is changing too quickly... and unfortunately, we failed to keep up.”
“No one could have kept up. If we had foreseen this, we would not be collapsing like this. It is ti to decide.”
Decision. Perhaps it was fortunate — or unfortunate — that the authority still rested with him.
After a long pause, John spoke.
“Contact both sides. Tell Murdoch we require stronger guarantees of editorial independence in writing. And tell the Sulzberger family to raise their offer to seventy dollars per share. After hearing both responses, we will convene another family eting.”
“Yes, sir.”
Hamr began negotiations imdiately.
* * *
While the Dow Jones takeover battle raged, the U.S. presidential election concluded.
As expected, President Bush won by a landslide.
In my previous life, Democratic candidate John Kerry had demanded recounts. This ti, the margin was overwhelming. Kerry conceded quickly.
Han Kyungyeong and I arrived at President Bush’s re-election celebration.
The venue was already filled with people congratulating him.
“If a bomb went off here, the entire Arican system would collapse,” I murmured.
“Don’t say insane things like that. You’ll get arrested.”
Han Kyungyeong scanned the room sharply.
Terrorism was a sensitive word in Arica — especially here. The people gathered could move the country itself.
If anything happened here, chaos would be inevitable.
After ensuring no one was nearby, Han Kyungyeong lowered his voice.
“Ever since the Patriot Act passed, the atmosphere has changed. Be careful.”
“I was joking... Don’t glare at like that. Fine. I’ll be careful. Let’s go in.”
We underwent thorough security checks before entering the hall.
“Oh? Well, if it isn’t Jas.”
George Soros approached us imdiately.
“Long ti no see, Soros.”
“Ha ha. Indeed.”
After greeting Han Kyungyeong, Soros turned to .
“Charlie. It’s been a while.”
Despite his age, his thick white hair was neatly combed back. He extended his hand calmly.
I took it.
Then I leaned closer, speaking softly enough for only him to hear.
“The gift was received properly. Tell your master that I will prepare sothing far greater in return.”
I tightened my grip.
I felt him flinch.
Did he think I wouldn’t know?
I released his hand.
“Thanks to your entry into the Dow Jones bidding war, our losses have grown. The acquisition price will likely rise beyond expectation.”
“...”
“But in the end, we will take Dow Jones. If you raise your offer, we will raise ours higher. Go ahead. Let’s see who surrenders first.”
George Soros’ face hardened.
I lifted one corner of my mouth in a slow smile.
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