Chapter 269: Dow Jones Group

"Good evening, Charles!"

"Good evening, Mr. Murdoch," at a ball in New York, Charles met Rupert Murdoch and his wife.

However, only Rupert Murdoch and Charles chatted.

"In the future, the film and TV entertainment industry will be all about mergers and collaborations. Investing heavily in the stock market now marginalizes your Hollywood business," according to Charles Capet's current approach, Rupert Murdoch believed that Charles, like the former MGM boss Kirk Kerkorian, was not focused on movies.

Charles shook his head and said seriously, "Movies are definitely my main business, and I also think that media groups will merge again in the future. Pure movie business alone can't support the development of diversified media."

"So, The Huffington Post and The New York Observer are the directions you're expanding?"

Rupert Murdoch said with a smile, then nodded, "The investment in YouTube is indeed impressive!"

Google wasn't the only one interested in acquiring YouTube; AOL and Yahoo were also eyeing it.

But Google offered the highest bid, making Yahoo and AOL just spectators.

"News Corp. already owns Fox TV and 20th Century Fox Entertainment. Adding Capet Entertainment would make it even stronger. Really not interested?" Rupert Murdoch never gave up on the idea of absorbing Capet Entertainment.

"You saw how Pixar, after being acquired by Disney, used Disney's channels to make its animated films even more popular. Toys, theme parks, and other revenue streams exploded!"

Charles shook his head, "Capet Entertainment is my heart and soul, and it's in its rising phase. I have no intention to sell."

Rupert Murdoch smiled, "That's truly a pity!"

Rupert Murdoch had no choice; this was the second time he had been refused.

After parting ways, Charles watched Rupert Murdoch's back. News Corp. only moved its headquarters to the US in 2004.

Although News Corp. had considerable control in entertainment, it was mostly centered in the UK and Australia.

In the US, News Corp.'s primary assets were 20th Century Fox Film Corporation and Fox TV. In newspapers, The New York Post was its mouthpiece.

"It seems like News Corp. has thoughts of acquiring Dow Jones Group. Rupert Murdoch is drooling over The Wall Street Journal," Arianna Huffington whispered to Charles as she approached him.

"The Bancroft family probably won't hold out much longer." Charles knew well that News Corp. successfully acquired Dow Jones Group.

The Bancroft family had controlled The Wall Street Journal for over 100 years.

Dow Jones Group's greatest assets were The Wall Street Journal and the Dow Jones Stock Index. Facing fierce competition from Bloomberg and Reuters, Dow Jones Newswire was already teetering;

The New York Times had always been a significant challenge for The Wall Street Journal.

Dow Jones Group's renowned Dow Jones Index and The Wall Street Journal were very enticing assets.

"News Corp. and Rupert Murdoch... if he acquires The Wall Street Journal, News Corp.'s influence in the US would increase too much!"

"Oh, Charles, you have any thoughts? The market value of Dow Jones now is no less than $4.5 billion. The Bancroft family is falling apart, making it the perfect opportunity!" Ariana Huffington's tempting words made her eyes shine.

Charles smiled and reminded her, "Acquiring Dow Jones is not a simple task. News Corp. isn't that fast. The key is the funds, Arianna. You can reach out to some interested institutions. If they can hold out until the second half of next year, I could provide up to $5 billion!"

Arianna Huffington looked deeply at Charles. "The Wall Street Journal is crucial. There will be an independent oversight committee, so even if you acquire it, there would be external supervisors."

"I understand, to ensure The Wall Street Journal's credibility. But if a media group that thrives on tabloids, sex, and violence like News Corp. can acquire it, why can't I?" Charles sneered at this so-called credibility. The New York Times and Los Angeles Times had their share of ridiculous news too.

"Bloomberg, Hearst Corporation, and General Electric are also interested. We can team up with them to pressure News Corp.," Arianna Huffington, with her widespread political connections in the US, was naturally very interested in The Wall Street Journal.

If Charles was willing to provide financial support, Arianna Huffington would definitely want Capet Entertainment to hold Dow Jones Group.

Bloomberg and Hearst were understandable as media firms, but Charles was puzzled, "GE just acquired Universal Studios and formed NBC Universal. They're interested in Dow Jones?"

Arianna Huffington nodded, smiling as she explained, "Dow Jones Group is closely linked with CNBC under NBC TV. CNBC Europe and CNBC Asia both have Dow Jones shares.

Rupert Murdoch's interest in The Wall Street Journal is high. Although the Bancroft family members want someone from their family to continue overseeing The Wall Street Journal, but you also know, besides The Wall Street Journal and the Dow Jones Index, Dow Jones Group's other businesses are struggling. The decline of print media also affects The Wall Street Journal, and others like Barron's Weekly and Far Eastern Economic Review aren't developing smoothly either.

Even if we can provide other obstacles, the Bancroft family won't withstand News Corp.'s capital assault. So, Charles, if you're really interested in Dow Jones Group, you need to prepare funds quickly. The acquisition must be completed by end of next year at the latest!"

Convincing Dow Jones' shareholders and waiting for regulatory approval were hurdles News Corp. had to face.

Arianna Huffington analyzed that with price negotiations, the time frame would definitely not exceed a year.

After all, Rupert Murdoch had a terrible reputation in the news world. Many opposed his acquisition of the long-standing The Wall Street Journal.

Charles nodded and smiled, "If you can delay it until the end of next year, even without partnering with other institutions, my financial power will be sufficient!"

Charles had absolute confidence that next year would be his most glorious year, and holding Dow Jones was indeed a great idea.

*****

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