Perfect World [EN]: Chapter 448

“Huhu, I suppose so.”

Lexter glanced at Beomseok.

“But what about you? Do you like anyone?”

Beomseok looked bewildered.

“What do you mean? Do I like any woman?”

“The news says you and Theresa are dating. Is that true?”

Beomseok scratched his neck, looking troubled. He didn’t know how to explain. His relationship with her was real, but it wasn’t based on affection.

“Well, it’s complicated.”

“If it’s complicated, break up with her now. You know who she is, right?”

“I know, but she’s so aggressive, it’s difficult. And there’s a reason for it.”

“What reason?”

“I felt like she was trying to kill me.”

Lexter smacked his forehead.

“You! Are you crazy! You should avoid her even more!”

“Well, I thought I could handle Theresa if I dealt with this one thing. She’s not ordinary; she hides her true nature well, doesn’t she?”

“Hey! The Black Society is already falling apart. Why risk your life to catch a little girl! Don’t you have anything else to do?”

“You’re right, but I feel uneasy. Seeing her so relaxed, I think she’s hiding something.”

“Hiding what?”

“I think she’s interfering with Angela’s company in a strange way. I’m trying to find out what it is.”

“Then just ask Margaret!”

“If it was something she could find out, she would have already discovered it.”

Lexter nodded. MR Security’s main targets were the Black Society members and Theresa. If it were easily revealed, they would have already caught it.

“But aren’t you pushing yourself too hard?”

“Huhu, there’s not much to worry about. She’s just a delicate woman, isn’t she?”

He said this, but his bag was full of medical supplies and equipment he got from Susan, just in case. There was no defense against poison. When he was with Theresa, he had to be careful about everything he ate or drank. He was even considering buying a bulletproof vest.

Lexter sighed deeply.

“If that’s what you think, I can’t stop you, but be careful. She doesn’t seem ordinary.”

“Yes, I understand. I’m preparing thoroughly.”

Just then, Leopard and Karen entered the banquet hall.

While Beomseok was chatting with them, Gloria, Margaret, and other key members of Ilsimhoe [One Heart Society] arrived. Finally, Julian also arrived. He hadn’t officially joined Ilsimhoe yet, but he needed to attend the meeting.

Beomseok, looking at the people in the banquet hall, spoke.

“Okay, shall we start? Today’s topic is the acquisition of WBS Broadcasting. If we acquire this company, we can block the Black Society’s eyes and ears, cutting off their already precarious lifeline. I need your cooperation.”

Currently, the Black Society only had about seven or eight affiliated companies. It used to be over 30, but Chaplin Group absorbed five, and the rest were forcibly merged into business groups or left the organization under threat.

If Ilsimhoe took over WBS Broadcasting, their most lucrative company, the psychological impact would be enormous.

Natalie smiled brightly at Beomseok. She was to be appointed president if Ilsimhoe acquired WBS Broadcasting. Managing one of the world’s top three broadcasting companies thrilled her.

“When are you going to start?”

“I’m starting tomorrow.”

“Is the funding ready?”

Currently, White Angel Fund’s total funds were about 350 billion Krang [Korean currency]. Aula had made a lot of money using the equity war between Chaplin Group, business groups, and the Black Society, and had cashed out all the equity holdings buried in Vermilion.

However, it was difficult to acquire WBS Broadcasting, which had a market capitalization of over 650 billion, with that money. It was enough to buy about half the shares, but considering the stock price would rise sharply in a forced takeover, it felt a bit short. Still, it wasn’t impossible.

In fact, it seemed possible to acquire it easily with a few strategic moves.

“Yes, we have 350 billion Krang on standby.”

“Really? Shouldn’t we raise more money? It seems a bit short.”

“No, not at all. We might be able to acquire WBS Broadcasting even without these funds.”

Natalie’s eyes widened. She couldn’t believe WBS Broadcasting could be acquired for free.

“Is that really possible?”

“Yes. I’ll explain it now, so listen carefully.”

Beomseok stood in front of the electronic whiteboard.

Currently, the shareholding ratio of WBS Broadcasting was 7% for Chairman Worst, 15% for the Black Society, 20% for the government, 26% for institutions, and 32% for stocks spread in the market and held by business groups. The total market capitalization was about 650 billion Krang, and the price per share was 1,590 Krang.

“The key is the government’s 20% stake. Since broadcasting companies perform a public service, the government believes it needs to influence major media companies and holds a significant number of shares. If we persuade the government, it’s like starting with a 20% stake.”

“I see. But is government support possible?”

Beomseok looked at Julian. He was supposed to be involved.

“Julian, is it possible?”

“Of course. You can expect it. The Black Society is collapsing, and business groups are growing significantly.

Politicians who supported the Black Society are leaving them, seeking other funding sources. The Black Society’s influence isn’t significant, so persuading the government is easy. And Ilsimhoe is different from business groups.

The government, which doesn’t want to give a giant broadcasting company to one entity, will welcome Ilsimhoe’s acquisition of WBS Broadcasting. If we can lead WBS Broadcasting effectively, they’ll support us.”

“Hmm, that’s good news. What about the business group’s WBS stake?”

“It’s still 4.9%. They only hold strategic shares because they were going to hand over WBS Broadcasting to Ilsimhoe.”

Beomseok smiled lightly at Natalie.

“Natalie, that’s already 25%. Not bad, right?”

“But the Black Society must have some shares, right?”

Julian stepped forward.

“No, not at all. The Black Society’s stake is barely over 10%. Chairman Worst has 7%, and the rest of the Black Society holds 3%.”

“What? Beomseok said the Black Society has 15%. I thought it would be quite a lot?”

“That’s true, but most of the Black Society’s major companies are being absorbed by business groups, Chaplin Group, or going their own way. We have to consider their departures. If we persuade them, we can secure about 12% more shares, which is good.”

Natalie smiled brightly at Beomseok.

“So, while the Black Society’s stake is about 10%, our Ilsimhoe’s friendly stake is already 37%.”

“That’s right. If we get support from Wilkins Financial Holdings and LHN Bank to gain institutional support, we can secure an additional 26% at most. Then it’s 63%. We can do it without lifting a finger.”

“Then let’s acquire it without spending any money.”

Beomseok shook his head. If they owned the management rights without any shares, side effects could occur.

There was also the issue of employee trust, and other forces, including the Black Society, could become greedy and start a management rights dispute. Broadcasting companies were lucrative companies that anyone wanted to own, even if the income was small.

“No, we still have to buy some. It’s presumptuous to borrow someone else’s land and building and act like the owner.”

“Hmm, that’s true. How much are you planning to buy?”

Beomseok underlined Ilsimhoe’s 4.9% stake.

“First, we’re taking the business group’s stake at 1,650 Krang per share.”

That would be about 2 million shares, requiring about 33.1 billion Krang. It was a lot, but Ilsimhoe could afford it.

“I see. But don’t you need a little more?”

“Of course. I’m thinking of absorbing the shares held by former Black Society members who have left. The price is 1,700 Krang per share, the total number of shares is 4.92 million, and the cost will be 83.5 billion Krang.”

“Hmm, you’ll have about 17% in total.”

“That’s right.”

Natalie, resting her chin, asked.

“Then where are you going to use the rest of the funds? It seems like it will be about 233 billion Krang.”

“We’re going to buy WBS Broadcasting shares on the market as much as we can afford. We’ll also buy some of the institutions’ shares.”

Natalie smiled contentedly. She thought acquiring WBS Broadcasting wouldn’t be too difficult with that much. They were buying a large number of shares with government and institutional support, while the Black Society had to defend alone with 10% of the shares.

“Huhu, then WBS Broadcasting is as good as ours.”

“That’s right, but don’t be careless. WBS Broadcasting is coveted by many other capitalists, so we can’t let our guard down.”

“Hmm, that’s true. They must know what owning a media company means.”

“But there won’t be any big problems. According to Margaret’s report, no one has taken any serious action yet, and we’ll have a lot of shares, so they won’t be able to touch us easily. There won’t be any big problems for Natalie to become the CEO.”

Lexter stepped forward and expressed his concerns subtly. From a financial point of view, acquiring WBS Broadcasting wasn’t that difficult, but there were definitely problems with external factors.

Since WBS Broadcasting had been managed by Chairman Worst, a member of the Black Society, for a long time, many internal staff had ties to the Black Society. No matter how much they secured management rights, if they attacked, citing freedom of the press, various troublesome things would happen.

“The real problem isn’t the money, but something else. You may not know it well, but it’s difficult to deal with broadcasters.

If they attack, citing freedom of the press in connection with the Black Society, or if they rebel against the management, various troublesome things will happen. Then the government will be wary and won’t easily help us, and Natalie will have many difficulties running the company.”

Beomseok, clasping his hands, looked serious. This was a real concern. The current fight was just a fight for interests between the Black Society and Ilsimhoe, but if they used freedom of the press, they would have to fight with a considerable burden.

“I guess so. The real problem is elsewhere.”

“So, I think we need an all-out offensive.”

“Specifically, how?”

“We should carry out the acquisition secretly and slowly, and at the same time, weed out the Black Society’s puppet journalists. For example, investigating personal corruption and exposing it through other broadcasting stations.”

Beomseok nodded. It seemed like a good method. But Julian disagreed.

“Hmm, it sounds good, but there are unexpected problems with that method.”

“What is it?”

“The other broadcasting station that exposed the corruption also has the same problems. If they retaliate, the entire broadcasting industry will become a mess. Even though two major broadcasting stations are linked to us, it’s not an easy request to make. Let’s do this instead.”

“How?”

“The prosecution and police step in. Other broadcasting companies are holding back, so it won’t be a big issue, but we can still get rid of broadcasters with corruption.”

Lexter looked troubled. They weren’t all perfect either. If WBS Broadcasting attacked through media articles, the police wouldn’t be safe either.

“Hey, we’re having a hard time too. If they’re determined to attack, it’ll be quite noisy. How can I listen to all the complaints? Just tell the prosecutors to do it.”

Beomseok glanced at Julian. The prosecutor’s office was firmly controlled by the business groups.

“Is it possible?”

“Well, if the police say it’s difficult, the prosecution will also be burdened.”

“Then how about the National Tax Service? First, expose corporate corruption, and then gradually expand to the individual side. How about that?”

“Well, it’s not bad, but they’ll also be burdened to deal with broadcasters. It’s not easy.”

Beomseok licked his lips. Then it was better for them to solve everything.

It was to take over WBS Broadcasting in a surprise attack and then take strong action. It was old-fashioned and coercive, but it worked well.

If they presented the option of surrender or resignation at the same time as exposing the corruption, most would choose the former. If there were still those who resisted, they could be removed. By then, many internal staff would be under them, so they could easily weed them out.

“Then it’s better to acquire management rights first, even if it’s difficult. Once we become the head, we’ll have the right to personnel and broadcasting programming for WBS Broadcasting, so we can attack from under the surface.”

“Hmm, I think that’s better too.”

Then everyone agreed on a pre-acquisition. There was no need to make the world noisy just to eat the company cheaply. It would be difficult, but it would be resolved over time.