I’m in Hollywood Chapter 1186: Ambition
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As the former CEO of ESPNTV Station under Firefly Group, Steve · Bourne Stan witnessed the rise of Firefly Group and even Firefly system. Therefore, he has no doubt that the ambitions of Eric's words are comparable to General Electric.
In fact, the development of General Electric has reached its peak, and no further large-scale expansion is possible. With the retirement of the legendary leader Jack · Welch, the future development trend of this industrial giant is more likely to be prosperous.
However, the Firefly system is different. Eric is a year of strong prosperity and has enough time and energy to lead this consortium to continue to expand.
Moreover, if the size of book assets is discussed alone, the Firefly system has now exceeded General Electric.
In the next few years, as long as it can successfully digest the severe foaming costs implicit in its new technology companies and further consolidate its foundation in the two core areas of network and media, the Firefly system can truly grow into a United States economy. A very large consortium that has significant influence.
Although many people think that the current development of the Firefly system in the new technology industry and the media field has entered a bottleneck, future expansion will be increasingly restricted by United States antitrust regulations and other competing capital forces, but Steve · Bourne Stan has keenly noted that so far, most of the core enterprises of the Firefly system are located in United States.
This means that the Firefly system still has a very broad development space within the scope of global.
From the successful overseas investment case of Nokia, Eric obviously does not lack the vision of global expansion, and the Firefly system also lacks the capital strength of global expansion.
Thinking about it in my heart, Steve · Bourne Stan still had to turn to the problems he had to face at this time.
For more than a month recently, Firefly Group has been secretly buying large shares of Comcast.
In the beginning, Comcast group executives were still quite excited, because of the Firefly Group's intake, the share price of Comcast during this period has increased by more than 17%.
However, after Firefly Group submitted a declaration to the SEC, stating that it already holds 6.5% of the Comcast Group, the Board of Directors and management of Comcast suddenly realized. When the "Washington Post" financial column reporter Howard Glassman once again published an analysis of the Firefly system, Firefly Group's intention to acquire Comcast was even more obvious.
In fact, from the very beginning when Firefly Group bought Comcast stocks generously, Steve · Bourne Stan has already vaguely guessed a possible buyer. After all, although it was not the core of the Firefly system at the beginning, he was well aware of the expansion of the Firefly system.
It is just that the judgment of Steve · Bourne Stan is only speculation. Although I really wanted to call Katzenberg and others to try it out, Steve · Bourne Stan also understood that he had broken away from the Firefly system, and Katzenberg and others would not reveal the truth to him at all.
Moreover, from the bottom of my heart, Steve · Bourne Stan does not have much precautions against the Firefly system, and even did not specifically report his guess to the Comcast controller Roberts father and son.
Now, Firefly Group not only holds 6.5% of Comcast stocks, but also continues to buy, the intention to merge Comcast is very obvious.
Because basic operators are standard capital-intensive industries, each step of development requires a lot of cash support. Therefore, although the Roberts family still controls this company, in recent years, with the continuous dilution of financing, they are Comcast's shareholding is only 3.1%.
Although the Roberts father and son have up to 33% of the voting rights of Comcast through the authorization agreement, they are well aware that as long as the Firefly Group price is appropriate, the voting rights held by the Roberts family are simply not enough to resist the acquisition of Firefly Group.
After being aware of the crisis, the Roberts father and son summoned Board of Directors and the company's senior management to experience some trade-offs, and soon sent Steve · Bourne Stan over.
In the empty IMAX screening room, chat for a while, Steve · Bourne Stan started to talk about the business, saying: "Eric, did you know how Berkshire became the major shareholder of ABC Group?"
Eric shook his head, he naturally understood why Steve · Bourne Stan came over today, but it didn't break, but he smiled and waited for Steve · Bourne Stan to continue.
Steve · Bourne Stan did not wait for Eric to answer, and continued: "Buffett has always been very interested in the media industry. In 1985, after Tom Murphy expressed its intention to acquire ABC Group, Berkshire invested 500 million USD in the Metropolitan Corporation at one time. Capital, first became the largest shareholder of Metropolitan Corporation. Subsequently, Tom Murphy used the 500 million USD funds as a backing, through the form of funds and stocks, acquired the then ABC Group by Xiaobo Dadi. "
ESPNTV Station has long been an industry of the ABC Group. Steve · Bourne Stan has been working in this TV Station since ESPN was established. Therefore, his familiarity with the acquisition of ABC Group by Metropolis was not surprising.
Eric immediately understood the subtext in Steve · Bourne Stan.
The intention of Firefly Group to acquire Comcast is widely known. Similarly, Comcast secretly contacted AT-T in an attempt to merge with the other party's cable TV assets. The operation of the remote communication company is not a secret in the industry.
The meaning of Steve · Bourne Stan, or the meaning of Comcast, obviously hopes that Firefly Group, like the Berkshire Hathaway of that year, will provide funds to help Comcast successfully merge and remotely communicate. In this process, Firefly Group can also become a major shareholder of Comcast.
Of course, on the other hand, the subtext is also, Comcast does not want Firefly Group to intervene in their management, but only like this year ’s Berkshire Hathaway, holding the company ’s stock as a pure investor.
Although the proposal proposed by Comcast is similar to the serial acquisition of Comcast and remote communication in the Firefly scenario, the final result is definitely not what Eric wants.
After listening to Steve · Bourne Stan, Eric said directly: "Steve, you should understand that what I want is control of Comcast, not just pure investment. If it is just investment, I can find a return. Target with a higher rate, and never choose Comcast. "
"Eric, this is not easy," Steve · Bourne Stan shook his head, saying: "Although the Roberts family's shareholding in Comcast is already very low, they still have 33% of the voting rights of Comcast. And, now the share price of Comcast It has been rising. Without the active cooperation of Comcast, Firefly Group will pay a very high price even if it can absorb enough stocks through the open market. In addition, according to my guess, you certainly hope to merge Comcast and remote communication at the same time. Companies right? But without the cooperation of Comcast, this is also difficult to achieve. Several major federal departments will definitely not easily approve Firefly to merge these two companies at the same time. Therefore, participate in the investment to provide funds for the acquisition of telecoms by Comcast. Becoming a major shareholder of the new company is a very good choice for Firefly. "
"I know that this choice will be easier for Firefly Group to enter the field of cable TV operators. However, if you have always chosen a very easy development path, the Firefly system cannot have the current scale. More often, we always have to choose The more difficult road. "Eric said, turning his head to look at Steve · Bourne Stan, and then suddenly said," Steve, do you want to be the head of Comcast, run this company alone? "
Steve · Bourne Stan flashed his eyes when he heard Eric, and actively avoided the eyes of Eric. He said: "Eric, I am now an executive of Comcast. I will stick to my professional ethics and will not do harm to my employer Behavior. "
"Of course, one of the most important requirements for Manager people in the Firefly system is loyalty," Eric said frankly: "If you do something, even if you finally get Comcast, I will find a reason to kick you away. I am not asking you to do the harmful things of Comcast. Even, in the next acquisition process, you can completely avoid this matter. However, until Firefly Group wins Comcast, I hope you can take care of this The burden of the company, so, do you think you are competent? "
Steve · Bourne Stan hesitated for a moment, and still said: "Eric, I can't answer your question for the time being. And, to be fair, I think Roberts father and son have more experience in the field of cable TV operators than me. Even if Firefly Group successfully acquired Comcast, let them continue to maintain their positions is also very beneficial to this company, this is also the consistent style of the Firefly system, isn't it? "
Whether it is an early acquisition of companies such as Nokia and AOL, or Hasbro, which is currently under negotiation, Eric is used to retaining the management of these companies.
However, this time, Eric shook his head and said: "I usually do this just because I can't find a more suitable manager, and the premise of all this is that the Firefly system still has absolute control of these companies. I can replace them at any time as long as I want. But this time is different. Even if you are not competent for the management of Comcast in the future, Firefly Group also has the talents to take care of this company. Moreover, I do n’t want Comcast to maintain a separate operation State, this company must serve the overall interests of the Firefly system. But this will definitely conflict with the concept of the father and son of Roberts. As the founder of Comcast, they obviously will strive for more power Basic Instinct, and they also have this advantage. . "
Eric is here, simply paused, and then continued: "In addition, the huge scale of Comcast absolutely does not allow two voices in its management system, otherwise, this company with a market value of 10 billion USD will only In the chaos, not only can it not contribute to the development of Firefly Group, it may even be a drag on the Firefly system. I am a Boss who is willing to delegate power to professional Manager people, but I will never let Firefly Group fall into the kind of hills and hills that are AOL-Time Warner. Situation. Fundamentally, Firefly Group and even the entire Firefly system can only have one voice, my voice alone. "
Steve · Bourne Stan found that she had been skewed by Eric unconsciously. What they are talking about now has nothing to do with the purpose they just came to today.
The father and son of Roberts sent him over, but hope that he can persuade Eric to give up the fight for control of the Comcast group.
However, Steve · Bourne Stan also realized at this time that the decision of Roberts to send him over was originally a mistake.
As a former executive of the Firefly system, he worked at ESPN far beyond the time limit of Comcast. Only one year after leaving ESPN, he still has a certain sense of belonging to the Firefly system. At this time, the conversation between him and Eric, even unconsciously, had a bit of ‘own’ to discuss the development of his company.
With a wry smile, Steve · Bourne Stan wanted to reorganize his thoughts, but found himself speechless.
After all, Eric's attitude is very firm. With his understanding of this former Boss, Eric decided that it is obviously not easy to compromise.
"Eric, I suddenly found out that I still do n’t want to continue the discussion with you. Perhaps, I should fly back to Philadelphia now and let Ralph send them over."
Eric is also aware of a similar problem, or he has a slightly intentional meaning. With a smile on his face, Eric looked at his watch and got up and said: "It's noon, please have dinner. After lunch, it's not too late to rush back."
Steve · Bourne Stan flew back to Comcast Headquarters in Philadelphia in Pennsylvania in the afternoon.
After telling the meaning of Eric himself, Roberts father and son also realized that this matter could not be turned around, so they resolutely made a counterattack.
The next day, news of Steve · Bourne Stan and Eric Williams talks appeared on a Philadelphia newspaper. This is obviously the news that Comcast has actively released, and the capital market has, as expected by Comcast executives, wrongly judged that Firefly Group and Comcast Group have started M & A negotiations.
So, just after the stock market opened on that day, the stock price of Comcast skyrocketed. The stock price of the whole day rose more than 13%, and the market value once again exceeded the 40billion USD mark.
Moreover, according to the prediction of Wall Street, the market value of Comcast in the next period is likely to exceed 50billion USD. This undoubtedly greatly increased the difficulty of Firefly Group's acquisition of Comcast.
Following this, the father and son of Roberts began to contact the other shareholders of Comcast frequently in order to obtain more voting rights.
According to Comcast's shareholding structure, if the Roberts family has more than 40% of the voting power of Comcast, it is basically difficult for Firefly Group to threaten the Roberts family's control of Comcast by absorbing stocks through the open market.
However, this time, the lobbying of the Roberts family did not go so smoothly.
In the view of most of the capital holding Comcast stocks, they will continue to maintain the contact status of Comcast and Firefly Group, or join the Firefly system in accordance with the acquisition, no matter which aspect, they obviously can get more benefits.
If the father and son of Roberts are fully in control of Comcast, the great situation of the company's stock price surge will definitely come to an abrupt end. Therefore, some shareholders who have signed a voting authorization agreement with the Roberts family are even more inclined to withdraw their voting rights in order to have more initiative in the transactions that may occur next.