The Magician’s Memorial - Chapter 287



Only Noblemtl

287. Give and Take (1)

There is only one month left in 2008.

It was time to end the year and wait for the new year, but incredible events were waiting for me within two short months.

In particular, I watched the US presidential election, whose results were announced today, in my office all night long with a CEO.

“Mr. Chairman, I don’t think we need to look any further. Candidate Obama won by a landslide.”

“It ended up being more bland than I thought.”

“Even if it were not for the Lehman incident, there is a high possibility that the result would not have changed. The ruling party suffered a crushing defeat in the midterm election two years ago, so it is as if the result has already been decided.”

“But if the Lehman incident hadn’t happened, the outcome would have been quite intense. By the way, David had a very hard time.”

The moment David’s story is brought up.

I received a call from him.

“I can’t become a nobleman.”

“It’s something you’ve put a lot of effort into over the years, so how much praise would you like to receive from the chairman?”

I deliberately took a little pause and answered the call on speakerphone.

Perhaps that was why David cheered in a voice several times higher than usual.

[Wow! boss! Candidate Obama was elected president!]

“Wasn’t the result already decided months ago?”

[Still, isn’t there a difference between being predicted to have a high chance of winning and actually being elected?]

“You’ve worked hard so far. I’d like to ask you to rest at a resort for a while, but I can’t because there’s still a lot of work left to do.”

[······I liked it, but then it ended.]

David’s tone of voice suddenly dropped.

But since he was a workaholic like us, he quickly regained his energy.

“Interesting things will continue to happen in the future. If you don’t mind proceeding without David, why don’t we go to a resort?”

[I can’t fall into that kind of thing. ah! And the Academy Awards stuff went well. In the case of films released on OTT, the regulations are likely to change so that nominations can only be made for foreign language films.]

“Anyway, the Academy Awards are a local awards ceremony in the U.S., so being nominated only in the Best Foreign Language Film category is enough.”

Why the Academy Awards cannot be included in the top three international film festivals.

This was because awards were mainly given to films released in the United States.

Although it was an awards ceremony that they called their own party, it could be compared to other film festivals due to the large land mass and population of the United States.

[Lobbying and campaigning are also very important in the case of foreign language film awards. So, I signed a contract with one of the top three campaign companies in the United States. To be honest, my belly button is bigger than my stomach.]

“It looks like the campaign costs quite a bit.”

[Lobbying and campaigning costs may be more than the film production costs.]

“It’s worth it, so just go ahead and do it.”

I couldn’t agree with the statement that my belly button is bigger than my stomach.

Just being nominated for an Academy Award would have a huge advertising effect and the number of OTT subscribers would skyrocket.

[Then we will proceed like that. And I have one more news to tell you. There is news that three American automobile companies will soon be called to a hearing in the U.S. Congress. The hearing is likely to take place in the middle of this month at the latest.]

“These are companies that are suffering huge losses, so of course they have to beg the U.S. government for bailout funds. It’s a hearing, but in a way, it can be seen as a place to beg.”

“Just looking at GM alone, it had a deficit of over $38 billion last year, and is recording a deficit of over $30 billion this year, so the moment it does not receive bailout support, it is bound to go bankrupt.”

A president gave a more detailed explanation.

GM, Chrysler, and even Ford. They were all recording astronomical losses.

From the U.S. government’s perspective, it could not afford to just sit back and watch automobile companies that could be considered America’s pride.

[It is expected that the U.S. Congress will provide bailout funds if nothing happens.]

“It will probably happen, but the timing may vary slightly depending on the stance taken by the representatives of the three automobile companies.”

[Do you really have to do that? They are not stupid enough to do something that would affect public opinion at a hearing.]

“You’ll know that when you watch.”

The CEOs of the three automobile companies have already suffered a huge blow to their pride.

My pride was hurt just by requesting bailout support, so will I be able to bend my pride in the hearing room?

[Finally, candidate Obama’s campaign officially invited the boss to the presidential inauguration ceremony in January next year. Of course you will go, right?]

“It’s January next year. It’s just the right time. Let’s see it in America then.”

[okay! Then, I will come to meet you at the airport in January next year!]

When I hung up the phone, the CEO took a deep breath.

It was as if he sensed that a new war had now begun.

“Don’t be too nervous. We are in control.”

“Honestly, the size of the deficit of the three American automobile companies is astronomical, which cannot even be expressed in words.”

“The U.S. government will take care of cutting off the rotten parts. If you leave the cutting to us, I have no intention of taking over.”

There were more than one problem with the car company.

Systems and regulations that have no choice but to incur astronomical amounts of debt.

It was a boss who was worried about that.

“The job bank system absolutely needs to be fixed. What country allows employees who have been restructured to receive full wages and welfare benefits? There are more than 10,000 employees who only receive money without working in this way. Especially in the case of GM, every year “More than $500 million is being spent on job bank expenses.”

“That’s not the only problem. We also need to work on systems that can’t even automate factory relocation and production lines.”

The same is true in Korea, but the auto union in the United States was also strong.

The power of the union was enormous, and even the company’s management policy was often determined according to the union’s tastes.

Unless these systems were overhauled, American car companies were not worth acquiring.

“It will be difficult to take such measures under this administration, but will it be possible under the next administration? Among those who support President-elect Obama, there are a significant number of low-income workers.”

“Wouldn’t it be better to cut wages than for the company to go bankrupt? And it is possible because it is the first time in office when approval ratings are highest.”

“First, full-fledged negotiations will begin after President-elect Obama takes office.”

“Early next year can be said to be D-DAY.”

The global economic crisis caused by the Lehman crisis is still not over.

Rather, it was causing a series of explosions and showing signs of a long-term economic downturn.

From the U.S. perspective, it was absolutely necessary to take measures to prevent major companies from going bankrupt.

All we had to do was add the company to our shopping cart and wait to see what action the United States would take.

* * *

next day.

I called the planning director into the office.

“They say there is a high possibility that Director Bong’s film will be nominated for the Academy Awards. How is the Korean film festival going?”

“I’m sorry. I’ve been in contact with several film festivals, but they say it’s difficult to nominate OTT releases. They say there’s a lot of pressure from film industry elders.”

“People who can’t read the trends of the times are not elders but just old people in the backroom. So are you saying it’s difficult to submit to any film festival?”

“It may be possible to enter small and medium-sized film festivals, but it is difficult to submit to major film festivals.”

The submission itself is difficult.

Since senior film industry figures already held a tight grip on power, it was difficult for an emerging force called OTT to intervene.

In that case, the problem is solved by creating a new structure rather than interfering with it.

“If it’s difficult to submit, we’ll have to resort to one last resort. Let’s take over a major film festival.”

“When you say that you are taking over the film festival, do you mean that you will become the main sponsor?”

“It has a similar meaning. Is there a film festival that can be acquired now?”

“It seems possible in the case of the 100 Best Arts Awards. Although it is considered one of the top three film awards in Korea, the founding company, Hankyung Newspaper, is experiencing financial difficulties. So, Juan Group acquired part of the shares.”

The Baekseon Arts Awards was an awards ceremony that I was familiar with.

Although it is called one of Korea’s top three awards ceremonies, it was an awards ceremony that was unrivaled in terms of fairness and topicality.

And it wasn’t just the movie awards.

It was a unique awards ceremony that awarded awards in various fields, including dramas, entertainment, and documentaries, so it was an awards ceremony that perfectly fit our purpose.

“Juan Group is a media group that owns newspapers and broadcasting stations. Can we take a stake?”

“The Juan Group is also not in a very good condition at the moment. And the Hankyung Newspaper Company is in an even more difficult situation, so if we acquire shares in both companies, we can become the organizers of the 100 Best Arts Awards.”

If only we could host the 100 Best Arts Awards.

There is no reason to go to other film festivals or awards ceremonies.

Of course, it would cost quite a bit of money to acquire it, but it was much better than giving money to other film festivals.

“Then, let’s proceed right away. Once things have progressed to a certain extent, I will personally step in and resolve the final negotiations.”

“We will first secure some of the shares released in the market like Taewoo Securities and then proceed with negotiations with the two companies.”

“President Han is very good at acquiring shares, so he will do very well. I hope to complete it within this year at the latest.”

“I’ll move right now.”

I thought it would be possible to acquire shares without difficulty.

But there was something I hadn’t thought about.

The eldest daughter of Juan Group was the wife of Samjin Group Chairman Oh Hee-gun.

Samjin Group maintains its second place in the business world, behind Taewo Group.

Before the regression, Taewoo Group did not exist, so it was Samjin Group that had maintained the number one position in the business world for over 20 years.

It was the Juan Group that had Samjin Group on its back.

Acquiring shares was never an easy matter.

* * *

A few days later.

A boss came to me with a sigh.

“Wow, we barely secured an 8% stake in Hankyung Newspaper. But Juan Group says they will never give up their shares in Hankyung Newspaper.”

“If the management is not in good condition, there is no need to hold on to shares, right?”

“Well… it is said that the nephew of Chairman Oh Hee-gun’s wife, Mrs. Gong Hee-young, is scheduled to manage the Hankyung Newspaper. The same goes for the Baekseon Arts Awards, so Mrs. Gong Hee-young’s influence is greatly involved.”

It was a complicated relationship of interest.

In order to win the 100 Best Art Awards.

This was only possible after persuading Hankyung Newspaper, Juan Group, and Samjin Group.

But if you think about it differently, it was a problem that if only Samjin Group could be persuaded, the rest could be solved on their own.

“I think I should meet Chairman Oh Hee-geon sometime.”

“Wouldn’t it be a bit weird to hold a meeting among the presidents to take over the awards ceremony?”

“Does this seem like a useless act? It’s worth it for me to move, so please make an appointment.”

“I will talk to the head of the planning office and make an appointment. But I don’t think the Samjin Group will just give it to me. If I want to bring home the 100 Best Arts Awards, I have to give something bigger, is that okay?”

“There is no need to give what is in your hand. Just give it to someone else.”

Taewoo Group and Samjin Group had a complicated relationship.

Since it is a group ranked first or second in the business world, sometimes Taewoo Group could be its customer, and sometimes Samjin Group could be its customer.

If you use that relationship well, you can acquire shares without giving up any of it.