Chapter 759: The True Foundation of the Media Empire

'Knock, knock!'

'Chairman, the guests you arranged to meet with have arrived!'

In the office of the chairman of Turner Broadcasting, Ted Turner was frowning, writing with a pen and stopping every now and then. Just then, there was a knock on the door, and the voice of a subordinate came from outside, waking Ted Turner up.

Thinking about an appointment with a company called Polaris Capital, Ted Turner looked towards the door, and it seemed that there were a few figures. He put away his frown and straightened his clothes, saying, 'Please let them in!'

In a moment, Xia Yu came in with two subordinates.

Seeing a young Asian, Ted Turner was surprised, but his face did not show it.

He did not know much about Polaris Capital, and even after Xia Yu's subordinate made an appointment with him, he had no intention of finding out more.

After all, his time was precious, and he would discuss anything in person.

'Mr. Ted Turner, hello. Let me introduce myself. My name is Xia Yu, I am a Chinese American, and I am currently the chairman of Polaris Capital.'

Xia Yu introduced himself with a smile as he shook Ted Turner's hand.

This young Chinese-American is the chairman of Polaris Capital?

Ted Turner was greatly surprised, but instead of looking down on Xia Yu because of his Chinese-American identity, he took him much more seriously.

'Hello, Mr Xia, welcome! Please sit down!'

Ted Turner said with a smile, then shook the hands of Xia Yu's two subordinates and nodded in acknowledgement.

'What would you like?'

'Anything! They can have whatever they want!'

'Great!'

'Jack, some lattes!'

...

While his subordinates went to make the coffee, Ted Turner turned his attention back to Xia Yu and asked, 'Mr. Xia, I don't know much about your company, so could you tell me about it?'

Xia Yu smiled and nodded: 'Of course!'

'North Star Capital is based in San Francisco and its main business is investing in promising companies. It's normal that you haven't heard of it, because the company was only established last month, but it has already completed two investments.'

At this point, facing Ted Turner's focused gaze, Xia Yu said confidently, 'One of them reached 170 million US dollars and was completed just over ten days ago!'

170 million US dollars!

When this figure was mentioned, Ted Turner's pupils constricted, and he began to take North Star Capital seriously. At the same time, an idea also came to his mind that he found hard to believe.

Xia Yu said that North Star Capital's main business was investing in companies with potential. Now, he had sold almost everything he could, selling off several teams and only keeping the shares of Turner Broadcasting.

Even these shares had been mortgaged to the bank for the development of the company's cable news network.

When Xia Yu and the others came looking for him, did they approve of CNN?

The more he thought about it, the more agitated Ted Turner's heart became.

Fortunately, he knew what kind of occasion this was, and forced himself to regain his composure. He fixed his gaze on Xia Yu and said, 'Mr Xia, your company is very strong, but I don't know why you've come to my company this time.'

After he said that, even though Ted Turner had experienced many storms and was a multimillionaire, his heart still involuntarily lifted.

It was because he had been under so much pressure in the past few months that it was almost suffocating.

It was as if the whole world was questioning him, and the world was dark, with only him walking alone!

This sense of loneliness and abandonment was something that most people simply could not bear, and because of his childhood experiences, he had a rather short temper, so his emotions were even more sensitive.

Right now, it was a stubborn sense of not wanting to lose that supported him in continuing to fight.

But if someone stood by his side at this time, even if it was just to pat him on the shoulder and say, 'Come on, mate, I believe in you!', it would be enough to lift his spirits.

Ted Turner's performance was exactly as Xia Yu had predicted before Xia Yu arrived.

Xia Yu smiled slightly and said, 'Mr. Ted Turner, actually I said you might not believe it, but the truth is just so amazing. Three days ago, I didn't know you at all, and I didn't know Turner Broadcasting Company.'

Ted Turner's brows creased slightly at Xia Yu's words, but he continued to listen quietly.

'However, three mornings ago, I happened to read the newspaper and saw a news article about you. I was shocked by your story, and I admire your choice and perseverance even more.'

'After that, there was the cable news network you wanted to build. Although no one thought your actions were good, I thought it was a great business idea, and that it might create a new model for the media industry!'

'So I came here to see for myself and talk to you.'

Ted Turner's face was beaming with a smile that could not be hidden, and his heart was filled with excitement.

He said loudly, 'Mr. Xia, thank you for your recognition. You are the first person to recognise me after I made this decision! I am truly honoured!'

'In fact, although everyone did not think highly of me and believed that broadcasting news 24 hours a day was not profitable, and not many people were willing to pay for boring news programmes, I believed that anything was possible!

'As long as I create a TV news network, the market will definitely change, and opportunities can always be found!'

'Moreover, the three major US TV networks now dominate the TV market and are strong in various program areas. Although my company has developed quite well in the TV station sector, it would take too much capital to break through their blockade and catch up with them, which I simply cannot do!'

'The only thing that still has a chance is the news programme, which is considered a burden by the three major television networks. As long as I do my best in the field of news and create a national cable news network, I will have the space and foundation to fight...'

Ted Turner finally met a kindred spirit, and someone who was likely to invest in him. He exploded with emotion, bursting with ideas and feeling quite powerful.

Xia Yu listened with a smile the whole time, nodding from time to time, perfectly fulfilling the role of an audience.

During the break between Ted Turner's dry mouth and coffee, Xia Yu seized the opportunity to say, 'Mr. Ted Turner, your ideas are very unique, and I agree with many of your points. The dominance of CBS, ABC, and NBC is unbreakable, and they have ruled this market for decades. Latercomers who want to enter will encounter obstacles in all aspects.'

'But the field of news programmes is an unprofitable area for the three major television networks, and it does not receive enough attention. This opportunity has always existed, and many people have discovered it, but so far you are the only one who dares to take action and take a chance.

'I support your actions. First, create a characteristic that the three major TV networks cannot catch up with. Users who like to watch the news will slowly be attracted. Even if the news programme loses money at first, as long as it gains a little bit of users, it will eventually become profitable. And when the number of users reaches a certain stage, you can completely open a new channel and use the revenue from other programmes to make up for it.'

Ted Turner nodded emphatically: 'Yes, I agree.'

Just then, Xia Yu suddenly said, 'But the premise is that you can withstand the losses and survive until that time.'

Turner was taken aback, his smile fading. He looked at Xia Yu and said sincerely, 'Mr Xia, you are right. No matter if the future is bright or not, we can only reap success if we can survive until then.'

He laughed to himself, "The media and my peers outside are still laughing at me for being overconfident, and they are definitely looking forward to the day I go bankrupt.'

Xia Yu immediately chimed in, "Mr Turner, you have a funding problem, but I can help you. I am willing to act together with you to slap everyone in the face!'

'And I don't mind telling you, I also own a news agency that is now all over the world. Many TV stations and newspapers in Asia are my clients. News networks need to broadcast news 24 hours a day, and they need a lot of news material. I can greatly improve the shortcomings of news networks.'

Xia Yu's words made Ted Turner's eyes light up. He didn't expect Xia Yu to have a worldwide news agency, which was a pleasant surprise.

As Xia Yu said, if the News Network wanted to stand out, it would need at least enough news to go around. It could either build its own editorial team or pay a large price to buy from other news agencies.

But building an editorial team was not something that could be done overnight, and it also required a huge amount of capital, which he simply could not come up with. He could only take things one step at a time.

As for buying news from other news agencies, it was even less advisable. The cost was only one thing, and the most important thing was that the news was not exclusive, making it difficult to pursue breaking news. How could the News Network he built stand out?

However, if Xia Yu were a shareholder of the news network, then the news network could cooperate with Xia Yu's news agency, which would greatly reduce costs and also give them some privileges.

This huge news resource could greatly reduce the news network's initial operating costs, allowing the news network to survive the most difficult period and last longer!

With Xia Yu's capital, he would also have more strength and energy to fight the FCC.

These advantages were too attractive to Ted Turner.

Ted Turner did not hide his intentions and took the initiative to invite him, saying, 'Mr. Xia, I think we can have a good talk about cooperation.'

Xia Yu immediately smiled and said, 'Mr. Ted Turner, let's get started.'

Next, Ted Turner called in a few of his most capable subordinates and began negotiations with Xia Yu.

The two men had mutual feelings for each other, but they were still in the middle of a lawsuit and had not yet obtained the right to use the satellite.

Therefore, Ted Turner did not aggressively press for a stake in the company, as he was afraid of scaring Xia Yu away.

Moreover, he was also aware that Xia Yu knew the truth about Turner Broadcasting, which had been stripped bare under the scrutiny of the media. Even if he wanted to paint a rosy picture, it would not work.

Under these circumstances, the negotiations went extremely smoothly.

Both Xia Yu and Ted Turner were capable and decisive people who could make decisions on their own, which saved a lot of time and the two sides quickly reached an agreement.

The result of the cooperation was announced the next day.

Turner Broadcasting System accepted an investment from Polaris Capital, with the company valued at 40 million US dollars. Polaris Capital invested 30 million US dollars and obtained a 42.86% stake, and Ted Turner would assist Xia Yu in acquiring the shares of other shareholders, increasing Polaris Capital's stake to 49% and Ted Turner holding the remaining 51%.

The agreement also stipulates that whichever party wants to sell its stake, the other party has the right of first refusal.

This clause was specially proposed by Xia Yu for the future.

In addition, Polaris Capital will also borrow another 20 million US dollars in a reimbursable loan to Turner Broadcasting.

In this way, Turner Broadcasting will have 70 to 80 million US dollars to build a nationwide news network and a worldwide news editing team.

As long as CNN succeeds, Xia Yu's media empire will greatly increase in strength.

And when Ted Turner suddenly decides to pursue his dreams in the future, his shares will naturally fall into Xia Yu's hands.

By that time, Xia Yu will also have the strength and confidence to take control of CNN, without the need for the American Jew Ted Turner to be at the forefront.