Chapter 448: The Graham Family

[Chapter 510: The Graham Family]

Arthur arrived in New York and heard about Victoria's Secret holding its first fashion show. However, the publicity for Victoria's Secret was still way too low!

It was actually an opportunity, as the future ratings for the Victoria's Secret show were bound to be high.

Arthur planned to have USA Network talk directly with Les Wexner, the chairman of Victoria's Secret's parent company, L Brands, about broadcasting rights.

In the morning, at his Upper East Side villa, Arthur lay in bed talking on the phone with Jim Colt.

"The other side seems to want to maintain control over CBS News content!"

Arthur dismissed it with a glance at Madchen Amick lying next to him. "Can they guarantee the ratings for the station?"

Most major television networks had a star host system, giving hosts considerable autonomy over the content they presented. But since they were national broadcasters, any morning, midday, or evening news could reach audiences across the country.

"Right now, ratings are everything. How else are we supposed to compete with CNN, MSNBC, and FNC?"

Arthur couldn't stand the thought of letting the Jewish investors maintain control over CBS. Galaxy wasn't TBS; he wasn't going to let them pull his strings!

"We know that. We're currently negotiating with the Tisch brothers. Other shareholders at CBS are quite attracted to our offer!"

"Yeah, someone will approach the shareholders in Washington," referring to the Tisch brothers and the Graham family shareholders -- Loews, and The Washington Post!

After hanging up the phone, Arthur comfortably enjoyed Madchen Amick's services under the covers.

CBS's situation was completely different from that of Capital Cities/ABC. Tom Murphy, the chairman, and major shareholder Warren Buffett were both in support of Disney's acquisition of Capital Cities/ABC. But CBS's major shareholder, Lawrence Tisch, wanted the Jewish investors to keep controlling CBS!

"Phew..." Arthur sighed. Madchen Amick popped her head out from the covers, her face flushed as she kissed his chest.

"Arthur, aren't you getting up?"

Arthur smiled and tousled her hair. "Time to wake up. Remember the parent company of Victoria's Secret? Their stock price is going to rise. The fashion show is a great advertisement. Sales are sure to spike, it's all about the publicity!"

...

Meanwhile, following the announcement of Disney acquiring Capital Cities/ABC in Hollywood, the media mergers received renewed attention.

In Manhattan, at the Loews Group office, Lawrence Tisch was talking to Katharine Graham, chairman of The Washington Post Company.

The 78-year-old Katharine Graham was known as "the First Lady of American Journalism." Her father, Eugene Meyer, handed The Washington Post over to her husband, Philip Graham, in the 1940s. After Philip committed suicide in the 1960s, Katharine took over the paper.

Now, The Washington Post Company had grown into a huge media conglomerate, including newspapers, magazines, TV, cable, and education services.

Katharine Graham was the first female business executive to appear on Fortune's list of the 500 largest companies in America!

"Lawrence, you know I've handed most of the operations of the Post Company over to Donald," Katharine said, referring to her son, whom she appointed as CEO last year.

Now, Katharine only held the position of co-chairman of the company. The influence of The Washington Post in American politics gave the Graham family substantial political resources.

Active in Washington, D.C., the Graham family was very prominent in Jewish political circles!

Lawrence Tisch smiled, "The White House has lobbied us. Galaxy is very determined to acquire CBS this time. Loews has dealings in insurance, finance, and oil drilling; many shareholders are really interested in Galaxy's offer!"

Katharine frowned. "This young man is something else. His relationships with the Chandler family's Times-Mirror Group in California and the Newhouse family's Conde Nast Group in New York are quite good. Now that ABC has been acquired by Disney and is in the hands of the Jews, CNN is about to be pocketed by Time Warner too. Some might not want CBS to fall into Jewish control!"

The Tisch brothers were able to wrest CBS from Ted Turner due to backing from influential figures. Now, with the Jews set to take over two major television channels, there would surely be resistance.

"Business competition," Lawrence Tisch shrugged, a bit resigned. This time, it was purely about business rivalry for CBS.

"What about the price for Westinghouse?" Katharine Graham asked.

Lawrence Tisch shook his head. "Galaxy plans to go public after acquiring CBS. CBS shareholders can all get some preferred shares from Galaxy after the merger. With Galaxy's momentum and Arthur Smith's reputation, how could Westinghouse compete? Not to mention, Westinghouse's offer is pretty much the same as Galaxy's!"

"Arthur Smith, is this guy really someone we can control?" Katharine sipped her coffee.

"Control Arthur Smith?" Lawrence Tisch was surprised. A top billionaire who dared to go to Somalia in search of oil fields was not easy to deal with.

"A television station is different from a movie company. Without robust ratings, losses can be substantial. Arthur Smith's path in Hollywood has been almost smooth sailing. He rose through Hollywood like a force of nature, but television news is different. He doesn't have that much energy!"

As Katharine Graham spoke, she looked at Lawrence Tisch again. "Jewish investors interested in CBS can reach out to him."

Lawrence Tisch shrugged, "Their offer is lower than Disney's before, and Berkshire Hathaway is also backing Galaxy!"

"Buffett, huh?" Katharine Graham rubbed her forehead, feeling the pressure, despite being long-time friends with him; Buffett always had a sharp eye.

"If it truly is Galaxy, let's aim to secure some more Galaxy shares to maximize benefits for our shareholders post-merger!"

Katharine Graham understood that Loews Group was in dire need of cash, but other Jewish shareholders at CBS could gain more benefits and influence within Galaxy as well.

Lawrence Tisch nodded. "I'll keep looking for some Jewish capital to negotiate. It's just too tough to intervene in Galaxy with Arthur Smith holding all the cards!"

*****

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