Hollywood Hunter

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On the second day of the Oscars, no-suspense coverage of the award results took up very little newspaper space, and most of the media's attention was drawn to the news that the Westeros system had shut down the Hearst Group.

Early on Tuesday morning, many heavyweight paper media exposed 'sources' that Simon Westeros personally ordered all companies in the Westeros system to cut off all cooperation with the Hearst Group. The media that paid attention to Melisandre's party last night gave the most direct evidence. All the media reporters affiliated to the Hearst Group were blocked from the Sunset Tower Hotel, which also caused some small conflicts.

In the face of reporters' questions, the senior management of Hearst Group declined to comment.

The Westeros system, however, is not secretive.

With the continuous verification of multiple media, the news was completely confirmed.

Daenerys Entertainment, Igret Corporation, Melisandre Corporation and other corporate executives in the Westeros system gave affirmative answers when they were called by reporters or asked in person: the company has been notified , immediately cut off all cooperation with the Hearst Group.

Not only that, but The Hollywood Reporter also reported another piece of news the following Wednesday.

Warner Bros. Pictures has quietly canceled several commercials for "Batman: The Dark Knight Rises" planned for Hearst Group-owned media.

"Batman: The Dark Knight Rises", which is scheduled for June 3, officially released its first trailer in early March, announcing the official launch of the dc movie universe's super blockbuster with a budget of $80 million. of mass media marketing.

Obviously, not only the Westeros system, but also companies that have a cooperative relationship with the Westeros system have also been asked to 'stand in line'.

When asked by reporters whether other film projects of Warner Bros. Pictures would also cancel advertisements to the media of Hearst Group, Warner executives gave an ambiguous answer, but it was obviously biased. The other party said that Time Warner Group has its own The traditional print media platform, and the proportion of print media in film promotion is not high, even if it does not cooperate with Hearst Group, it will not be affected.

It only took two days for the news to be confirmed.

Whether it is the Westeros system or the Hearst family, to the general public, they are giants.

Therefore, this matter has quickly become a 'big melon' that everyone pays close attention to.

The Hearst Group could no longer remain silent.

On Wednesday afternoon, William Hearst III, who was besieged by a large group of reporters at the Hearst Group headquarters in Manhattan, faced media questioning. He couldn't hide his anger and said that the Westeros system was abusing its market position to conduct unfair business competition. Hearst Group will take all possible means to safeguard its own rights and interests.

Fully confirming that Simon Westeros is going to war with the veteran Hearst family, the attention of the melon eaters quickly turns to the cause of the matter and the imminent impact of this matter.

Then, early Thursday morning, two East Coast media outlets went straight to the mystery.

News Corp's "New York Post" published an article revealing the inside story of the incident.

The public suddenly realized this.

It turned out that the contradiction between the Westeros system and the Hearst Group has a long history.

Three years ago, in order to get rid of the heavy debt burden brought by the Reynolds-Nabisco merger, the Reynolds Nabisco Group chose to sell a large number of company assets, including a 20% stake in espn, a well-known sports TV station owned by the Metropolis/abc group.

Daenerys Entertainment is very optimistic about the development of cable TV, so it chose to bid, and Hearst Group, which is also transforming into diversification, also intends to bid for this batch of equity.

At that time, it was in the early stage of the development of the Igreit portal, and it was in great need of the support of news content from traditional print media.

The Hearst Group provided news and information content to the Igreit Portal as a bargaining chip, in exchange for Daenerys Entertainment voluntarily giving up its bid for espn shares, and this part of the equity eventually fell into the hands of the Hearst Group. However, after obtaining the equity of espn, Hearst Group went back on its word, because it was worried that the Internet media would affect the interests of the traditional paper media industry, and refused to honor the original cooperation promise.

The entanglement between the two parties thus arose.

The article also specifically mentioned that at that time, Daenerys Entertainment’s offer for espn equity was as high as 200 million US dollars. After this side voluntarily gave up, Hearst Group only used 180 million US dollars to reach the transaction, saving a full 20 million US dollars. , which also involves another tax avoidance operation of not less than 20 million US dollars.

However, after taking a big advantage, Hearst Group was not satisfied. Not only was it unwilling to fulfill its initial cooperation commitment, but also believed that the addition of Daenerys Entertainment Group in disguise made Hearst Group pay more for espn shares. funds, so the Westeros system continued to be targeted.

The San Francisco Chronicle, part of the Hearst Group, has been attacking the Westeros system continuously in recent years.

The flashpoint of the conflict is the recent turmoil.

Congressman David Melrose, supported by the Hearst family, continues to use his power to try to launch improper investigations into new technology companies in the Westeros system, not for the sake of protecting the interests of the general taxpayer, much less The fundamental reason for the so-called monopoly of these companies is that the free Internet services such as news information, classified information, social networking and other services provided by Igreat have hurt the traditional paper media giants such as Hearst Group.

Benefit.

As evidence, the New York Post article also included a photo of William Hurst III and Rep. David Meloth huddled together as good buddies at a cocktail party. For public readers, compared to many serious photos, this photo with a 'wolverine' atmosphere has a lot of lethality. It instantly made many people determine their inclinations, and everyone's one-vote, one-vote congressman, It turns out that it is still just the spokesperson of the rich and powerful.

For this article, a spokesman for Hearst Group immediately refuted it.

It's a pity that this article has given too many people a preconceived notion.

David Melrow, who instantly became the focus of the media and the public, also quickly jumped out to refute, but the effect was obviously not great. The Igret portal followed the article of the New York Post and released more David Melrow Articles related to the interests of the Hearst family, the congressman who has been re-elected for three terms has received a large amount of political donations from the Hearst Group in the past three elections, and all articles about the other party on the Hearst family media platform are also There are no negative compliments.

In return, David Melrose has recently urged Congress to relax the 'cross-media ownership ban' that restricts the media from having too much say. Once the ban is relaxed, the public may only hear the voice of one media in their daily lives. This will be a strong shock to press freedom.

It can be said that the senator's "double standard" between promoting the monopoly of traditional media and cracking down on the emerging Internet industry is shameless.

When the Hearst Group and David Melrose responded to the revelation of this article, another related article in the Wall Street Journal also attracted the attention of many people: "Do you want to be a friend or an enemy? 》

This report does not comment on the right and wrong of the Hearst Group and the Westeros system, but analyzes the impact of the incident in detail.

First of all, Hearst Group is not a public company, but it also announces results.

In 1993, the total revenue of Hearst Group was 2.11 billion US dollars, the revenue growth rate was 9%, the annual net profit was 169 million US dollars, the annual growth rate was 12%, and the net profit margin was 8%.

Like the U.S. auto industry, traditional paper media groups are restricted by many labor unions, so their operating costs are quite high. The Hearst Group’s ability to maintain a net profit margin of more than 8% has exceeded the industry average.

Now, it's just the Westeros system. The total advertising budget of more than $65 million invested in the Hearst Group in the past year has already accounted for 3% of the other party's annual revenue. The loss of this part of the revenue will have a negative impact on Hearst. The Group's performance in 1994 had a significant impact.

If Simon Westeros used the influence of the Westeros system to ask other partners to stand in line, then the negative impact would be at least twice as much as the Westeros system itself cut off cooperation. According to Hearst Group's 9% revenue growth in 1993, if the conflict between the two sides continues, it is likely to cause Hearst Group's revenue growth in 1994 to completely stagnate.

For a traditional media industry that has gradually begun to show decline, stagnant revenue growth actually means setbacks.

After all, whether it is calculated based on factors such as inflation or the natural increase in workers' wages, a company must ensure a considerable increase in performance every year in order to maintain operations. Once revenue growth stagnated, inflation and employee expenses did not stop rising, and the first impact was on profits.

When profits are completely offset by the negative impact of stagnant revenue growth, a series of chain reactions such as layoffs, sales of businesses, and cost reductions will follow. If the situation does not improve, it will eventually go bankrupt.

Reynolds and Nabisco, once industry giants with huge cash reserves and excellent financial status, five years after their record-setting $33 billion merger was triggered by the huge debt brought about by the original merger. The chain reaction of the series has hovered on the brink of bankruptcy in the past two years.

Reynolds Nabisco is more than ten times the size of the Hearst Group.

Therefore, the "Wall Street Journal" judged that if the Hearst Group cannot resolve the conflict as soon as possible, even if it only lasts for a year, it will have a serious negative impact on the operation of the Hearst Group.

In comparison, apart from the public opinion pressure and litigation risks that may be borne, the Westeros system, whose overall scale is already more than 100 times that of the Hearst Group, will hardly suffer any substantial damage.

After all, Simon Westeros's net worth at this time has reached 200 billion US dollars, and the Hearst family, the current sum of the current wealth of William Hearst's five houses and grandsons is less than 2.5 billion US dollars, which is more than 80 million US dollars. times the difference. Moreover, the media empire owned by the Hearst family, which used to make many politicians, celebrities, and rich people quite fearful, is obviously insufficient in terms of lethality in the face of the Westeros system.

What's more, before the Hearst Group was blocked, Simon Westeros had just made a 'friend' on par with the Hearst Group, the New York Times Group.

Now that the Internet industry is booming, the Westeros system is inevitable for traditional media to complete the transition to the digital age.

The New York Times Group has undoubtedly made a very wise choice.

Although it is obvious that Simon Westeros is trying to control the tone of traditional paper media to avoid the recent deterioration of media public opinion against the Westeros system, the other party's return to the New York Times Group is also very generous, and he directly gave up Igret. The practice of monopolizing the content of the portal news information has also made many accusations that the Westeros system monopolize the Internet media lose their roots.

Most importantly, this time

The conclusion of the cooperation is likely to cause more and more traditional media groups who may still be criticizing the Westeros system to gradually reverse their attitudes, in exchange for the opportunity of traditional media to transform into the digital age.

So the next question is, do you want to be a friend or an enemy of the Westeros system?

The New York Post's revelations naturally came from the arrangement of the Westeros system, and the Wall Street Journal's report surprised Simon.

However, it was only a little surprise.

For Western capitalist societies, capital really means everything.

Westeros System vs Hearst Group.

Even if the conflict between the two sides causes Simon to lose 10 billion US dollars, it will only account for 5% of his personal net worth. In the process, the Hearst family, whose total assets are less than 2.5 billion US dollars, may have lost everything.

Even, the Westeros system suddenly attacked the Hearst Group, which has had some positive effect in the past two days.

Since the beginning of the month, due to the dual pressure from the media and the political circles, the stock prices of Cisco and AOL, the two listed core Internet companies in the Westeros system, continued to fluctuate and fell, with a cumulative decline of more than 5% from the beginning of the month to last Friday. The company is already close to a market value of $60 billion, and a stock price drop of more than 5% means that shareholders of both companies will bear a paper loss of more than $3 billion.

The sudden exposure of Igret on Monday to cooperate with the New York Times Group, coupled with the fact that the Westeros system has changed its defensive position in the past few weeks to attack the Hearst Group, directly stimulated the stock prices of Cisco and AOL.

The previous decline of the two companies was originally just out of concern in the capital market that the authorities may respond to the pressure of public opinion, and their own financial performance is also high-growth, which is destined to be impossible for the two companies to experience a significant decline.

Now, with the New York Times Group turning to the side of the Westeros system, the Hearst Group has been slapped again by Simon Westeros, and the form has reversed in an instant.

In the three days from Monday to Wednesday, the stock prices of Cisco and AOL have recovered to the highest point before the shock at the beginning of the month. At the opening of the market on Thursday morning, Cisco’s stock price has once again achieved a breakthrough, and the total market value has broken through the $60 billion mark in one fell swoop.

As of Thursday's close at 4:30 p.m. on the East Coast, Cisco's market value has reached $61.5 billion, followed by AOL's market value of $57.3 billion. The Nasdaq technology sector is driven by these two leading technology stocks. It rose across the board, up 1.7% on the day.

Wall Street tech shorts, who began to believe that the Internet industry was in a serious bubble at the beginning of this year, had suffered heavy losses before March, and persisted until March, because a series of turmoil surrounding the Westeros system barely saw a little light, and the number of shorts in the past few weeks again It has increased significantly, but I didn't expect that, starting from March 21, in just a few days, the short book profits accumulated for three weeks have all disappeared and turned into losses directly.

Cersei Fund Management, a subsidiary of Cersei Capital, has not been less than $5 billion in long positions in the technology sector since the beginning of the year. In the past few weeks, it took the opportunity to increase the total long position to more than $12 billion. Because of its strong financial backing and low leverage of only three to five times, the short-term decline in stocks such as Cisco and America Online did not cause a crisis of liquidation for Cersei Fund Management.

Now, just in the last few days of the rally, Cersei Fund Management's original paper loss of more than $600 million has been quickly wiped out, and it has begun to generate a lot of profit.

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