My absurd experiences in North America over the years

Li Fu and Cole arrived ten minutes early.

The club's waiter led them into a private meeting room on the second floor. There was a long, dark walnut table, five or six chairs, and a bunch of white hydrangeas on the table.

On the wall are several old black-and-white photographs of New York, their yellowed edges telling the story of the city's century-long history.

Outside the window, twilight descended on 43rd Street, neon lights lighting up one by one, sparkling like a galaxy.

The owners of The New York Times, as old aristocrats of New York, may have seen their assets shrink significantly, but their heritage is far beyond what Wall Street nouveau riche can match.

When Sulzberger came in, he was two minutes late. He bowed slightly to express his apology, "Sorry to have kept you waiting. I had some trivial matters to attend to."

He was dressed in a well-fitting dark blue suit, and his gray hair was neatly combed.

She looked older than in the photos, with deep eye bags and rough skin under her cheekbones that resembled old tree bark.

The three guests and their host took their seats, and the waiter served coffee and respectfully withdrew.

After exchanging polite pleasantries, the two quickly got down to business.

Sulzberg took a sip of his coffee, his tone heavy, "I'm sure you two know that I'm currently in trouble and need a lot of money."

He revealed his true colors.

This is rare in negotiations, and is even considered asking for trouble.

However, for the New York Times at this moment, it was a clever strategy.

Next April, they will have a $400 million debt maturing, and the company is severely insolvent. Not to mention repaying the loan, it's questionable whether they can even operate until next April in the context of the financial crisis.

This isn't exactly a secret; you can usually guess the gist from the company's financial statements.

His initiative to speak was actually a sign of honesty.

Cole leaned back in his chair, his eyes revealing no emotion. "You've come to us for a new round of funding, or do you want to sell the company?"

He knew, of course, that the other party would not sell the company.

This is a family business that has been around for over a century. Although their actual shareholding has dropped to as low as 20%, they still firmly control 70% of the board seats through their shareholding structure.

However, in negotiations, one should always position oneself in the most advantageous position.

"Nephew, you jest," Sulzberg shook his head and laughed. "This is our family's legacy; we dare not sell it."

"As for financing, do you have a general plan?" Li Fu is now more interested in acquisitions because he has quite a few high-quality assets that he can buy at bargain prices.

From an economic perspective, even if The New York Times could achieve ten times or more in profits, it wouldn't be a very good option.

He was willing to talk here because of the influence of The New York Times.

However, if he cannot control it, then this influence is of no value to him.

Cole noticed Li Fu's attitude and told him to calm down. Of course, he also looked down on the New York Times' meager revenue.

It's not attractive, at least not for now.

What he wanted was control of The New York Times, or at least the ability to influence their operations.

Sulzberg put down his coffee cup, crossed his hands on the table, and leaned forward slightly. "To be honest, someone on Wall Street has already made an offer. Mexican tycoon Mr. Slim is willing to provide a loan of $250 million, with an annual interest rate of 14%, convertible preferred stock, and warrants attached."

He told everything without hiding anything.

Of course, there was a purpose to doing this.

The "barbarians" of Wall Street are his bottom line. If Cole and Li Fu don't invest, then he has no choice but to accept their terms.

Similarly, this is hardly a trade secret; very few companies can afford to invest hundreds of millions of dollars in cash flow these days.

Even if he doesn't say it, his competitors will probably leak it to him in the next couple of days.

That's how ruthless business competition is.

Being honest at least demonstrates his willingness to cooperate, and at the same time, shows his determination never to relinquish the operating rights.

If all else fails, he will accept Wall Street's terms.

Cole had already learned about the situation before he came. The annual interest rate of 14% was not outrageous in the current panic, but in a normal year it would be no different from usury, not to mention the additional condition of equity certification.

If The New York Times can't turn a profit, then it should collect interest; if its market value increases, then it should validate its shares.

People with cash flow during this period are that confident.

Even "old aristocrats" like Sulzberger had to accept their harsh conditions.

This is what is meant by "circumstances of the times crushing people".

"Mr. Sulzberger, I think you should be aware that the Forrest family doesn't need to earn that 14% interest from you. We are increasing our investments on the East and West coasts, and your business... is not the best choice."

Li Fu was also very frank. He didn't need to make money by investing in The New York Times; what he needed was a promise, or rather, authority, that he wouldn't stab someone in the back at a crucial moment.

If the New York Times had no public opinion value, he wouldn't be sitting here today.

He's incredibly busy; he's laying the groundwork for a massive, long-term empire worth trillions—that's no exaggeration.

Sulzberger turned to look at Li Fu.

He knew this young man; even the financial giants on Wall Street wanted to meet him but couldn't.

This young man is the one who actually manages the investments.

Even if those words are unpleasant to hear, he has to accept them.

"So what conditions do you want?"

"I can inject the full amount you currently need, but I want eight percent of the initial shares and a seat on the board of directors. The purpose of getting the seat is not to interfere with your operations, but to ensure that information unfavorable to us cannot be amplified through our own newspapers."

Li Fu's attitude was very firm.

He must have initial shares, not scattered shares acquired from the secondary market, and he must also be given a seat on the board of directors.

If he were to invest hundreds of millions of dollars in The New York Times, it would certainly be with the intention of using it as a weapon of public opinion.

At the very least, make sure it doesn't become a weapon against yourself.

Otherwise, it's meaningless.

However, only he could say those things; if it were Cole, it would be too blunt.

Having navigated the business world for many years, Sulzberger certainly knew what Li Fu's words meant; powerful political and business families like the Forrests needed the weapon of public opinion.

However, he has to consider the initial shares and board seats.

If you accept the "usurious loan" from Mexican tycoon Slim, he can still buy the company's stock at the agreed price in the future and get the shares you are entitled to. This is the fatal side condition - warrants.

He thought for a while, then looked at Cole. "Those people on Wall Street are only interested in profit. They often try to gain control of the business by acquiring large amounts of equity. They only care about short-term gains and don't look at the long-term future. Many businesses have fallen into ruin as a result. I know that your Forrest family is not like that..."

He has a strong desire to cooperate, but also hopes that Cole can make a commitment to ensure that he will cooperate with his family to firmly hold onto ownership of The New York Times in the future.

In this era, the New York Times is not so pro-Democratic, or rather, the banner of liberalism is not so effective yet.

"We also come with the intention of cooperation," Cole stated clearly. "We respect the Sulzberger family's philosophy and are willing to achieve in-depth cooperation in the field of traditional media."

This is not a simple investment, but a collaboration between two families.

This statement carries considerable weight.

Sulzberger stood up and looked out the window. The lights of Manhattan spread out in the night, like a giant ship that never docks.

"Then let's discuss the specific details of the contract tomorrow!" He felt he had no better choice.

This is a win-win decision for both sides.