In the affluent East Hampton neighborhood at the end of Long Island, New York, the black Mercedes sedan drove into the waterfront estate, and the driver opened the door, and Warren Buffett put the Eagle company prospectus that he had been reading all the way into his carry-on briefcase.

After getting out of the car, the A girl in the black OL suit was already waiting, politely greeted Buffett, and made a gesture of please.

The two entered the villa and came to a reception room on the east side of the villa.

As soon as he entered the door, even through the floor-to-ceiling windows, the distance was a little far, Buffett immediately heard the sound of the woman's frolic, and looked up, not far from the villa was full of fragrant pools, and at a glance I couldn't count how many young women filled an open swimming pool 20 meters long and 10 meters wide and filled all around.

Even if he has never had a preference for this, looking at the situation not far away, Buffett's mood still inevitably fluctuates a little, and he can't help but sigh that a young man who has obviously just crawled out of the pool and is being surrounded by a group of girls to wipe his body is really ridiculous.

Simon, who left the pool, did not go directly to the reception room, but turned to the next door.

Moments later, after Girl A brought Buffett coffee, Simon changed into a slightly formal shirt and trousers and walked in the door, if it weren't for his still wet hair and slippers on his feet, it would be hard to tell that he was coming from the pool.

After shaking hands with Buffett and signaling the old man not to get up, Simon sat down on the sofa next to him and asked with a smile, "Warren, how are you doing?"

Buffett nodded: "Not bad." ”

I didn't ask a rhetorical question.

How's Westeros doing, look outdoors, do you still need to ask?

Moreover, Buffett's side is actually not good.

As is customary, Berkshire Hathaway held another annual shareholder meeting in early May, and compared with the once highly sought-after situation, this time Buffett faced more and more investor questions, basically focusing on his neglect of investment in the field of new technology.

Warren Buffett is a very determined person who will not easily change his decision due to external pressure. However, after years of painstaking management, it is impossible for him to ignore the movement of Berkshire Hathaway's share price. Because at last month's shareholders' meeting, it once again stated that it would not venture to invest in technology stocks when looking down on the situation, and in the past month or so, Berkshire Hathaway, which has been a bit sluggish relative to the broader market in recent years, has even seen its share price fall.

Over the years, Berkshire Hathaway's stock price has actually experienced many ups and downs, but the previous downward trend was basically due to the recession of the broader market. The current situation is that the whole market is good, but Berkshire Hathaway is bucking the trend, and if this situation is allowed to develop, Buffett is a little worried that there will be unforeseen surprises.

Just on the way from Manhattan to Long Island, Buffett is struggling with this matter.

Simon actually noticed Buffett's worried expression, took a sip of the coffee given by Girl A, didn't continue to talk nonsense, and said: "So, Warren, let's talk about ABC directly." ”

Today is Saturday, June 17th.

Just yesterday, Daenerys Entertainment's acquisition team once again held a three-hour secret consultation with the executives of Met's ABC Group, and basically reached an intention on all aspects of department adjustments, senior management changes, and debt consolidation after the merger.

Even if it is Daenerys Entertainment's acquisition model of Metropolis ABC Group, the two parties have preliminarily finalized that the payment method of cash and shares will be adopted, and Daenerys Entertainment has also given quite relaxed conditions, and Metropolis ABC Group shareholders can freely choose the proportion of cash or stock, including all-cash payment or all-stock payment.

The only difference is the transaction price.

According to yesterday's closing price, Met's ABC Group's current share price is around $145, with a total share capital of about 122 million shares and a market capitalization of $17.6 billion.

Met's ABC wants to get a $180 per share, which equates to a $21.9 billion valuation.

The highest offer Daenerys Entertainment is willing to make is $172, which equates to a $20.9 billion valuation.

There was exactly $1 billion difference between the two offers.

The $172 quote is an 18% premium to the current stock price, which seems to be a bit low, but the main reason is the recent increase in the stock price driven by the news that Daenerys Entertainment Group is about to acquire a television network.

Daenerys Entertainment Group's quotation is mainly based on the stock price of Metropolitan ABC Group at the beginning of the merger plan of about $130, so the premium has reached 32%, which is already a very generous bid.

If the $180 price quoted by the Mets ABC side is already close to 40%, Simon will definitely not accept it.

It's not that Daenerys Entertainment can't afford such a price, but everything has to be limited, TV networks are no longer a growth industry, and this transaction is not a hostile takeover, so the maximum premium will only be about 30%. If Simon is rich and unjustified this time, then the entire Westeros system will be slaughtered as a fat sheep again and again in the future.

Simon went straight to the point, and Buffett didn't beat around the bush and said, "Simon, I think the $180 offer is reasonable, just a 24% premium." What's more, based on the price-to-earnings ratio of Daenerys Entertainment, the cash plus stock trading model, you are very cheap. ”

Ignoring Buffett's other set of premium calculations, Simon leaned back on the sofa, rubbed the cup in his hand and said, "Warren, why don't we assume first, what will happen if Daenerys Entertainment abandons the acquisition of ABC?"

What will be the result?

Obvious.

Historically, Disney's acquisition of Met-Met ABC Group totaled only $19 billion, including about $3 billion in debt, so the network itself was valued at only $16 billion. Now, even according to Daenerys Entertainment's offer, the valuation has reached $20.9 billion, which is considered debt, and the total value of the transaction has risen to $24 billion.

That's a whopping $5 billion difference between them.

The development of the Metropolitan ABC Group is not much different from the same period in the original time and space, or rather, because Simon's previous arrangements for handing over popular series such as "Friends" and "ER" to the other two are even worse. Just talking about the TV network ratings data, not considering FOX, ABC is even at the bottom of the three old TV networks.

If this deal falls through, the stock price of Met-Met ABC is bound to plummet.

Because the field of television networks is also an industry that trades off the advantages of one another, the current four major television networks compete for the audience in North America, and they also have to encounter the impact of emerging cable television and the Internet.

At that time, not to mention the market value of $16 billion before the acquisition was launched, it is not impossible for Metropolitan ABC Group to fall back to the threshold of 10 billion market capitalization, because Daenerys Entertainment has proven some trade-off in Hollywood, and a series of hit TV shows produced by Daenerys Entertainment over the past few years are enough to prove that this company has the strength to change the landscape of the TV field.

Simon proposed the erection, and Buffett had already thought of these results in a blink of an eye. It's just that in the current negotiation situation, this veteran investor who has been up and down in the capital market for many years will certainly not say it directly.

After a little consideration, Buffett looked up at the young man opposite and said, "So, Simon, let's take a step back and compromise, $176, how about it?"

Simon shook his head without hesitation and said, "Warren, I won't raise the offer for another penny, it's only $172." I think you are also aware that today is our final negotiation, and there must be a result. Speaking of which, I also got a call from Welch in Europe the other day, and he would be happy to talk to me about NBC again. However, you can see it at the beginning, so I don't hide it, I'm still more interested in ABC, I just won't give more than I can accept. ”

Buffett retorted: "Simon, I don't think the $176 price is unaffordable for Daenerys. ”

Simon said, "I know you've always thought Daenerys Entertainment's share price was on the high side, Warren. If I want to pursue profits, it is not difficult for Daenerys Entertainment to reach a net profit of $4 billion this fiscal year, based on the market value of $156.2 billion that closed yesterday, it is actually only 39 times the price-earnings ratio, what is the current price-earnings ratio of Metropolitan ABC, 41 times, and if we exchange shares, we are actually at a loss. ”

"Simon, you're comparing hypotheses to reality. ”

Simon shrugged: "If you don't count the assumptions, Daenerys' net profit in the first two quarters of fiscal 1995 was $1.73 billion, and the current public price-to-earnings figure is only 45 times. Moreover, Daenerys is still maintaining high growth, and Metropolitan ABC has no growth potential. ”

Buffett was suddenly a little speechless.

Business negotiations, after all, are also based on strength.

Warren Buffett could have given someone an ultimatum before, but this time, both the Mets ABC Group and Berkshire Hathaway are in a vulnerable position.

There are even some that are difficult to ride a tiger.

Giving up on the business would be a Waterloo-style disaster for both Met-Met ABC and Berkshire Hathaway, and the outcome would be unbearable.

Warren Buffett, who has never liked to bargain with people, was silent for a moment and said again: "$175, Simon, I can't give it any more." ”

"It's only $172," Simon continued, rubbing the coffee cup in his hand, "But, Warren, I can add another leverage, or a kind of support, about Berkshire, you know, I've actually quietly bought 4.9% of Berkshire's stock in recent years, and I can meet the 5% filing standard at any time." ”

Buffett was suddenly a little surprised, looked at Simon seriously, and confirmed that the young man opposite did not seem to be deceiving himself, and then said: "I remember, your wife, but she is very optimistic about my company." ”

He smiled a little.

It's a vendetta.

Janet was not only speechless in a speech by Buffett in college in her early years, but also ridiculed the old man's investment model in front of Buffett at the Hearst family party a few years ago, Buffett was born in 1930 and is now 65 years old.

Simon also curled the corners of his mouth and said with a smile: "Jenny is just a little unforgiving, in fact, we both appreciate Warren's investment talent very much, so we have been quietly buying it in recent years." As long as we get this deal done, I can increase my stake in Berkshire Hathaway to more than 5% at the right time, and I think that will go a long way in boosting Berkshire Hathaway's shareholders' confidence in the company and not forcing you to invest in technology stocks. ”

Even though he had just understood Simon's intentions, Buffett quickly said, "However, this is unfair to the shareholders of the Metropolitan ABC Group, Simon, I can't do that." ”

Simon ignored the old man's reserve and said, "Or, this time node is set for the beginning of next year, and by then, the dust has settled on the acquisition of Metropolitan ABC, and no one will connect the two things." And, Warren, this is just a kind of support I have for Berkshire Hathaway, not an exchange. As I said, it's only $172. Of course, if this trade fails, I may sell my shares, because Berkshire Hathaway has too many shares in Met's ABC and I don't want to lose money when Met's ABC stock price plummets. ”

It's simply ......

Buffett was speechless at the dark-bellied young man in front of him.

At $172, apparently there really isn't any room for maneuver.

After a final moment, Buffett said, "It's best to do it in April next year." ”

Simon understood: "No problem. ”

Berkshire Hathaway's annual meeting has always been held in May, if Westeros suddenly becomes Berkshire Hathaway's majority shareholder of more than 5% in April next year, public opinion and hype, coupled with a wave of stock price growth, Buffett will definitely encounter much less pressure at next year's annual meeting.

Seeing Simon agree, Buffett stood up and stretched out his hand to Simon: "Then, let's make a deal." ”

Simon also put down the coffee cup in his hand, got up and symbolically shook Buffett's hand, and said with a smile: "Deal." ”

There's a bunch of fiery goblins waiting in the pool outside.

Now that the matter has been settled, Simon really wants to serve tea to the guests, but unfortunately Buffett sat down again with a blank look: "Simon, I read Igret's prospectus yesterday on the way here, and some of the details make me very confused. ”

Simon had to sit back down and asked, "Warren, have you changed your mind and are going to subscribe to Igrit stock?"

Warren Buffett shook his head: "I'm still not going to buy, I just want to know more." ”

All right.

Simon could only be patient, and continued to talk with Buffett for half an hour, and finally sent the other party away.

After calling Robert Iger in Manhattan and telling them that the matter had been negotiated and that the two sides could move forward, Simon walked through the glass door of the reception room to the outdoor pool.

At four o'clock in the afternoon, the sun was no longer blazing, and the pool party was still hot.

During this time, the new Victoria's Secret show began to look for candidates, and Simon has always held the final decision on the Angel Legion list in his own hands.

For the highly competitive supermodel group in the fashion industry, this power is simply life-and-death.

I left for Italy last Friday to see Sofia, and then went around Ukraine, Russia, Finland, and just returned yesterday, during which I noticed the documents that came from here, and I was temporarily planning to relax, so I had this party.

There are currently more than 60 models in the manor pool, all carefully selected from the lists provided by major agencies, and all of them are newcomers who have never appeared on the Victoria's Secret runway.

Men like novelty after all.

Simon is no exception.

After lunch today, two Navy One custom Black Hawk helicopters on the West Coast made two round-trips to bring a large group of goblins over.

The meeting with Warren Buffett ended, and then until late at night, this seaside estate in East Hypton was in a carnival atmosphere.