……

Datang Mobile has further consolidated its position as the No. 1 cellular phone company in the United States after acquiring LIN Broadcasting's cellular phone operation license. Pen, fun, and www.biquge.info

Naturally, the media is extremely focused on this important industry development, but that's not the point, it's just the crazy level of money burning by the various cellular operators.

It has been more than five years since the Federal Communications Commission of the United States officially issued a cellular phone operation license in 1983, and there is naturally no secret about some information in this field.

For example, the standard that can best measure cost input and value output, that is, the apportioned price of each "head", can be said to be deeply rooted in the hearts of the people.

An article in the Wall Street Journal analyzing this, with an eye-catching headline of "Location, Location, Location," pointed out that Datang Mobile paid a $365.5 per "head" to obtain a license to operate cellular phones in New York, an important "location."

You must know that when the Federal Communications Commission first issued a license for cellular phone operation, the attitude of the industry powerhouses, including Bell in various places, was skeptical, which directly led to less fierce competition for licenses, and the average price per "head" at that time was roughly $4.5.

As the commercial outlook for cellular telephone systems became clearer, competition for licenses became fierce, and by 1986 the average price per "head" had risen to about $20. Southwest Bell paid $40 per "head" for some acquisitions during the same period.

Since then, the "capitation" cost of the license has become more and more secretive, as an important financial data for the various cellular telecommunications companies that have begun to operate in earnest.

But the information that is available is enough to explain the problem -- Datang Mobile has offered an insane price in order to repel all competitors in order to win the cell phone operation license of LIN Broadcasting.

Everyone is so staking at such a cost, naturally driven by real interests.

As early as 1981, AT&T, which had not yet been dismantled, conducted an official assessment of the potential of cellular phones in the United States, and concluded that it would not be until the year 2000 that the number of subscribers would exceed 1 million.

In fact, the number of cellular phone users has exceeded 1 million.

Investors who have woken up from a dream and reacted have no time to think about why AT&T, the giant that controlled the entire US communications industry at the time, came up with such a stupid and ridiculous assessment result in a big way, and how to catch up and get a piece of the pie is the most important thing.

Under these circumstances, the prospects of the cellular phone business are naturally becoming more and more optimistic in the United States. Of course, the premise is that you can afford to burn money like Datang Mobile Communications Company; if you don't have that strength, you should quickly learn from Lin Broadcasting Company, sell it at a high price, and leave the market in style; otherwise, it will be like McCaw Cellular Telephone Company, which will hang in embarrassment.

There is no need for the financial media to make more lip service, ordinary people can understand that Datang Mobile Communications Company, backed by the richest man in the United States, is in a financial position comparable to that of traditional communication companies like Bell Systems, especially British Telecom.

Therefore, when the news of Datang Mobile Communications' IPO within the year came out, everyone who was interested in it was in high spirits and paid attention to any related developments, lest they miss an opportunity to make a fortune.

On the other hand, the second-ranked McCaw Cellular Company, although it seems to be in second place, has a significant gap between the number of licenses and Datang Mobile Communications Company, and its financial situation is relatively poor, and a large part of its funds come from junk bonds, which is simply building a building on the beach.

……

"Craig McCaw's attitude is cold?" After listening to Tang Wenmao's report, Tang Huan subconsciously asked.

The outside world's analysis of the current situation of Datang Mobile Communications Company and McCaw Cellular Phone Company can be said to be very in place, and Tang Huan also intends to annex McCaw Cellular Phone Company, so that the cellular telephone business, which is very dependent on scale effect, can squeeze out oil and water to the greatest extent.

Tang Wenmao shrugged innocently, "After I met with Craig McCaw, I got straight to the point and told me what I meant. The other party immediately asked me what kind of price I could offer to send him. Naturally, I inquired directly about the current debt situation of McCaw Cellular Telephone. As a result, Craig McCaw sent me out with a cold reply, 'You're going to be disappointed,' and sent me out. ”

"In this way, this guy is not as desperate as the outside world knows, and he still has cards to play. Tang Huan muttered to himself.

……

Craig McCaw, like Gates, came from an upper-class family in Seattle and even attended the same school, Lakeside High School. His father, Aloy McCaw, was a radio station owner and cable television system operator, and was one of the pioneers of the successful and profitable development of radio at the time.

However, the McCaws were not as fortunate as the Gates. Eloy McCaw died early due to a heart attack, leaving behind a mess of outsiders and middle-class workers. Fortunately, a cable TV franchise passed on to his four sons without any obstacles, and Craig McCaw, who dropped out of college like Gates, built on this foundation to grow his father's unfinished business.

But by the early 1980s, Craig McCaw's mind was no longer on cable television. Guy has hit the ceiling of his career, and the further the development of this field goes, the more capital is struggling, and only the national players are left to play in the field, just like the TCI controlled by John Malone, the companies that cannot be scaled up, and the suppression is getting bigger and bigger.

In the process of looking for new investment areas to show his ambitions, the cellular phone business, which had just begun to emerge, came into the eyes of Craig McCaw, which had great commonalities with the operation mode of cable television, and was not valued by the capital predators in the early stage of development, which was just right for him to open up another battlefield.

In more than 10 years of running cable television, Craig McCaw has developed his own business – expand or perish, that is, grow through acquisitions. Rely on economies of scale to achieve business success.

At a young age, he was very good at cutting costs, and every time he bought a small company, he was able to make the financial statements look good quickly, and then get bank mortgages, which won the trust of many bankers.

At the same time, in addition to his own brothers, Craig McCaw also formed his own team at this stage, and really won over some people to work for him.

With these resources rushing into the burgeoning field of cellular phone applications, Craig McCaw is like a fish in water, and he is out of control.

……

Tang Wenmao speculated and said: "Perhaps, Craig McCaw's debt situation is not as bad as the outside world knows?"

"It can't be. Tang Huan shook his head, "The investment game of cellular phone is not only about acquiring operating licenses, but also about taking out real money to purchase equipment and form a realistic service network, the rules of which we know best." ”

Speaking of this, Tang Huan picked up a document and flipped through it again, and said slowly: "Craig McCaw's biggest initial fund came from $100 million from bankers who trusted him, followed by $1.3 billion raised through junk bonds, and then McCaw Cellular Company's IPO. $300 million was raised, and $600 million was soon raised in junk bonds. This shows how important junk bonds are in Craig McCaw's finances. ”

"It can be said that Craig McCaw has brought the situation to this point, and the banks and the major shareholders of those 'junk shares' no longer dare to 'wean', otherwise the huge amount of money invested before will be lost. ”

In addition, last year, Craig McCaw sold his cable stake for $775 million, and successfully brought TCI CEO John Malone to the board of directors of McCaw Cellular Phone. ”

Tang Wenmao calculated for a moment in his heart, and then said suspiciously: "Although TCI is one of the top giants in the American cable TV field, and John Malone is also among the billionaires, I am afraid that it still can't help Craig McCaw to support the scene." Otherwise, John Malone would not have dissuaded Craig McCaw from following up on the offer in the final stages of the LIN Broadcasting Cellular's Cellular License auction that day. ”

"So I said, Craig McCaw must have got another good card. Tang Huan groaned and said, "Perhaps, I should meet with him in person and test my tone." ”

Tang Wenmao patted the armrest of the sofa in annoyance, "In this way, when we met that day, this guy was most likely teasing me." ”

"It doesn't hurt to play with him, after all, people may hate us in their hearts. Tang Huan smiled and ordered, "You go and contact Craig McCaw again to see if we can talk to him in person." ”

……

During this period, Tang Huan's villa in New York welcomed a new guest, the Bush Jr. family.

1988 was another election year in the United States, and Ronald Reagan, the oldest president in US history who had been re-elected for two terms, was about to leave office in less than a year, and the current vice president, George H.W. Bush, intended to attack this throne again.

As the eldest son, George W. Bush had the duty to go around actively to help his father win support. Tang Huan has naturally become an extremely important public relations target, not to mention that the relationship between the two parties has been good for many years, and it is not abrupt to move around.

During the greetings, Bush Jr.'s twin daughters, Barbara and Jenner, leaned on Tang Huan's ear and asked, "Haven't Jin Chang and Jin Ge returned to the United States yet?"

Tang Huan laughed, "The two of them are so naughty, so I locked them up in that strange environment in Asia, and honestly read and study?"

"That's right......," the two little girls looked disappointed, "will they have a summer vacation?"

"It's up to them to perform. Tang Huan continued to tease the future American first thousand, "Otherwise, I won't even let me watch the Olympics." ”

……

There are lively children in the center to adjust the atmosphere, and the villa is suddenly a lot lively.

The topic of George W. Bush and Tang Huan quickly turned to this year's US election.

As a matter of fact, the elder Bush, who has a rich resume, can now be said to have accumulated a lot of experience after many years of operation, and the advantage of the election campaign is quite obvious.

In the primaries of the 1980 election, George H.W. Bush lost to Reagan. After that, he agreed to serve as the opponent's deputy, blocked the election, and finally won, serving as vice president for eight years during Reagan's presidency.

During this time, Bush Sr. tried to keep a low profile, and his main task was to attend various public events, large and small, including multiple state funerals, which were used as comedy material by the media.

The Sr. Bush's caution can be seen from the reaction to the March 30, 1981 assassination of Ronald Reagan, which was compared with the "inappropriate wording" of then-Secretary of State Alexander Haig that "I am now in charge," and the elder Bush, who was visiting abroad, refused his aides' suggestion to return to Washington by helicopter to take power directly on the grounds that he did not meet the specifications of the vice president.

Regardless of whether or not there was information provided by Tang Huan, who was at the scene of the incident at the time, it played a correct reference role, and the result was that Reagan and Bush Sr., two former opponents, had a great degree of mutual trust, and there were no major disputes during their term of office.

The elder Bush also personally chaired a special committee to remove more than 100 regulations that were considered obsolete and amend others, thereby reducing the size of the federal government in line with the "small government" proposition of Reagannomics.

On July 13, 1985, Reagan underwent surgery due to health problems, during which time George H.W. Bush took over Reagan's job as acting president, the first time in the history of the United States that a vice president temporarily served as president.

According to China's strategy, in the past eight years, Bush Sr. has tried his courage and recruited good karma. In this year's contest for the presidential nomination within the Republican Party, the long-awaited phenomenon reflects the value of this savings.

Seeing that Tang Huan was so obviously optimistic about his father, Bush Jr. was very happy, so he was also in the mood to chat about his oil business that had not been smooth in the past few years, and said with emotion, "The ceasefire of the Iran-Iraq war within the year is almost a certainty, and I don't know what kind of impact it will have on oil prices." ”

Coincidentally, while the two were talking about this topic, the assistant hurriedly delivered a newspaper with the words: The world's largest oil tanker, the Sea Giant, was hit and sunk by a missile launched by Iraq.

Seeing that the face of the richest man became a little ugly, Bush Jr. comforted: "It's just a boat, and to you, it's insignificant." ”

"Are you so enlightened?" Tang Huan muttered angrily, and snorted coldly in his heart, "These war maniacs, dare to bomb my ship, it's not that simple!" (To be continued.) )