The gambling agreement, Fang Xing likes it the most.

For others, winning or losing a bet, the other party wakes up and says that it is just the difference between stable and more stable.

In addition, the VAM agreement can also be signed in stages, for example, when the first stage data is reached, the terms of the first stage will take effect.

There can be a second stage, a third stage.

Of course, the further you go, the more difficult it is to achieve.

Gong Jianbin opened the first stage of the gambling requirements, in fact, the requirements are not high, as long as the drama filmed reaches the passing line, it can be achieved.

Of course, if the requirements are easy to achieve, it means that the benefits are not high.

If only the first stage of broadcast results is achieved, Ark Culture can still take a stake in Pea Video, but it can only acquire 10% of the shares, and it needs to be exchanged for the shares of Ark Culture.

With the current valuation of Ark Culture, it is also about 10 billion, which is basically a 1:1 share exchange.

With 10% of the shares, Pea Video can only be the fourth shareholder.

If it can only reach this level, Fang Xing is actually not very interested.

However, there are still two stages of the betting ratio in the future.

In the second stage, Ark Culture acquires 20% of the shares of Pea Video, but it also uses the shares of Ark Culture1; 1. Share exchange.

In fact, this condition can barely be agreed.

With the current development momentum of video websites, the valuation of video websites will continue to rise in the next few years, and it is easy to double or triple, or even triple or four.

Of course, the best strategy for investment and mergers and acquisitions is to obtain the maximum benefit at the minimum cost.

Therefore, the third phase of this VAM agreement is that Ark Culture acquires 20% of Pea Video, of which 10% is acquired with funds, with an amount of about 1.2 billion, and the other 10% is a share exchange.

It's just that the playback requirements of the third phase are a little outrageous, and other film and television companies will not consider the playback requirements of the third phase at all, and the playback volume of the second phase is already a big challenge.

In this VAM agreement, the overall framework can be signed, and what needs to be discussed is the details.

Of course, this merger and acquisition case is not negotiated at one meeting, and it is also necessary to discuss whether the merger and acquisition is beneficial to the company's development, and then calculate the price to spend on the merger, which is the most appropriate.

……

The reason why Fang Xing is willing to talk about mergers and acquisitions with Pea Video is mainly due to the development of Ark Culture, and the continuous output of film and television works really needs a stable broadcast platform.

The current largest shareholder of Wandou Video is Gong Jianbin and the second largest shareholder is Zhishu Group.

Therefore, in the investment industry, it is assumed that Pea Video belongs to a smart number company.

However, because Gong Jianbin is the largest shareholder of Pea Video, as well as the chairman and CEO, Pea Video has strong autonomy.

Pea video can be diverted from the Zhishu platform.

Traffic diversion is a baseline for current video websites, and only by maintaining traffic import can the number of users be maintained.

Penguin Video is the same, it needs to rely on other platforms of Penguin Group for traffic import.

In the current Internet environment, it is difficult for websites without traffic entrances to develop.

If Ark Culture acquires 20% of the shares of Pea Video, it will become the second largest shareholder of Pea Video, surpassing Zhishu Group in terms of shares.

This merger and acquisition case is a multi-party game.

And, for now, it's a win-win situation, and it's up to who wins more.

According to the three-stage broadcast volume requirements of this VAM agreement, to meet the second stage of the broadcast volume requirements, the interests of both parties are relatively balanced, if the third stage of the broadcast volume requirements are met, then Ark Culture will win more.

After an initial exchange of views, the first M&A negotiations were concluded.

……

After returning to the company, Fang Xing held a high-level meeting to discuss the feasibility of the merger and acquisition.

He Hongtian, director of the investment department, expressed his views first: "I think this merger and acquisition is feasible, the development of video websites has been rapid in the past two years, and watching TV programs on video websites in the future is the general trend.

"From the perspective of the company's resources, the development of Pea Video is very good, and there are high-quality content producers, Pea Film and Television.

"There is also a good traffic entrance, Zhishu Group.

Therefore, judging from the data of Pea Video, it is a high-quality investment project.

"In the investment industry, there is another strategy, and that is to invest in people.

"Gong Jianbin has known this person for a long time, this person has the ability, courage, and accurate vision.

"Pea Video is in his hands, and the development prospects will not be bad.

"So, I think this merger and acquisition case is feasible, and what needs to be discussed is a specific merger and acquisition plan."

Ben Jieren is the CEO of Nebula Special Effects, who joined the company in June last year and single-handedly pulled up the corporate framework of Nebula Special Effects.

The CEO of Nebula Special Effects was introduced by a headhunting company, Fang Xing met with him, and the two sides reached a unified goal, to be the strongest special effects company in China.

With this vision in mind, Ban Jieren joined Nebula Special Effects as CEO with a not too high salary.

Of course, he has options for nebula effects, and if the nebula effects can be developed, he will not get less.

One of the reasons why Fang Xing wants to invest in Pea Video is for the nebula special effects.

If Nebula special effects want to develop, not only do you need to spend money, but you also need to have a project to feed it to do.

As a newly established special effects company, there is no film and television company that will hand over important special effects projects to Nebula.

Therefore, Fang Xing needs to invest in Pea Video, and then feed the project to Nebula Special Effects from Pea's self-made drama and raise it.

The high-level meeting discussed a general direction, and basically determined the plan to invest in Wandou Video, and the specific agreement value was calculated by the investment department, the film and television production department, and the marketing department.

……

It's hard to hide about Ark Culture and Pea Video about mergers and acquisitions, and after two days, everyone who should know will know.

The most wary is the penguin video.

At present, Penguin Video ranks first among the three major video websites, relying on the support of the parent company behind it, but the self-made content has not been developed for a long time, resulting in great pressure.

In addition, there is not much difference in the strength of Taro Video and Pea Video.

Therefore, the competition between the three major video sites is very fierce, as long as one party stands still, it will be surpassed by the other two.

There is even a Xiangguo video in the back, and as long as the top three video websites have a few more stupid tricks, they may be surpassed by Xiangguo Video at any time.

Therefore, when Ark Culture and Pea Video talked about taking shares, Li Xueying was the first to feel the danger.

Li Xueying invited Fang Xing to drink tea as soon as possible, wanting to listen to the tone:

"Mr. Fang, is this really going to take a stake in Pea Video?"

"Mr. Li received the news so quickly?"

"The hottest film and television company in the industry talks about mergers and acquisitions with Wandou Video, one of the three major video websites, and the industry has to tremble for mergers and acquisitions of this level." Li Xueying teased first.

"I met with Gong Jianbin at least once, and it's still uncertain whether it can be done." Fang Xing replied casually, his expression seemed very relaxed.

Li Xueying continued to probe: "Is this what Mr. Fang said about strategic-level cooperation? ”

At the beginning, she wanted to broadcast "Dark Glory" alone, and what Fang Xing said was to carry out strategic cooperation with the company, which actually probably meant to talk about shareholdings.

With the later achievements of "Dark Glory", it is completely worth the strategic cooperation.

According to Li Xueying's years in the online video industry, she can be sure that if Penguin Video broadcasts "Dark Glory" exclusively, she can at least open up the gap between the two positions with Pea Video and Taro Video, and even completely open up the overseas market.

However, there are no ifs in this world.

Before the launch of "Dark Glory", Li Xueying and Penguin's viewing group only dared to say that this drama would be popular, but they didn't know that it would be popular to the extent that the whole network would kill it.

What's more, Penguin Video is not Li Xueying's final say, or even the president of Penguin Video, it depends on the face of Penguin Group.

"Actually, some things are predestined from the start. Pea Video can talk about shareholding because Gong Jianbin can call the shots and has courage. No one in Penguin Video can call the shots, so it's impossible to negotiate. Fang Xing spread his hands.

Li Xueying also had to admit this.

She has worked at Penguin Video for so many years and is very familiar with the investment strategy of Penguin Group.

When the Penguin Group sees a company, it will try to buy a stake in the company, but it will hardly sell a stake in a subsidiary.

In fact.

At the beginning, Xu Guangyi, CEO of Penguin Investment, expressed to Fang Xing more than once that he wanted to invest in the proposal of Ark Culture.

It's just that Ark Culture has developed very well, has not encountered bottlenecks, and has become a top company in the entertainment industry in one fell swoop, with only opportunities for other giants to invest.

After meeting Li Xueying, the next day, I received an invitation from Xu Guangyi.

Xu Guangyi is the CEO of Penguin Investment, and the Penguin Group's investment plans are all in charge of Xu Guangyi's team.

After all, they are old acquaintances, and the invitation still has to be met.

When Fang Xing met Xu Guangyi, Li Xueying accompanied him, and Qiao Zhongmin, the new CEO of Penguin Video, was also there.

After all, if the merger and acquisition of Ark Culture and Pea Video is negotiated this time, the most hit will definitely be Penguin Video.

Not only future film and television dramas, but also the copyright of previous film and television dramas may also change.

For example, "Wulin Gaiden" has been broadcast on Penguin Video for three and a half years, and has also dominated the Penguin Video Comedy Category List for three and a half years.

The copyright of this drama is signed for five years, that is to say, there is still one and a half years before the copyright of this drama has to be re-signed.

If Pea Video and Ark Culture reach a merger, then the copyright of "Wulin Gaiden" may not be available to Penguin Video.

There are also future TV series produced by Ark Culture, and if Penguin Video wants to compete, the difficulty will continue to increase.

If there are a few more TV series of the level of "Langya Bang", "Dark Glory" and "Hurricane", the development of Wandou Video will be very rapid.

Therefore, Penguin Video felt the crisis, President Qiao Zhongmin, Vice President Li Xueying, and Penguin Investment President Xu Guangyi invited Fang Xing to dinner together, wanting to listen to the tone.

"Mr. Fang is really stomping his feet, and the film and television industry has to tremble." Xu Guangyi made a joke first.

"I just planned the development direction of the company, but I didn't expect to alarm the three CEOs." Fang Xing answered with a smile.

"If you don't want to be alarmed, you can't do it, Mr. Fang is going to take a stake in Pea Video, and the pattern of the video website will have to change." Qiao Zhongmin, president of Penguin Video, sighed.

"I just started talking, and I haven't skimmed the eight characters yet." Fang Xing replied casually.

"Based on my general understanding of the other party, Fang Xing has always acted vigorously and resolutely, and the acquisition of Huahuo Media was a meal." Xu Guangyi teased.

"After all, that's an acquisition of 50 million, plus Boss Tao is easy to speak. This time it's billions of cooperation, how can it be so fast. Fang Xing said this, but in fact, when the investment department calculates the contract value, the merger and acquisition case can continue to be discussed.

If you want to be fast, you can be fast.

Xu Guangyi stopped going around the bend and took the initiative to ask: "Mr. Fang thinks that it is still possible for us to deepen cooperation?" ”

Fang Xing replied noncommittally: "This ...... It depends on how to cooperate. ”

Xu Guangyi continued: "Our group has invested in Ark Culture. ”

Fang Xing shook his head: "This proposal, Mr. Xu seems to have mentioned it for the fourth time. ”

Xu Guangyi shook his head: "Mr. Fang listened to me, this time it is a premium, and the premium is very much." The valuation can reach this number. ”

As he spoke, he stretched out a finger and patted it on the back of his hand, then opened his five fingers and slapped it again.

Fang Xing understood what he meant, this is a valuation of 15 billion for Ark Culture.

At the moment, Ark Culture has not really entered the investment industry, so all valuations are only calculated through calculations.

The valuation given by the investment industry to Ark Culture is currently about 10 billion.

This valuation is actually not low.

Because Radiance Entertainment belongs to Fang Xing and Tong Fei, and does not belong to Ark Culture, Huahuo Media is indeed a subsidiary of Ark Culture, but at present, there is only one popular artist, Wang Kai, and the valuation will not exceed 80 million.

Nebula Animation and Nebula Special Effects are indeed subsidiaries of Ark Culture.

However, Nebula special effects have only been established for a long time, and the special effects company is very money-burning in the early stage, if it can't develop in the end, it will be a pure loss.

Therefore, when calculating the valuation, Nebula effects are negative assets.

Besides.

Fang Xing is in his hometown of Baitang Town, and there is also a Linjiang Immortal Resort under construction.

This resort villa is held by Fang Xing personally, and part of the shares have been transferred to Fang's father and mother.

In addition, Fang Xing also has a 20% stake in Songshi Records.

In this way, the valuation of Ark Culture is basically only the valuation of the three companies of Ark Culture, Nebula Animation and Nebula Special Effects, and the valuation of 10 billion is considered to be very accurate.

Of course, this 10 billion valuation does not include Fang Xing's personal value, as well as the potential of Nebula animation and Nebula special effects.

If it is only valued at 10 billion, it is impossible for Fang Xing to agree to Penguin Group's investment.

It's just that Fang Xing didn't expect Xu Guangyi's valuation to be so premium.

In fact.

For investments like this, where one party takes the initiative and the other party does not get a cold, the premium is inevitable.

It's just that Xu Guangyi opened a valuation of 15 billion, and the premium is too much, a full 50% premium.

Because the premium was too much, Fang Xing didn't know how to answer for a while: "This ......"

Fang Xing was indeed startled at first, causing a momentary short circuit in his brain, but he quickly figured it out.

Penguin Group has such a premium that it will definitely add restrictions to the contract, such as limiting how many film and television dramas Fang Xing will shoot each year.

"Mr. Xu, thank you for your love, it's just that Ark Culture is indeed not short of funds, so there is no need for investment."

Fang Xing is now ready to acquire the shares of the video website, and there is no shortage of funds at all, so there is no need to invest.

Penguin Group has invested in a lot of companies in the field of entertainment, from live broadcast to film and television, to short video, and has invested in various fields.

That's because these companies, when they expand the market in the early stage, need to burn money like crazy, and they can't support it without investment.

However, the development of Ark culture does not need to burn money, and even the bank loans applied for are not much, and bank loans are used for the second phase of the headquarters park.

Therefore, even though the premium of the penguin was very high, Fang Xing still refused.

(End of chapter)