The sudden acquisition offer made Carl Icahn smell something off.
He felt like his intentions toward Time Warner had already been discovered?
But… he had no proof.
Just a sixth sense.
A hunch born from instinct.
Or rather, based on his years of robbery experience: every time someone touched his trap before he attacked his prey, that hunt usually ended in failure.
In the worst cases, he'd even been counter-ambushed by his targets before.
The exploding counterattacks had nearly bankrupted him more than once.
So when Lionsgate CEO Jon Feltheimer told him Isabella had already set her sights on the bait he hadn't even thrown out yet… he knew something was wrong.
But in the eyes of Ted Turner and Steve Case…
"Oh? Isn't that a good thing, Carl?"
That night.
The duo met with Wall Street's Wolf at a private club in New Jersey.
After hearing Icahn's account, Steve Case started laughing.
"We know Kevin Feige went to the UK. He told us before he left. Personally, I think Isabella reaching out to Lionsgate is proof she really likes Marvel. Or maybe Kevin Feige's plan."
"For us, that's good news."
Steve Case's excitement made Carl Icahn squint.
He wanted to reply: Whether Isabella likes Marvel is totally irrelevant to me, that's just a "good thing" in Steve Case's head…
But considering they were allies now, and he needed their support to carve up Warner, Icahn swallowed the sarcasm back down.
He swirled his glass.
The perfectly round ice ball clinked sharply inside the whiskey.
"You're sure Isabella's move is just a spontaneous whim? Just because she likes Marvel?" he asked.
"Absolutely!" Steve Case nodded.
"Got proof?" Icahn wanted something to ease his nerves.
"Does this even need proof?" Case shrugged. "It's obvious at first glance."
"…" Icahn pressed his lips together and resisted the urge to curse.
"Uh… Carl… we actually do have proof…"
Perhaps noticing Icahn's impatience
and also equally annoyed by Steve Case's hick-like behavior,
Ted Turner intervened.
"Last year—well, actually the year before—when Return of the King failed to become the year's box office champion, Robert Shaye, the CEO of New Line (which I control), resigned…"
Ted Turner laid out how Warner had quietly asked Lionsgate about selling Marvel rights to Isabella.
Once he presented clear evidence—down to the exact month and timeline—proving Isabella's actual fondness for Marvel, Icahn finally exhaled.
"If that's the case… Okay, I'm fine with it."
But at the same time, he didn't want to wait too long. Night was long, dreams were many. He wanted to strike now.
"How much longer do you need?"
"Ted, Steve, even if this is our first time working together, you should know I'm not the procrastinating type. So… do we do it? Act now? Publish the news tonight?"
In most cases, the moment he finished building his position was the moment he swung the blade.
The only reason he hadn't struck yet was because he was waiting for Ted Turner and Steve Case.
As always, he wasn't a magician.
Without cooperation from a target company's shareholders, he couldn't rob a company.
And his impatience…
"Uh, Carl… we still need a bit more time," said Ted Turner.
"Kevin Feige just made contact with Isabella. He hasn't fully pulled her into Marvel's camp yet. If we attack now, Barry Meyer might still reel her back in."
"Exactly," Steve Case added.
"As soon as Isabella invests heavily in Marvel, or if her work on the Marvel project becomes too deep to walk away from, then we can strike and carve up Time Warner."
"So… we need to wait a little longer…"
Their reasoning was flawless.
Once someone invests time and energy into a project, cutting ties becomes harder. Not everyone can act against the sunk cost theory.
When that's the case, recruiting someone during that stage earns the 'catch-them-off-guard' buff.
So after hearing them, Icahn instinctively nodded. He agreed.
He even took another sip of whiskey to suppress his impatience.
Then he said, "So make Kevin Feige hurry up and sweet-talk Isabella into greenlighting Iron Man…"
But before he finished the sentence…
Icahn froze.
"Wait… no—"
He frowned and stared at them.
"If we don't act now, then what do we do about Lionsgate?"
"Just reject them?"
"We can't!"
"Because if we reject them, Isabella—who's clearly interested in the MCU—might stop investing in Iron Man entirely."
"And of course, the most likely outcome is that she'll launch a hostile takeover and publicly announce collaboration in the media. And if that happens… once Lionsgate hears about it, our movements will be exposed. Barry Meyer will know exactly what we're planning to do to Time Warner."
"But if we don't reject them…"
"Delay them?"
"Can't do that either!"
"So…"
"You two didn't… from the start… plan to make me SELL Marvel's rights to Isabella… did you?"
With a sudden piercing gaze, Icahn's eyes lit up.
In this moment, his sharp nose smelled the trap.
He realized they were setting him up.
And his words made Ted Turner and Steve Case laugh.
"That's right, Carl. Don't you think selling the rights to Isabella is the best way to win her over?"
Ted Turner nodded.
"Once she holds massive Marvel rights in her hands, she won't be able to, and won't have a reason to, embrace DC. At that point, we'll easily pull her to our side."
"As for how we recruit her without owning Marvel rights ourselves…"
Ted Turner dragged his voice out.
Steve Case cut straight in.
"Carl, you haven't managed Marvel in years. So… would you sell us your Marvel equity?"
"Once Isabella has all the rights, she can make movies immediately. But…"
"You've seen her business reports, haven't you?"
"She's a very smart girl."
"Probably inherited her father's business instincts. All her ventures are built on full-spectrum intellectual property. Not like normal people who think making one thing perfect is enough to make money."
"The Voice is full industry chain. Her cartoon beaver is full industry chain. And only after she embraces Marvel can she extract the biggest value of Kevin Feige's cinematic universe plan."
"That means merchandise."
"That means theme parks."
"That means video games."
Steve Case stopped speaking.
He picked up the bottle and poured whiskey into his empty glass.
The soft sound of liquid pouring, like icy rain, made Icahn's pupils contract.
They were right.
In the circle of billionaires, Icahn's status might be higher than theirs—but billionaires don't bow to billionaires.
When there's no class divide, respect is always limited.
So yes, they wanted to team up with Icahn to dismantle Time Warner and kick the Rothschilds out. But partnering doesn't mean handing over the keys to the kingdom.
In their eyes, Icahn's Marvel stock was a loaded gun pointed at them.
The logic was simple:
Icahn's Marvel shares were the leverage to bind Isabella to them.
If they didn't personally hold that leverage, Icahn could leash them forever.
Once the feast ended—if Icahn still had Marvel shares—then in the future, whenever he needed media support, he could use Marvel to force them to comply.
Simple terms: whenever Icahn attacked a company, he needed media to broadcast, "I'm doing this for justice. I'm protecting shareholders." Only then he could rally retail investors.
So long as Isabella loved Marvel…
So long as Ted Turner and Steve Case still needed her help to boost performance…
As long as that was true, Icahn could use Marvel to threaten them.
And Time Warner could be forced to serve him.
And his leverage could last at least five years.
Because HP wouldn't be over for another five years at least.
And if Marvel rose during that time?
They'd be in an even worse position.
When their entire game was to become lords of Time Warner, their greatest triumph would also bring their greatest risk:
They'd be giving themselves a new emperor above them.
A wild father figure.
That's idiotic.
So, in their minds, the perfect cooperation with Carl Icahn meant:
Icahn sells Marvel shares to THEM.
They'd just been waiting for the right moment to say it.
They knew he wouldn't walk away after investing heavily.
They knew he wouldn't drop the plan to carve up Time Warner.
And if he didn't walk away, then once he sat at the table, they would be forced to be threatened by him.
So…
"Oh… Ted, Steve… are you robbing me now?"
The moment he caught their true intent, Icahn laughed.
But his heart pounded furiously.
It was anger.
He admitted it.
Just like they guessed, he did want to keep controlling Time Warner after the deal.
But he never imagined… not in a million years… that during the first step of their deal,
they'd already drawn a knife on him.
Trying to reverse the trap on him.
Honestly…
"These two bastards deserve hell."
Icahn's eyes were blazing.
"Carl, now that is a funny joke."
Ted Turner and Steve Case actually laughed.
"How would we dare make a move against you?"
"We're just here to talk cooperation. Better cooperation, that's all."
"Hah—" Carl Icahn let out an angry laugh.
Truth be told, right now he wanted to smash his wine glass across both their faces.
But he couldn't.
Because he'd burned too much money on tearing apart Time Warner.
And a lot of that money was borrowed through financing.
When this war had to be fought, he was the one with no way out.
So…
"Fine… fine… I'll take this deal…"
Carl Icahn nodded slightly, a bloodthirsty smile appearing on his face.
"I can sell you my Marvel shares at today's market price. But this deal will take time, because I'm currently acting in concert with several other shareholders. I need to cancel those contracts first."
"Oh, that's fine. But we'd also like to meet those shareholders."
Steve Case raised his glass and lifted an eyebrow. "Carl, could you introduce us?"
"Gladly."
Carl Icahn raised his glass and clinked it gently against theirs.
That 'ding' was the sound of cooperation continuing
The sound of Icahn going into hibernation
And the sound of Ted Turner and Steve Case proclaiming victory…
After downing the sharp liquor in one gulp, Carl Icahn added, "Since we've finished everything, I hope the breakup of Time Warner can move quickly. I don't want to waste time on this, okay?"
"Okay." Ted Turner smiled. "On the day the deal closes, we'll get to work immediately."
Since the old foxes had finally come to an agreement… well… who knew whether they still had more schemes waiting. But that didn't matter. As the three parted, Lionsgate received the highest order from the Wolf King.
When Lionsgate's CEO Jon Feltheimer learned that Carl Icahn wanted him to sell the Marvel rights Lionsgate was holding on his behalf to Isabella, he was completely stunned.
He honestly couldn't understand what on earth Icahn was trying to do.
"Is this guy out of his mind??"
Feltheimer complained out loud.
But even with doubts in his heart, he still followed Icahn's instructions and contacted Beaver Productions.
When Isabella learned that Lionsgate had decided to package and sell over twenty Marvel rights for 20 million… the sudden contract left Isabella equally stunned.
"…Wait—so Kevin Feige was lying?"
She frowned and looked toward her mom.
Vivian also thought something was off. The day she spoke with Kevin Feige, she'd specifically watched his body language while talking. He didn't seem like he was lying.
But…
"Uh—from what we're seeing now… it kind of looks that way."
Vivian nodded in agreement.
However, the next second she added: "But I think something's wrong. Lionsgate sold way too fast."
"Last year, when Warner asked for a price, they weren't willing to sell. And this year they suddenly sell everything? It's hard not to think someone is setting a trap for us, and because they were afraid we'd notice something was wrong, they were forced to give up those rights."
"Hissss—"
Isabella agreed her mom had a point.
"Wow—mom—business really is kind of annoying—"
The girl felt her brain swelling painfully.
Vivian wanted to help her but her own ability was limited. So…
"Call Barry Meyer. A lot of things can only be handled by professionals."
Isabella accepted that idea. After calling Barry Meyer, the man who'd spent decades in corporate palace intrigue had the same instinct as Vivian: Lionsgate was acting suspiciously.
"Lionsgate sold too fast. As if they can't wait to shove the rights into your hands. That's not normal behavior."
"And from their viewpoint, they could have proposed a co-development deal. But they didn't. Which means right now, the Marvel rights might not even belong to them. They're just selling it on someone else's behalf."
"Therefore, my advice is: keep testing. Release news that you're not going to make Resident Evil."
"And releasing that news now would be very natural, since you just picked up a bunch of Marvel rights."
Barry Meyer's suggestion resonated strongly with Isabella.
But Vivian had one more question. "Barry, may I ask you something?"
"Sure, Mrs. Haywood. What do you want to ask?"
"I want to know how you see Carl Icahn targeting Time Warner. If I'm not mistaken, since we first talked about this, you never actually analyzed what Carl Icahn's end goal might be. We all know that when he targets a company, it's to break it apart. But there are many kinds of breakups: spin-off listing, asset sale, or even total liquidation."
"So…"
"Do you think that's unimportant? Is that why you never brought it up?"
Isabella was surprised her mom pointed that out.
Because she hadn't even considered it.
Well…
Okay.
That was her making the classic rookie mistake.
What could she do? Her past-life memory told her the breakup of Time Warner happened after the Avengers…
And Carl Icahn wasn't involved in that one.
So she instinctively assumed Barry Meyer didn't want Time Warner to be split up.
But from her mom's perspective…
"Oh, Mrs. Haywood. Since you brought it up… how do I put it? From my viewpoint, honestly, AOL is basically dead weight for Time Warner. So cutting it loose might actually be better."
Barry Meyer laughed over the phone.
He stopped pretending and spoke plainly. "And I'll go even further. Back when AOL acquired Time Warner, I represented the Ross family and voted against the deal. We didn't support it. Ted Turner and the Time Warner people were the ones who forced it through."
"Because they believed the internet was the future."
"Because they believed Disney had already taken the lead."
"They thought if they didn't act now, they'd fall behind."
"Of course, from our perspective, their real plan was to dilute our shares through a merger, kick us off the board, and take control…"
Back in the late 90s, Hollywood capital had its eyes on the internet. They thought online communities were the future of media.
And the first Hollywood company to embrace the internet was Disney.
They created a search site called Go.com
And used it as a shell company to swallow Infoseek, the biggest search engine at the time.
It was Michael Eisner who triggered an internet arms race in Hollywood. So Warner rushed to embrace AOL. They were fighting for the title of "world's largest media group."
Eisner fought because he had a bet with Disney's board.
If he could get the company to a $100 billion market cap, he'd get a $5 billion salary.
Classic play.
Ted Turner fought because…
Just like Meyer said, once AOL acquired Time Warner, the Ross family's shares would be diluted, and Ted Turner would become the biggest shareholder.
Motives: profit and ambition.
Then both companies fell into the pit.
The collapse of the internet bubble slashed Go.com's value by 75 percent in three years.
And Warner? Completely blown up.
Because the bubble wasn't popped by internet companies failing to make profit. It was because service providers built out huge internet infrastructure… then realized user adoption wasn't as high as hyped.
AOL's core business was providing internet access. So after they sank massive funds into fiber… they couldn't make money, and were drowning in debt. So of course they blew up Warner too.
But none of that matters now.
Because back then, Warner's camp actually opposed the AOL deal. So today, Barry Meyer is the one most eager to remove AOL from Time Warner's body.
The reason is simple.
First: return Time Warner to its proper path.
Second: regain control.
"AOL is only worth about 10 billion right now."
"But it's also saddled us with over 7 billion in hidden debt."
"So if we split it off, Time Warner could soar again."
"And once that happens… you know why I've never actually joined the board of directors?"
"Because AOL–Time Warner's headquarters is in New York, while all Warner's divisions are in Los Angeles. Film, music, TV, even some DC departments."
"If I join the board, I'll constantly be flying back and forth."
"That makes it harder for me to take control."
"So yes, Time Warner and AOL must be separated. That way, I might get the chance to move headquarters to Los Angeles."
"That's right. You didn't say it, but I know what you're thinking."
"If things allow it, I might even become Carl Icahn's ally."
"I can unite with Carl Icahn to kick Ted Turner and Steve Case out."
"But before we talk further, I need to know: what terms did Icahn and Turner agree on?"
"If it's spin-off listing, letting him cash out and leave, then I can work with Icahn. But if it's asset liquidation… then I could use the proceeds to buy back the shares from Icahn directly. He'd make even more money that way…"
War. Is it danger or opportunity? Depends on your angle.
If you face it head-on, it's terrifying.
But if you hover above it… you see the chances.
Most people can't do that. But players can.
Like they say: a corporation is a miniature society. At the top, all you see is numbers. Once life gets flattened from three dimensions to two, why would the people below matter to them?
"Barry Meyer is ruthless."
As the call ended, Vivian sighed.
In her view, someone who could read crisis as cooperation was someone who'd pursue power at any cost.
But…
"Luckily we never tied ourselves completely to Time Warner, right?"
Isabella smiled. "Our variety shows and animation are at Disney."
"Oh? So you think Robert Iger is a good person?"
Vivian rolled her eyes.
Isabella burst into laughter.
Right. A man aiming to be king of Disney isn't going to be a good person.
"This society is way too complicated. Totally not for me."
Isabella stretched lazily and hugged her mom.
"Mom, I think… sometimes you really need to take on more of the parent responsibility."
Vivian smirked. "Isabella, your sister Catherine is right about one thing."
"What thing?"
"Whenever you don't want to deal with something, but it's still important, you just throw it at us."
"…"
"heh heh heh heh…"
Isabella started laughing.