Chapter 499: Chapter 499

Tottenham’s loss disappointed Richard, but not enough to make him lose his motivation for FA Cup revenge.

Since he was already in London after the bitter defeat at White Hart Lane, he decided to stay.

"I happen to be free today. Let’s arrange it and see if we can have the interview this afternoon." he said to his analyst.

"Okay, I’ll contact them."

While his analyst made the phone call, Richard flipped through information about audio compression technology.

At this time, not only were smartwatches nonexistent— even smartphones hadn’t been invented yet—making their release seem like a distant dream. He recalled the Walkman he had once given Drogba as a gift.

The roots of audio compression, such as reducing redundancy in sound signals, could be traced back to the 1960s and 1970s, through research in psychoacoustics (how humans perceive sound) and digital signal processing. There wasn’t much information available besides the patents themselves, and the fact that the technology originated from the Fraunhofer Institute in Germany.

"Come to think of it, it’s about time MP3 players start appearing," Richard mused.

The name "MP3" didn’t have any deep meaning— it simply came from the Moving Picture Experts Group (MPEG), with the "3" referring to the third subcommittee responsible for audio. When you think about it, the name was slapped together so casually it was almost funny. Yet no one at this moment could have imagined it would become the beating heart of both the music industry and the digital revolution.

"Europe will be the first to commercialize MP3 players, and later Asia will become a major market for MP3 devices and digital music," he noted.

The unfortunate reality, however, was that even when brilliant inventors or promising startups emerged, they rarely received the support they needed. Many withered away before reaching their full potential.

In Asia, for example, relentless competitors quickly caught up and overtook many startups, snatching away the markets those pioneers had created. Now, with Apple in his hands, Richard thought, ’This business is far too lucrative to ignore.’

The main advantage was obvious: even at its lowest point, Apple was still a giant in Silicon Valley—an experienced veteran despite its failures. Meanwhile, many later MP3 manufacturers were merely small and mid-sized companies, with the exception of Sony or Samsung—never big enough to compete on equal footing.

It wasn’t an exaggeration to say that the iPod single-handedly revived Apple, pulling it back from the brink of collapse. The MP3 player industry was a goldmine—an untouched treasure trove.

As Richard pondered how to stake his claim in this golden opportunity, his assistant finally returned.

"Sir, Mr. Fink is waiting," the analyst reminded him.

Richard closed the folder. "Send him in."

"Good afternoon, Mr. Richard."

Larry Fink’s voice was steady and confident. His English carried the clear cadence of an American educated on the West Coast—polished, but never pretentious.

"How was your trip from America? Getting used to London?" Richard smiled as he shook his hand.

Mortgages. Structured finance. Early securitization theory.

Larry Fink—highly technical, almost obscure for this era. His track record was impressive as well: a BA in Political Science from UCLA, followed by an MBA in Real Estate from the UCLA Anderson School of Management in 1976.

It could be said that through their conversation, Richard had gained a clear impression of Larry Fink’s background and character.

Larry had grown up as one of three children in a Jewish family in Van Nuys, California. His mother had been an English professor, while his father owned a modest shoe store. Humble beginnings, but the sharpness in his eyes told the rest of the story—this was a man who had built himself from the ground up.

"I have one last request, sir," Larry Fink suddenly said.

"Instead of your proposal for me to join as Director of Maddox Capital," Larry said carefully, "I want Maddox Capital to create a new subsidiary—and for me to run it as its CEO and director, where I can operate freely."

Richard interest immediately piqued. "Go on."

Larry continued, more confidently now. "And sir, don’t worry—I’m not planning to leave Maddox Capital. But from what I’ve seen so far, Maddox focuses heavily on investments in startups and small companies. The new subsidiary I want to build will focus on something different—investment management and asset management on an institutional scale."

He paused, letting the distinction sink in.

"If Maddox Capital is the spearhead for early-stage investment," Larry said, "then this subsidiary will be the shield and engine—managing assets, handling portfolios, structuring financial products, and attracting long-term institutional clients. Pension funds. Insurance companies. Endowments."

Richard folded his arms. ’Why does this feel like déjà vu?’ he wondered.

"I want full operational freedom," Larry continued. "The ability to build a team, design systems, create products, and pursue clients my way. But let me build the foundation first."

"And what," Richard asked, "do I gain in return?"

Larry met his gaze head-on. "A billion-dollar asset manager. And eventually... something much, much larger."

A small smile tugged at the corner of Richard’s mouth. "And what do you plan to name this subsidiary?"

Larry hesitated, as if weighing the significance of the moment. "Let’s start simple... BlackRock?"

Before Larry could gauge the reaction, Richard suddenly stood up and extended his hand.

Seeing this, Larry’s heart sank. That’s it, he thought. I pushed too far.

He sighed inwardly and returned the handshake, assuming Richard was politely rejecting him. But instead, Richard asked calmly. The latest_epɪ_sodes are on_the NoveI[F]ire.net

"One last question, Mr. Fink—when can you start working?"

Larry froze, stunned. It took several seconds before he understood what Richard meant.He had passed the interview. He was being hired.

He... was going to be a CEO.

"I can start right now," Larry said quickly.

"There’s no need to rush," Richard replied with a small laugh. "I have an appointment after this. Get yourself settled in London first. Let’s begin next week—no, actually, scratch that. You should come with me to the meeting."

With no other choice, Richard ended up bringing along one more person than originally planned to his upcoming meeting with the representatives of The Independent.

First things first: the briefing.

"This is everything we could gather on short notice about The Independent and its current owner, Independent News & Media (INM)..."

Richard sat quietly as his analyst laid out the folders, with Larry Fink beside him.

The Independent was founded in 1986 by three former Daily Telegraph journalists.Its debut was explosive: in its first week, circulation hit 500,000 copies, before stabilizing around 330,000 a month later.

But by the late 1980s, cracks began to form.

Internal disagreements among the founders, a lack of long-term funding, and escalating operational costs pushed the paper into trouble.

In 1994, the Mirror Group and Independent News & Media (INM) stepped in, taking joint control of the paper. By 1998, INM had become the sole owner and the current situation was bad.

Among the UK’s four major national newspapers, The Independent was performing the worst. Circulation continued to fall. The finances were even worse.

"According to our analysis," the analyst continued, "The Independent has been in the red for several consecutive years. Last year, its losses exceeded £10 million for the first time."

INM had long been rumored to want to sell both The Independent and The Independent on Sunday—two heavy burdens dragging down the group’s accounts. Offloading them would free up capital and management attention for INM’s more profitable ventures.

It wasn’t for a lack of buyers. Several parties had approached INM before.But every negotiation collapsed over one issue:

How to deal with The Independent’s massive accumulated debt.

No buyer wanted to swallow that poison pill... and fortunately, Richard happened to be carrying the antidote—America Online shares. (AOL.)

"How much is the current debt?"

"It’s very bad. The debt they’re carrying is now over £20 million. Moreover, the newspaper has tried various methods but still can’t stop the continuous losses—"

"Understood," Richard cut in. "Let’s go to The Independent headquarters."