Chapter 280 — Times–Mirror
In the United States, broadcast television was still dominated by the "Big Three" networks—ABC, NBC, and CBS.
Even Fox, the fourth-largest, still lagged behind them in overall reach.
But in the news sector, CNN had already surpassed the traditional broadcast networks in viewership.
Beyond that, television was split into two major categories:
Basic cable networks like AMC, USA Network, and Sci-Fi Channel — primarily subscription-based, but still running some advertising
Premium cable networks like HBO, Showtime, and Bravo — fully subscription-driven, with no ads
---
That evening, at the The Peninsula Beverly Hills, Aaron attended a reception and ran into Otis Chandler, chairman of the Times Mirror Company.
As the owner of the Los Angeles Times, Chandler was unquestionably a titan of the newspaper industry.
---
"Aaron," Chandler said with a smile, "I didn't expect you to take an interest in newspapers. Young people these days usually don't."
With Dawnlight's aggressive acquisition of the Houston Post and its stake in the Los Angeles Daily News, Aaron had effectively become a new media baron.
Aaron picked up a glass of wine from a passing tray.
"Where there's profit, there's always interest," he replied calmly.
"And newspapers are still quite profitable."
Beyond direct revenue, their political influence was even more significant.
The Chandler family, through the Los Angeles Times, held a position on the West Coast comparable to the Graham family with the The Washington Post.
---
Chandler studied him, visibly impressed.
"Film, television, newspapers… In just a few years, you've become one of the most influential figures in America."
Then he chuckled.
"The Hearst Corporation has had its eye on the Houston Post for a long time. Didn't expect you to step in halfway."
"Competing with the Houston Chronicle won't be easy."
Aaron shrugged.
"Does Dawnlight look like it's afraid of competing with Hearst?"
In recent years, Hearst had been diversifying—selling off newspapers while expanding into film and television.
But outside of publishing, Dawnlight already outmatched them across the board.
---
Chandler nodded thoughtfully.
"That's true. In Hollywood, Dawnlight has been unstoppable these past few years—even the Big Six studios can't ignore you."
The numbers spoke for themselves:
Box office
Home video and laserdisc sales
TV licensing
Merchandising
Dawnlight's annual revenue had already exceeded $4 billion, second only to the major studios—and far ahead of other entertainment companies.
It was also one of the Los Angeles Times' most important clients, which made maintaining a good relationship with Aaron essential.
Not to mention, Hearst's San Francisco Chronicle remained the LA Times' biggest West Coast rival.
---
Aaron shook his head slightly.
"Hollywood still doesn't belong to Dawnlight… not yet."
He still couldn't let go of one thing—
being excluded from the MPAA.
"Oh, by the way," Chandler added suddenly, "I heard Dawnlight is planning to launch a fashion magazine?"
Aaron nodded.
"That's right. We're partnering with Victoria's Secret."
"A women's fashion magazine—tentatively titled Victoria."
---
Chandler's interest sharpened.
"In that case… would Dawnlight Publishing be interested in collaborating with us to launch a lifestyle and entertainment magazine?"
Otis Chandler wanted to build an entertainment magazine strong enough to compete with Vanity Fair and Entertainment Weekly—titles backed by major publishing giants.
Aaron's eyes lit up slightly.
"An entertainment magazine?"
He was definitely interested. Dawnlight had already considered entering that space—though its current focus remained firmly on film and television.
After all, Aaron understood the long-term trajectory:
the rise of the internet would inevitably erode traditional print media. Profit from newspapers and magazines wasn't his priority—influence was.
That was precisely why, after acquiring the Houston Post, he had already begun restructuring—selling off printing operations and pushing toward digital expansion.
Still, with the Los Angeles Times eager to collaborate, Aaron had no reason to refuse.
"We can move forward with this," he said.
"I'll have Karen McKee handle the details."
Then, Chandler dropped a bombshell.
"Michael Eisner has been hospitalized. Serious condition."
Aaron paused, rubbing his chin.
"Eisner's always had heart issues…"
Chandler smiled faintly.
"This time might be worse. I've heard he's been secretly meeting with Barry Diller and Michael Ovitz."
"If something happens to him, one of those two could take over Disney."
Aaron's expression remained calm.
From what he remembered, Eisner would remain in control of The Walt Disney Company for years to come—well into the 2000s.
Besides, Jeffrey Katzenberg hadn't even left Disney yet to form DreamWorks with Steven Spielberg and David Geffen.
Eisner wasn't going anywhere anytime soon.
"What interests me more," Aaron said thoughtfully,
"is who'll take the role of president."
"He may be acting as president now, but he can't handle everything alone."
"He needs someone like Frank Wells—someone to stabilize operations."
"And given his conflict with Katzenberg… finding the right replacement won't be easy."
---
Chandler shrugged.
"Michael Ovitz seems like the obvious choice."
"CAA is successful, sure—but it's nothing compared to running a major entertainment conglomerate."
"If Ovitz joins Disney, Wall Street will feel reassured."
"Eisner fears Katzenberg because he's too capable."
"But Ovitz? He's an agent. He doesn't have the same depth of experience running a studio."
"In other words—he won't be a threat. Not anytime soon."
Aaron let out a faint sigh.
"Still… it's a pity about Katzenberg."
"He's very capable."
But that was also the problem.
He was too ambitious—and not quite farsighted enough.
In today's media landscape, film production alone wasn't enough.
The real power lay in the entire value chain:
Theme parks
Consumer products
Brand ecosystems
That was the foundation of Disney's empire—something Katzenberg hadn't fully grasped.
And that was why, in the end, he would lose.
Want faster updates? Send those stones my way—the more, the merrier. Read early at [email protected]/A_divin5