The Times
***
Acclaimed as Yeouido's top student in economics, the Korean economy had firmly ridden the wave of growth. Following the post-1988 Seoul Olympics boom, newspapers embarked on unprecedented expansion. In an era without the internet, mass media consisted solely of TV, a handful of newspapers, and magazines. Their promotional power was bound to be immense.
To attract more advertising, publishers opted for thicker editions, increasing page counts. By 1991, ad spending surpassed 1% of GNP. As funds skewed heavily toward media, news outlets ballooned in size. The starkest example was Seyoung Newspaper. From 1980 to 1989, total sales were 85.9 billion won; yet 1990's operating profit alone hit 168.7 billion. No further explanation was needed for such staggering growth.
To capture both capital and public opinion, they acquired Yeonggwang Ilbo, rebranding it as The Times and relocating to Yeouido to dive into full operations. Now, they had to erase the dusty old name "Yeonggwang Ilbo" from readers' memories. To herald The Times' debut, they needed an unforgettable, powerful first impression. The inaugural issue's importance went without saying.
Freed from Namdo Group's grip, the journalists hustled about with bright faces despite their packed schedules. President Jo was no different, buried in work. Clutching a mountain of documents, he headed to the 15th-floor executive office where Min-ho waited. With just one week until the launch, Min-ho, President Jo, and Attorney Choi kicked off their morning meeting.
As per Min-ho's instructions, President Jo detailed past operational policies and article selection criteria.
"That concludes my report."
Min-ho, who had been poring over documents, finally responded.
"Isn't covering every field inefficient?"
"I apologize, but without this, we can't match the full range of our competitors."
"Why do we need to cover everything?"
For President Jo, it was just routine—no special reason. Flustered by Min-ho's question, he took a sip of water before replying.
"A newspaper must cover society, economy, politics, and all sorts of incidents. It's unavoidable."
"It doesn't have to be that way. It's just habit—comfortable because it's familiar."
"Pardon? What do you mean?"
Min-ho pulled out a newspaper he'd bought at a newsstand on his commute.
"People pay for this. What do they want to see?"
"Naturally, topics they're interested in. Today, that'd be the Namdo Chemicals story."
"This paper barely touches Namdo Group news. Why do you think that is?"
"Unless it's a feature, we can't devote full pages to it."
"You know all the right answers."
The Times was clearly a latecomer. Ahead loomed the mighty Big Three dailies, their publishers dubbing themselves "presidents of the night." To surpass them required a different approach.
Min-ho boldly tore off the back sections of the paper in his hand, leaving only politics, economy, and society pages.
"People want specific things. They'll find the trivia elsewhere without us printing it."
"Focus and selection, then?"
"We'll cut the unnecessary ruthlessly."
"I understand, but society pages must mention various incidents..."
Sticking to the vague, watered-down positioning of old would stifle growth. To amplify influence, The Times needed a bold, unique identity.
"It's the content that matters, not the ribbon on the package."
"I know, but we can't escape advertisers' pressure, so we run diverse stories."
"What if advertisers were secured?"
President Jo hadn't anticipated Min-ho's words. After a long pause, he answered.
"If so, we'd deep-dive into subscribers' interests and expand pages."
"Exactly. We'd attract more ad revenue too. And then?"
"Quality would rise, and circulation would climb substantially, I'd wager."
Min-ho's rivals were the Big Three. Gaining influence meant overtaking them. Selective focus was key to wielding massive sway.
"Dedicate 90% of pages to politics, economy, society, and entertainment. Expand as needed—give readers what they crave."
"Really... we can do that?"
"I'll handle management. Focus on the journalism, no minor worries."
"Understood. What about digging deeper into Namdo Chemicals?"
"Not just chemicals—the whole Namdo Group. Bury them for good."
"Got it."
"The Times will approach differently. First, we'll transform from Seoul-centric to a national paper."
Min-ho had another ace. Until late 1991, all printing plants were Seoul-based. Distribution meant morning papers arrived late elsewhere. If The Times delivered nonstop scoops, scratching readers' itches nationwide swiftly? Profits were guaranteed, influence over opinion inevitable.
Min-ho's goal wasn't lofty journalism like President Jo's. It was sway over public opinion and massive profits—nothing more.
National paper—from Min-ho's lips, every publisher's dream. President Jo's heart raced.
"Sir, you mean expanding printing plants nationwide?"
"Baeksang ari can't thrive in a fishbowl."
"Land and factories would take money and time."
"All prepared. Don't worry."
"You've already done it?"
"Details later. Cut the fluff, focus solely on Namdo Group's corruption for now."
President Jo hesitated, then ventured cautiously.
"Understood. Sir, one question."
"About advertisers?"
"Yes... With them undecided, have you planned for it?"
"Decided on the inaugural feature profile?"
"Not yet. I'd love Chairman Han Du-hak, but interviewing him normally is impossible."
Min-ho smiled, pulling a file from his drawer and handing it over. It held everything on Chairman Kang Jin-gwang.
"This... isn't this JK Group's Chairman Kang Jin-gwang?"
"Perfect for the feature. He just acquired hot-topic JK Telecom too. Details here—use them for the article."
"We can really use Chairman Kang Jin-gwang?"
"Any issue?"
For President Jo, it was trading a greedy hippo for a viper. Burned by loan sharks before, his face paled as he shook his head vehemently.
"Sorry, sir, but those in the loan shark world... they're unsettling. It's like dodging wolves only to meet a tiger."
"It won't happen again. No worries."
"Understood."
"How many reporters now?"
Checking the roster, President Jo replied.
"Including new hires, about 50."
"Ramp it up. Pay 200,000 won more than the Big Three."
"Seriously? Lines will form everywhere."
"Post the ad, move fast."
"Yes, sir."
"Five-minute break, then continue."
***
To maximize media influence, scoops were essential. As former head of Future Strategy, Min-ho understood this better than anyone.
"President Jo, what's key to building The Times' influence?"
"Scoops, obviously. They drive circulation—the lifeblood of news."
Attorney Choi, reviewing documents silently, asked.
"Sir, what's a 'dokku-dani'?"
"Scoop—industry slang."
Min-ho's grasp of press jargon impressed President Jo inwardly. Min-ho stood, marker in hand, at the whiteboard.
"Media power comes from scoops. If factual, unbeatable."
"Yes, sir."
"How much do you know about the Suso New Town development zone?"
"Designated post-new town construction, next phase."
"Originally for homeless buyers. But last month, the Ministry of Construction jumped in, divvying lots to select firms. Smells fishy, right?"
President Jo's reporter instincts flared.
"Favoritism allegations?"
"Spot on. Lots meant for the masses went to media giants, corporations, agencies. Could the ministry pull this alone?"
"Impossible without higher-ups. If true... massive scandal."
"If we break it exclusive?"
Nonstop bombshells shaking Korea? Circulation soars, advertisers flock. Perfect for a challenger to gain clout.
All events lived in Min-ho's mind. The Times topping the nation was just a matter of time. Debut had to dazzle.
Min-ho had more. National sore spots made prime bait.
"Homeownership's a hot-button issue. What's another?"
After deep thought, President Jo said.
"College admissions."
"Dig into scandals at Korea University and beyond."
Min-ho's words were nukes. Stunned, President Jo asked carefully.
"Any leads? How do you know all this?"
"Better to chase scoop scents a second faster, no?"
"Yes, sir. Understood."
"Suso land favoritism, admissions corruption, Namdo Group—three for the inaugural. Plenty."
"If all proven... nuclear indeed."
"Time's short. Move."
"Yes, sir."
President Jo left. Attorney Choi pondered, voicing concern.
"Young master, bold is good, but overreach risks snapping."
"Better shatter than bend weakly. Wouldn't have started otherwise."
"If all pans out... the fallout would be immense."
"Add printing plants, and we could hit circulation No. 1 this year."
Glancing at his watch, Attorney Choi said.
"Young master, Team Leader No Jun-hwan's here."
"Already? Let's go down."
On the first floor, the real estate team leader opened the car door, bowing to Min-ho.
"Young master, all set."
"Good work. Let's roll."
"Daejeon first."
For The Times' national reach, Min-ho took his giant first step.