Start group resignation

Absrtact: In the early March, the network literature of the iron drums opened a huge rift. Beginning of the Chinese Network (hereinafter called the beginning) the founding group of collective resignation, most of the core editors follow. The storm seems to have little to do with personal grievances. This is a classic grand style

In the early March, the network literature of the Iron Bucket opened a huge rift. The beginning of the Chinese network (hereinafter called "beginning"), the founding group of collective resignation, most of the core editors follow.

The storm seems to have little to do with personal grievances. This is a classic "Shanda problem": The collision between Top-down Group will and the independent development of specific business companies.

The founder of Wu Wenhui and his companions, who was famous for his character, finally chose to flee. After a lot of internet investors after the chase, they finally face is almost Tencent, Baidu two choose one of the program, the new site is expected to be formally launched in May or June.

March 30, the Grand literary CEO Hou Qiang took over the starting point of the writers Conference. Shanda Group chairman Chen personally attended as a starting point for cheer. Chen that users are diversifying, online literature is constantly moving to the mainstream, the future promising. He said that the beginning of the acquisition is only a fancy model, starting point is a seed, benign development has long been no longer dependent on people, data mining will give writers a better future.

Late on the same night, Wu Wenhui told our correspondent that he would finish his exit procedure next week. He has confidence in the ability and resources of the runaway team, and determines that the future "three points world" pattern, in addition to the starting point, other competitors, there will be a place for their team.

In the pan-entertainment at the same time, the original literature content of the jade, at the same time with copyright resources and mobile Internet access to the value of the valuable in one, everyone coveted. Now, this "Ling" is divided between the starting point and the team.

Who can take it? This is the biggest suspense left to the online literature and the internet industry.

Away

The idea of a collective resignation is a forced palace, but the plan leaked the wind in advance.

March 1, the starting point in Hangzhou to hold a writer's meeting. Wu Wenhui, Business school pine and other starting point of the founding team and management, with some of the core editorial team and the key "great God" author ventilation, asked if willing to leave the starting point, another new station. At this time they have to speed up the pace of preparation, plotting gradually become "yang conspiracy."

As early as February, the start team and Baidu contacted the news has spread in the industry. Starting point team members have to the reporter jokingly complained, Baidu internal information exposure too early.

March 1, Hou Cockroach received more routes, starting point team to go. He asked Wu Wenhui and received a denial of reply. Uneasy Hou immediately reported to group chairman Chen and President Chu Wenyu. Chen call to ask Wu Wenhui, the answer is still denied.

At this point the beginning of the founding team, indeed has not made the determination to flee. They also reluctant to start, want to really have the hands of the child raised.

2002, Wu Wenhui, business school Pine and other people founded the beginning of the Chinese network, and the establishment of thousands of characters 2-5-cent VIP reading fee model, and gradually cultivate a proud writer ecology. 2004, grand to 2 million U.S. dollars wholly-owned acquisition starting point, lay the first piece of Shanda literature, but also to date the most important cornerstone. Wu Wenhui and other founding teams have been managing the starting point since then.

Some potential investors who have contacted with Shanda literature, or can reveal the weight of the starting point: 2012, the grand literature revenue 1.08 billion yuan, the beginning revenue 360 million yuan, the grand literature year profit slightly exceed 100 million yuan, the starting point profit is about 70 million yuan.

2008, the Royal Literature was formally established, through the acquisition of the formation of a number of original Web sites, online publishing houses and other 10 major companies of the asset structure. 2011, Shanda Literature to the U.S. Securities and Exchange Commission submitted to the United States IPO application, but the delay has not yet been made.

On the morning of March 1, Shanda Group President Chu Wenyu, in an interview with The economist, said that Shanda literature was not for sale. But in fact, Chen's own will may not be so resolute, Qiu also admitted that the various investors have received quotations.

Half a year ago, Wu Wenhui and his team to Chen Tianqiao proposed a starting point MBO (Manager Acquisition) plan, Wu obtained a strong PE support, intend to accept the starting point of independent operation, please "Brother Qiao" exit.

The plan is not progressing well, the problem is the price. The initial bid for the Wu Wenhui team's MBO program was 400 million-500 million dollars, and Chen Tianqiao's bid was to buy 800 million dollars for the starting point, and 800 million dollars for Shanda literature. Chen Flyover does not believe that Wu can succeed, "800 million of dollars in price, I have not found a buyer all over the world." Can you do better than me in dealing with capital?

Thus, the beginning of the founding team began to retreat, the idea of collective resignation is forced Palace, but, this plan in advance leaked the wind.

The March 1 meeting was the trigger for the crisis. Since the return of Hangzhou, the starting point team found that the company's internal atmosphere is tense abnormal. March 5, still in Beijing to participate in the two sessions of the Chen Tianqiao Wu Wenhui starry night to attend talks. According to Wu Wenhui said, this night he and Chen again mentioned Mbo topic, Chen also expressed the intention to retain, even put forward Wu Wenhui team can become the company operators, equity can also be discussed.

This night, the words unfinished, the Bureau undecided. The next morning, business learning pine below the beginning of the core team of more than 20 people collectively submitted their resignation. At this point, the start of the original team's hands have been spread out, submitted to resign after 30 days of working hours, they would have hoped during this period against the petitions.

On the afternoon of March 6, the situation plunged. Wu Wenhui also on his way back to Shanghai, the Royal Literature official has issued a public mail, announced acceptance of the founding team's resignation application, and clearly prompted the hope that the resignation of staff to comply with professional ethics. At the same time, Hou announced the beginning of the takeover and immediately dispatched a team to talk to the employees who had not left, announced new management mechanisms and personnel arrangements.

"I was blindfolded." "It's all too sudden," says a grand literary executive. For Hou and Wu Wenhui, it was a sudden accident.

On the afternoon of March 7, an unnamed starting point staff confided to the journalist about the chaos that had occurred in the office. The employees who were left behind were summoned to the meeting to preach content as the starting point the founding team violated the company's overall strategy and hindered the development of the starting point.

March 11, Chen Tianqiao in the grand internal sent a group of mail, the statement support Hou, said Hou notice accept the beginning of the team resigned has been its approval. Here, hou consecutive stance will strengthen the writer welfare.

March 17, Hou Qiang issued a "condition is not limited, treatment favorably" editor and editor-in-chief recruitment information.

March 21, Wu Wenhui chose to give up the starting point, he went all the way to support his PE sent to the mail, sincere apology: MBO plan to this end.

Until the end, the PE is still struggling for, and even willing to raise the price. But Wu and his comrades no longer want to dwell on it. Following the team and writers are gearing up, to open a new day of blood can not be empty cold, many investors chase also sparked numerous speculation, Wu Wenhui need to start a new story as soon as possible.

Met many internet giants, investment giant bosses, but only in the face of Chen, Wu Wenhui will feel great pressure. "Qiao elder brother" "The reality distorts the position" lets the grand interior senior officials cannot express the innermost feelings the true request, "in the face of him, he can only talk under his domination, I will unconsciously depress my condition before I speak, and in the end he will be able to hold down the chips and convince me, though we are not satisfied. ”

This day, in addition to Wu Wenhui Other starting point of the departure team finally received the notification, the separation process completed.

March 25, Wu Wenhui formally submitted his resignation, is expected to formally resign in early April.

Differences

Starting point needs more users, traffic, promotional costs, but is shrinking the grand has not been able to give these support.

The beginning of the Shang change, from the accumulation of differences has been long.

There is a beginning, after the grand literature is the tone of the breeding of differences. After a wholly-owned acquisition in 2004, the founding team did not have a stake in the company, although it still retains its right to operate.

At the beginning of the 2008 Grand literature, the grand literature and the starting point were almost equal to one entity two sets of teams, Hou and Wu Wenhui between the company's strategy was repeatedly disputed. With the Grand Group Investment Department of Continuous investment, mergers and acquisitions literature website and put into the grand literature plate, "Double horse with groove" friction gradually dispelled. Shanda literature became the starting point of the parent group, Hou also gave up the beginning of their day-to-day operation of the intervention.

Hou told our correspondent that he was "a service provider" to his position, and that since the starting point of the team's content production was well done, he would not have to intervene. Members of the founding team also said thanks to Hou's previous intervention.

But in the beginning of the operation, the differences between the two sides frequently. Some of them come from the difference between Hou and Wu Wenhui strategies. Last November, for example, there was a dispute between Hou and Wu at the summit of the Grand Literary executive. Hou that the grand literature should be fully open to output content, or because of piracy pressure or content limitation, value or will decay. Wu Wenhui that, in the output of content should be identified, the intention to borrow content to solicit readers and the intention to produce the content of the channel should be broken out of the output to prevent Shing.

There are some contradictions in the grand literature, starting point, but also has a grand group will figure. Chen to Hou transmission system arrangement is, each literature website company concentrates on the content production, the grand literature is responsible for the brand construction, the channel construction, the marketing system, the crackdown piracy, the industrial chain layout and so on.

Last November, Hou with this newspaper reporter to exchange his reign over the grand literature 4 years of gain and loss. Talking about the mistakes of the past, Hou the first one is that Shanda literature's subsidiaries dispersed, the original wireless, copyright operation of the fragmented, inefficient, now integrated.

And this is the most powerful part of the initiation Team rally. Wu Wenhui that front-end content production and back-end copyright reprocessing and distribution of fragmentation, but will cause the overall operation of the disconnect.

After the exercise of the authority, the starting point seems to be the "beast in the Cage". The loss of wireless operation Rights, third-party cooperation rights to operate rights, film and television derivative rights to operate the right to start only in the Web page to sell text, into the "hollow" dilemma.

Hou and Wu's ideas seemed to make sense, but their positions differed. Hou himself also said that as a grand literary CEO, he is standing in the grand literary position to consider the issue, it is impossible to stand in the point of view.

A grand literary executive who supported Hou in the storm said that the structure of the grand literature was too complex to be a natural growing business group, but based on the strategic layout envisioned by Chen Tianqiao, the plate that was kneading through capital movements, "to support this situation, Xiao Qiang is not easy".

The size of each site, maturity, the share of Shanda literature, and so many different, perhaps in the strategy of more appropriate local conditions. For example, some of the smaller sites, from the Grand unified operation of the disc copyright operations more efficient, and the largest, the operation of mature, the starting point of the system, its own operation more reasonable.

In fact, for many years, the starting team has repeatedly fought the Grand group's unified will. Chen Flyover is intended to try the beginning of free, because Wu Wenhui team force suggestion against and forget; later in the implementation of the company access to the Grand Pass system, the starting point has also struggled to resist, the final Chen in person to execute.

In the face of the interests of the group will, the beginning of the team feel more depressed. Familiar with the grand people said that many of the problems may come from the group's pursuit of the literature plate IPO, such as the beginning of its own propaganda and promotion of the shortage of investment, the aforesaid comprehensive open and right integration, perhaps for the report of the grand literature to do the throttling open source.

There are more groups of interests tied to the starting point and many business companies. For example, the previous access to Shanda online billing system and Sheng payment system, the starting point to pay 20% of the high cost of revenue. In addition, the wireless revenue also scored 20% for the royal Literature of the wireless sector.

Late one night in 2012, Wu Wenhui and his entrepreneurial old buddy sat on a river in Pudong, Shanghai. In the dark of the night, they talk about entrepreneurial confusion and ambition, sigh time wasted and the industry surge. Watching the river calm, they thought the value of the online literature industry has been gradually confirmed, many competitors are willing to rise, the scale of the starting point can still struggle to put them under the water. But the tide is coming, and they don't want to miss the chance.

Beginning of the founding team needs more users, traffic, promotional costs, but is shrinking the grand has not been able to give these support. Therefore, the beginning of the founding team finally decided to break free from bondage.

Now, Hou finally broke the barrier of the independent Kingdom water, completely take over the starting point, which will help him to promote the process of integration of the whole grand literature resources. Chen also strengthened his support, said Hou's achievements are obvious to the beginning of the storm after the responsibility, and in the internal meeting said: "From 10 to 100, I do not believe who will be stronger than Hou." ”

Wu Wenhui and his companions went away to create their ideal career.

"Unlike outside opinion, this change is not due to the number of personal grievances between Hou and Wu." "said a grand executive. In fact, in the interview, Houzen praised Wu's contribution to the business model of the Net-text industry, and Wu Yi certainly Hou's efforts in the field of Web-text mainstreaming.

This dispute also brings some new changes to the grand literature, since March 21, Shanda literature broke the internal monopoly of the group and connected the payment channel of Alipay.

Competing

In addition to Ali Group, almost all Internet giants have thrown an olive branch at the starting point of the founding team.

The starting point shakes, many people who intentionally dabble in the network literature smell the opportunity. In addition to Ali Group, almost all Internet giants have thrown an olive branch at the starting point of the founding team.

Baidu and Tencent were the first to start, and investment intentions were given. On the afternoon of March 7, in the first meeting with our correspondent, Wu Wenhui received the telephone invitation of NetEase and went to hang with Ding lei for interview the next day.

In mid-March, Wu Wenhui again cessation, with Baidu, Sina, Lei meet. In late March, Zhou's messenger also eagerly conveyed the investment intention. They know the value of original IP sources and mobile reading as mobile internet tickets. The Perfect World CEO H. said, original network literature IP resource is all the game companies are salivating treasure trove.

These competing candidates have a deep desire for layout. NetEase is pushing NetEase cloud reading project, Ding Lei himself to this concern, involved in a very deep; Sina also seeks in the mobile end of the reading layout, is now being instigated Sina Web revision, emphasis on mobility, the next step will be to promote Sina blog content, such as the product of the revision, Cao Chao previously stressed that Sina this year "mobile first"; Lei Millet earlier acquisition of more look, it is the important layout of mobile reading; Zhou also wants breakthroughs in both the mobile end and the Content field.

The thirst for Baidu and Tencent is even more pronounced. If you can get Wu Wenhui team, Baidu Baidu Library will get the most powerful content support, mobile layout will also rob a precious ticket. According to media reports, Baidu Mobile cloud Division executives Mingyuan recently issued an internal Mail said, this is the only opportunity for Baidu to enter the network to read.

Tencent is experimenting with "pan-entertainment layouts" in interactive entertainment. Before the Tencent Mutual Entertainment purchased a series of Japanese collection of comics copyright, in the film investment, electronic reading also has multiple layouts, including QQ reading, there are huaxia Chinese network.

The value of the founding team of the Giants is that even if the future micro-credit platform self-help content distribution is more convenient, but more potential for new writers to explore, cultivate, copyright content brokerage, reprocessing, etc. still need a value to promote.

Wu Wenhui's team also has its own appeal: they need a large enough investment, enough users, traffic, promotional resources, and more crucially, independent companies. They designed the project is the founding team + industrial Investors + investment institutions of the tripartite equity structure. In fact, a number of industry investors have given the founding team to The independent company as a single major shareholder status conditions.

After a round of contact, the industry speculated that Wu Wenhui eventually face is almost Tencent, Baidu two choose one of the program, and the relevant institutional investors are ready. In addition, there are VC willing to support their independent development with higher investment. The final decision will be announced in the near future, and the new site is expected to be officially launched in May or June.

It was a heady and exhausting road. In a café in Shanghai's Pudong Lujiazui, March 7, Wu Wenhui said he was nervous and was expecting. He drew an undulating curve on the table to express his team's intense and hyperactive emotions at the moment.

On the evening of March 21, in a dimly lit bar on Panyu Road in Shanghai, Wu Wenhui's eyes gave a sharp glow, and his contacts with investors were largely over. He quoted to our correspondent what he said to Robin Li, in the next few years, the network will be "three points in the world" situation, starting point and swarming into the Giants will be divided into the market, which will have their own team's place.

Qin lost its deer, the world altogether. "But our team is not a deer, but the best deer hunter," he said. "Wu Wenhui said.

Soon, the new site in preparation will compete directly with the starting point. Wu Wenhui believes that they are the creators of the Internet literature business model, with the strongest industry connections, the vast majority of the core editorial team, and many "great God"-level writers will follow the new site. The industry has been the preparation of the new site has been pre-signed the message of the writer.

But Wu Wenhui that the original network would not be as fast as the outside imagination. This is their own hands to build the iron bucket Jiangshan, established a comprehensive flow and a huge ecological, not to mention 10 years of massive content precipitation.

Lei once asked Wu Wenhui, is there a chance to overtake the curve? Wu replied that there is no shortcut to the accumulation of content industry. His team set up a new station, the first year or two, it is necessary to gradually accumulate resources, to catch up with the starting point, and then to seek new models.

Hou also expressed confidence that the starting point has experienced nearly 2006 years of almost all editors and most of the Platinum writers job-hopping test, but the leading position has not wavered, "Iron Camp Water Soldier", starting point has formed a set of mechanisms. However, Hou admits that he is not familiar with the operation of online literature, the beginning of the urgent need to supplement the editorial staff.

March 30, Grand literature held the beginning of the writer's Congress, invited more than 100 important writers, the actual scene for more than 80 people, Chen flyover appeared to appease the writer to stabilize the morale.

All familiar with the Grand people know, Shanda literature is the only clear future hope of the Grand Group. After the gaming business has slipped, Shanda literature will be the new cash cow, and the starting point is the most important part. After the industry news, Shanda Literature will restart the IPO in April this year. And after this storm, there is another layer of unknown factors.