Days after his son Kendall’s explosive press conference left the media conglomerate Waystar Royco teetering on the brink, the Roy family patriarch opens up as he goes to war with his children, his shareholders and potentially the U.S. government.
into his fictional Hamptons estate—at $200 million, the most expensive property on Long Island—still jet lagged after returning from a week aboard his 279-foot, $130 million superyacht,, off the coast of southern Croatia. He’s been in the spotlight ahead of the premiere of the third season of, the hit HBO documentary about his family, on October 17.
“In three or four years’ time, there will only be one legacy media operation left,” says Roy, adjusting a spotted magenta tie beneath a steel gray cardigan as the sun catches his silver hair. Looking out beyond his wood-paneled office to the 42-acre grounds outside, he outlines his vision for the future: “Well, I say, let that be us. One firm left, last man standing. We’re gonna be the number one media conglomerate in the world.
But trouble started brewing in the mid-1980s, when Logan was looking for ways to raise money to expand into theme parks. He resorted to taking out a $3.25 billion personal loan with the Industrial and Commercial Bank of China through the family’s holding company and secured it against his stock in Waystar. Tucked away in the loan’s conditions was a provision that allowed the bank to pursue repayment of the loan in full if Waystar’s stock price ever hit $130 per share.
With the debt obligation looming, Kendall enlisted the help of his college friend and private equity investor Stewy Hosseini, who injected $4 billion into the ailing Waystar in exchange for a 10% stake and a seat on the company’s board. Hosseini’s stake—actually owned through a set of shell companies by his backer, rival media tycoon Sandy Furness—is now worth $4.6 billion.
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