angskk
2021-05-17
Good pls like and comment thks
AT&T Is Preparing to Merge Media Assets With Discovery<blockquote>AT&T 正准备将媒体资产与 Discovery 合并</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
7
3
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":192202451,"tweetId":"192202451","gmtCreate":1621209779073,"gmtModify":1634193443179,"author":{"id":3575447019432232,"idStr":"3575447019432232","authorId":3575447019432232,"authorIdStr":"3575447019432232","name":"angskk","avatar":"https://static.tigerbbs.com/14993a1ab2e959534763e33dc2415981","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":27,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Good pls like and comment thks</p></body></html>","htmlText":"<html><head></head><body><p>Good pls like and comment thks</p></body></html>","text":"Good pls like and comment thks","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/192202451","repostId":1160638668,"repostType":4,"repost":{"id":"1160638668","kind":"news","pubTimestamp":1621209342,"share":"https://www.laohunote.com/m/news/1160638668?lang=zh_CN&edition=full","pubTime":"2021-05-17 07:55","market":"us","language":"en","title":"AT&T Is Preparing to Merge Media Assets With Discovery<blockquote>AT&T 正准备将媒体资产与 Discovery 合并</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160638668","media":"Bloomberg","summary":"(Bloomberg) -- AT&T Inc. is in talks to spin off its media business and merge it with Discovery Inc.","content":"<p>(Bloomberg) -- AT&T Inc. is in talks to spin off its media business and merge it with Discovery Inc. in a blockbuster entertainment deal, according to people with knowledge of the matter, a surprising move for a company that spent $85 billion to acquire the assets less than three years ago.</p><p><blockquote>（彭博社）——据知情人士透露，美国电话电报公司（AT&T Inc.）正在就剥离其媒体业务并与探索公司（Discovery Inc.）合并进行一笔轰动一时的娱乐交易进行谈判，这对于一家斥资 850 亿美元收购这些资产的公司来说是一个令人惊讶的举动不到三年前。</blockquote></p><p>A deal could be announced as soon as this week, said the people, who asked not to be identified because the information is private.</p><p><blockquote>知情人士表示，交易最早可能于本周宣布，但由于信息属于私密信息，他们要求不透露姓名。</blockquote></p><p>The idea is to combine Discovery’s reality-TV empire with AT&T’s vast media holdings, building a business that would be a formidable competitor to Netflix Inc. and Walt Disney Co. Any deal would mark a major shift in AT&T’s strategy after years of working to assemble telecommunications and media assets under one roof. AT&T gained some of the biggest brands in entertainment through its acquisition of Time Warner Inc., which was completed in 2018.</p><p><blockquote>这个想法是将 Discovery 的真人秀帝国与 AT&T 庞大的媒体资产结合起来，打造一个与 Netflix Inc. 和华特迪士尼公司（Walt Disney Co.任何交易都将标志着 AT&T 战略的重大转变，AT&T 多年来一直致力于将电信和媒体资产集中在一个屋檐下。美国电话电报公司通过收购时代华纳公司获得了一些最大的娱乐品牌，该收购于2018年完成。</blockquote></p><p>The deal would underscore the difficulty telecom companies like AT&T and Verizon Communications Inc. have had finding a payoff from their media operations. Through its WarnerMedia unit, AT&T owns CNN, HBO, Cartoon Network, TBS, TNT and the Warner Bros. studio. Discovery, backed by cable mogul John Malone, controls networks such as HGTV, Food Network, TLC and Animal Planet.</p><p><blockquote>这笔交易将凸显美国电话电报公司（AT&T）和威瑞森通信公司（Verizon Communications Inc.）等电信公司很难从媒体业务中获得回报。通过其华纳媒体部门，美国电话电报公司拥有CNN、HBO、卡通网络、TBS、TNT和华纳兄弟工作室。由有线电视大亨约翰·马龙支持的Discovery控制着HGTV、Food Network、TLC和Animal Planet等网络。</blockquote></p><p>Chief Executive Officer David Zaslav has helped Discovery grow through acquisitions, including a purchase of HGTV owner Scripps Networks Interactive Inc. that closed in 2018. Discovery’s class A shares have risen more than 18% this year, valuing the company at almost $24 billion. AT&T has gained 12%, giving it a market capitalization of $230 billion.</p><p><blockquote>首席执行官大卫·扎斯拉夫 (David Zaslav) 通过收购帮助 Discovery 实现了增长，其中包括收购 HGTV 所有者斯克里普斯网络互动公司 (Scripps Networks Interactive Inc.)，该公司于 2018 年完成。Discovery 的 A 类股票今年上涨了 18% 以上，公司估值接近 240 亿美元。AT&T 上涨了 12%，市值达到 2300 亿美元。</blockquote></p><p>The companies are still negotiating the structure of a transaction, and details could change or the talks could fall apart, the people said. Representatives for AT&T and Discovery declined to comment.</p><p><blockquote>知情人士称，两家公司仍在就交易结构进行谈判，细节可能会发生变化，或者谈判可能会破裂。美国电话电报公司和探索频道的代表拒绝置评。</blockquote></p><p>Selling Assets</p><p><blockquote>出售资产</blockquote></p><p>AT&T CEO John Stankey has been cleaning house at the sprawling telecom titan, cutting staff and selling underperforming assets. The company has been funneling money into rolling out its 5G wireless network, which requires billions of dollars of investment, as well as expanding its fiber-optic footprint.</p><p><blockquote>美国电话电报公司首席执行官约翰·斯坦基一直在对这家庞大的电信巨头进行清理，裁员并出售表现不佳的资产。该公司一直在投入资金推出其5G无线网络，这需要数十亿美元的投资，并扩大其光纤足迹。</blockquote></p><p>The carrier has been boosting movie and television production to attract subscribers to its HBO Max streaming service. It also needs cash to pay down debt. AT&T became one of the world’s most indebted companies after an acquisition spree, and though it’s been paying down what it owes, it now has bills from a recent spectrum auction.</p><p><blockquote>该运营商一直在提高电影和电视制作，以吸引其HBO Max流媒体服务的订户。它还需要现金来偿还债务。在一场收购狂潮之后，AT&T 成为世界上负债最多的公司之一，虽然它一直在偿还欠款，但现在它却有最近一次频谱拍卖的账单。</blockquote></p><p>AT&T was the second-highest bidder in the Federal Communications Commission’s sale of airwaves, committing $23 billion. Verizon, the top bidder, agreed to pay $45 billion dollars.</p><p><blockquote>美国电话电报公司是联邦通信委员会出售无线电波的第二高出价者，承诺出价 230 亿美元。出价最高的威瑞森同意支付450亿美元。</blockquote></p><p>Any move involving AT&T’s content assets would come just months after it reached a deal to spin off its DirecTV operations in a pact with buyout firm TPG. AT&T also agreed in December to sell its anime video unit Crunchyroll to a unit of Sony Corp. for $1.2 billion.</p><p><blockquote>任何涉及 AT&T 内容资产的举动都将发生在 AT&T 与收购公司 TPG 达成协议剥离其 DirecTV 业务几个月后。美国电话电报公司还在去年12月同意以12亿美元的价格将其动漫视频部门Crunchyroll出售给索尼公司的一个部门。</blockquote></p><p>And the company has parted with its Puerto Rico phone operations, a stake in Hulu, a central European media group and almost all its offices at New York’s Hudson Yards.</p><p><blockquote>该公司还放弃了波多黎各的电话业务、中欧媒体集团 Hulu 的股份以及几乎所有位于纽约哈德逊码头的办事处。</blockquote></p><p>Stankey’s predecessor at AT&T, longtime CEO Randall Stephenson, spent his 13-year tenure bulking up the company. He was obsessed with deals and kept a color-coded roster of companies he wanted AT&T to buy, leading to 43 acquisitions.</p><p><blockquote>斯坦基在 AT&T 的前任、长期担任首席执行官的兰德尔-斯蒂芬森（Randall Stephenson）在 13 年的任期内不断壮大公司规模。他痴迷于交易，并保留了一份他希望美国电话电报公司收购的公司名单，导致了43起收购。</blockquote></p><p>But critics such as activist investor Elliott Management Corp. have complained about the strategy, urging AT&T to focus on its core business. And now that’s just what Stankey is doing.</p><p><blockquote>但激进投资者埃利奥特管理公司（Elliott Management Corp.）等批评者对这一战略提出了抱怨，敦促美国电话电报公司专注于其核心业务。而这正是斯坦基正在做的事情。</blockquote></p><p>In wireless services, AT&T is playing catch-up with Verizon, the market leader, and T-Mobile US Inc., which became the No. 2 carrier after gobbling up Sprint Corp. Verizon has made its own efforts to slim down. The company agreed this month to sell its media division to Apollo Global Management Inc. for $5 billion, a move that will offload online brands like AOL and Yahoo.</p><p><blockquote>在无线服务方面，美国电话电报公司正在追赶市场领导者威瑞森和T-Mobile US Inc.，后者在吞并Sprint后成为第二大运营商。威瑞森也在努力瘦身。该公司本月同意以 50 亿美元的价格将其媒体部门出售给 Apollo Global Management Inc.，此举将剥离 AOL 和雅虎等在线品牌。</blockquote></p><p>The Discovery deal could give the combined company enough programming to compete with Netflix and other streaming services in a global battle over the future of entertainment. In 2019, Disney bought 21st Century Fox Inc.’s entertainments assets for $71 billion, largely to gain enough muscle to constantly refresh its streaming services. It launched Disney+ in November 2019 and already has more than 100 million subscribers.</p><p><blockquote>Discovery 交易可以为合并后的公司提供足够的节目，以便在围绕娱乐未来的全球战斗中与 Netflix 和其他流媒体服务竞争。2019 年，迪士尼以 710 亿美元收购了 21 世纪福克斯公司的娱乐资产，主要是为了获得足够的实力，不断更新其流媒体服务。它于2019年11月推出Disney+，已经拥有超过1亿订户。</blockquote></p><p>Both Discovery and AT&T’s media unit, WarnerMedia, have recently made their own forays into streaming. Discovery has debuted Discovery+, which has a vast array of unscripted reality shows. AT&T, meanwhile, has made a big bet on HBO Max, which launched a year ago and includes HBO programming and movies from AT&T’s Warner Bros. studio. Both companies are quickly expanding their streaming services around the world.</p><p><blockquote>Discovery 和 AT&T 的媒体部门华纳媒体最近都进军了流媒体领域。Discovery推出了Discovery+，其中有大量无脚本的真人秀节目。与此同时，AT&T 在一年前推出的 HBO Max 上下了大赌注，其中包括 HBO 节目和 AT&T 华纳兄弟工作室的电影。两家公司都在全球范围内迅速扩展流媒体服务。</blockquote></p><p>Cable Networks</p><p><blockquote>有线网络</blockquote></p><p></p><p>Discovery and WarnerMedia also own a portfolio of cable channels that remain profitable but are losing subscribers as more people abandon pay-TV service and adopt streaming. And AT&T’s CNN is looking for new ways to maintain its audience after the busy news cycle of the Trump years. TNT and TBS have some general entertainment shows, but their most attractive assets may be their sports rights to air professional baseball, basketball and hockey. Discovery, meanwhile, has the rights to broadcast the Olympics and professional golf outside the U.S.</p><p><blockquote>Discovery 和 WarnerMedia 还拥有一系列有线电视频道，这些频道仍然盈利，但随着越来越多的人放弃付费电视服务并采用流媒体，用户正在流失。在特朗普时代繁忙的新闻周期之后，AT&T 旗下的 CNN 正在寻找新的方法来留住观众。TNT和TBS有一些一般的娱乐节目，但他们最有吸引力的资产可能是他们的职业棒球、篮球和曲棍球的体育权利。与此同时，Discovery有权在美国境外转播奥运会和职业高尔夫比赛。</blockquote></p><p>Combining such assets would be complex, as the two companies have numerous long-term deals in place with pay-TV companies. A merged company would also have to choose a leader between WarnerMedia CEO Jason Kilar and Discovery’s Zaslav.</p><p><blockquote>合并此类资产将是复杂的，因为两家公司与付费电视公司有许多长期交易。合并后的公司还必须在华纳媒体首席执行官杰森-基拉尔（Jason Kilar）和探索频道的扎斯拉夫（Zaslav）之间选择一位领导人。</blockquote></p><p>The deal would be an acknowledgment by AT&T that it hasn’t delivered on the promise of owning distribution and media assets. The strategy has been criticized before, with analysts suggesting the two could be more valuable if kept separate.</p><p><blockquote>这笔交易将是 AT&T 承认它没有兑现拥有发行和媒体资产的承诺。该策略此前曾受到批评，分析师表示，如果将两者分开，可能会更有价值。</blockquote></p><p>‘Fool’s Gold’</p><p><blockquote>《傻瓜的黄金》</blockquote></p><p>Rich Greenfield, an analyst at LightShed Partners, has argued that AT&T and Comcast Corp., the cable provider that owns NBCUniversal, should spin off their media assets and combine them in a new company. He has called the promise of owning distribution and programming “fool’s gold.”</p><p><blockquote>LightShed Partners 分析师里奇·格林菲尔德 (Rich Greenfield) 认为，美国电话电报公司和拥有 NBC Universal 的有线电视提供商康卡斯特公司 (Comcast Corp.) 应该剥离其媒体资产，并将其合并为一家新公司。他称拥有发行和编程的承诺是 “傻瓜的黄金”。</blockquote></p><p>On Sunday, Greenfield tweeted that he could “certainly imagine the secularly declining Turner assets merged with Discovery for scale,” but added that it was “harder to imagine” HBO Max and AT&T’s Warner Bros studio being part of a combined company.</p><p><blockquote>周日，格林菲尔德在推特上表示，他 “当然可以想象长期衰落的特纳资产与探索频道合并以达到规模”，但他补充说，“更难想象 ”HBO Max 和 AT&T 旗下的华纳兄弟工作室会成为合并后公司的一部分。</blockquote></p><p>What Bloomberg Intelligence Says</p><p><blockquote>彭博情报怎么说</blockquote></p><p>“AT&T’s potential combination of media assets with those of Discovery could provide the Turner properties with access to an international streaming platform while expanding the content library available to HBO Max. Our calculations suggest Turner’s assets alone, which include CNN, TNT and TBS, may be worth $40-$45 billion in a sale, which we view as an attractive alternative given AT&T’s need to fund its 5G and fiber build-out and pay down debt.”</p><p><blockquote>“AT&T 可能将媒体资产与 Discovery 的媒体资产结合起来，可以为特纳旗下的物业提供国际流媒体平台，同时扩大 HBO Max 可用的内容库。我们的计算表明，仅特纳的资产（包括 CNN、TNT 和 TBS）就可能价值 400 亿至 450 亿美元，鉴于 AT&T 需要为其 5G 和光纤建设提供资金并偿还债务，我们认为这是一个有吸引力的替代方案。”</blockquote></p><p>John Butler, senior telecom analyst</p><p><blockquote>约翰·巴特勒，高级电信分析师</blockquote></p><p>At an investor conference last week, WarnerMedia’s Kilar defended the need for WarnerMedia to be owned by AT&T, saying the telecom company had invested billions of dollars in HBO Max and broken down silos within the company to create a single operating unit. He added that AT&T’s phone and broadband customers were less likely to cancel if they got HBO Max, and many of HBO Max’s subscribers were AT&T customers.</p><p><blockquote>在上周的一次投资者会议上，华纳媒体的基拉尔为华纳媒体被美国电话电报公司收购的必要性进行了辩护，称这家电信公司已向 HBO Max 投资了数十亿美元，并打破了公司内部的孤岛，创建了一个单一的运营部门。他补充说，如果 AT&T 的电话和宽带用户收到 HBO Max，他们就不太可能取消订阅，而且 HBO Max 的许多用户都是 AT&T 的用户。</blockquote></p><p>Kilar irked the Hollywood establishment with his decision in December to release all of WarnerMedia’s movie slate on HBO Max at the same time the films hit theaters. But its recent movies have performed well at the box office, helping soothe concerns.</p><p><blockquote>基拉尔在 12 月决定在 HBO Max 上映华纳媒体的所有电影，同时在影院上映，这激怒了好莱坞当权派。但其最近的电影票房表现良好，有助于缓解担忧。</blockquote></p><p>Kilar spoke about the growth strategy of WarnerMedia under AT&T in a Wall Street Journal interview published last week.</p><p><blockquote>基拉尔在上周发表的《华尔街日报》采访中谈到了美国电话电报公司旗下华纳媒体的增长战略。</blockquote></p><p>Now he may face a more daunting challenge: helping piece together a patchwork of media businesses to create an entity that can thrive in the streaming age.</p><p><blockquote>现在，他可能面临一个更加艰巨的挑战：帮助拼凑媒体业务，创建一个能够在流媒体时代蓬勃发展的实体。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AT&T Is Preparing to Merge Media Assets With Discovery<blockquote>AT&T 正准备将媒体资产与 Discovery 合并</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAT&T Is Preparing to Merge Media Assets With Discovery<blockquote>AT&T 正准备将媒体资产与 Discovery 合并</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-05-17 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- AT&T Inc. is in talks to spin off its media business and merge it with Discovery Inc. in a blockbuster entertainment deal, according to people with knowledge of the matter, a surprising move for a company that spent $85 billion to acquire the assets less than three years ago.</p><p><blockquote>（彭博社）——据知情人士透露，美国电话电报公司（AT&T Inc.）正在就剥离其媒体业务并与探索公司（Discovery Inc.）合并进行一笔轰动一时的娱乐交易进行谈判，这对于一家斥资 850 亿美元收购这些资产的公司来说是一个令人惊讶的举动不到三年前。</blockquote></p><p>A deal could be announced as soon as this week, said the people, who asked not to be identified because the information is private.</p><p><blockquote>知情人士表示，交易最早可能于本周宣布，但由于信息属于私密信息，他们要求不透露姓名。</blockquote></p><p>The idea is to combine Discovery’s reality-TV empire with AT&T’s vast media holdings, building a business that would be a formidable competitor to Netflix Inc. and Walt Disney Co. Any deal would mark a major shift in AT&T’s strategy after years of working to assemble telecommunications and media assets under one roof. AT&T gained some of the biggest brands in entertainment through its acquisition of Time Warner Inc., which was completed in 2018.</p><p><blockquote>这个想法是将 Discovery 的真人秀帝国与 AT&T 庞大的媒体资产结合起来，打造一个与 Netflix Inc. 和华特迪士尼公司（Walt Disney Co.任何交易都将标志着 AT&T 战略的重大转变，AT&T 多年来一直致力于将电信和媒体资产集中在一个屋檐下。美国电话电报公司通过收购时代华纳公司获得了一些最大的娱乐品牌，该收购于2018年完成。</blockquote></p><p>The deal would underscore the difficulty telecom companies like AT&T and Verizon Communications Inc. have had finding a payoff from their media operations. Through its WarnerMedia unit, AT&T owns CNN, HBO, Cartoon Network, TBS, TNT and the Warner Bros. studio. Discovery, backed by cable mogul John Malone, controls networks such as HGTV, Food Network, TLC and Animal Planet.</p><p><blockquote>这笔交易将凸显美国电话电报公司（AT&T）和威瑞森通信公司（Verizon Communications Inc.）等电信公司很难从媒体业务中获得回报。通过其华纳媒体部门，美国电话电报公司拥有CNN、HBO、卡通网络、TBS、TNT和华纳兄弟工作室。由有线电视大亨约翰·马龙支持的Discovery控制着HGTV、Food Network、TLC和Animal Planet等网络。</blockquote></p><p>Chief Executive Officer David Zaslav has helped Discovery grow through acquisitions, including a purchase of HGTV owner Scripps Networks Interactive Inc. that closed in 2018. Discovery’s class A shares have risen more than 18% this year, valuing the company at almost $24 billion. AT&T has gained 12%, giving it a market capitalization of $230 billion.</p><p><blockquote>首席执行官大卫·扎斯拉夫 (David Zaslav) 通过收购帮助 Discovery 实现了增长，其中包括收购 HGTV 所有者斯克里普斯网络互动公司 (Scripps Networks Interactive Inc.)，该公司于 2018 年完成。Discovery 的 A 类股票今年上涨了 18% 以上，公司估值接近 240 亿美元。AT&T 上涨了 12%，市值达到 2300 亿美元。</blockquote></p><p>The companies are still negotiating the structure of a transaction, and details could change or the talks could fall apart, the people said. Representatives for AT&T and Discovery declined to comment.</p><p><blockquote>知情人士称，两家公司仍在就交易结构进行谈判，细节可能会发生变化，或者谈判可能会破裂。美国电话电报公司和探索频道的代表拒绝置评。</blockquote></p><p>Selling Assets</p><p><blockquote>出售资产</blockquote></p><p>AT&T CEO John Stankey has been cleaning house at the sprawling telecom titan, cutting staff and selling underperforming assets. The company has been funneling money into rolling out its 5G wireless network, which requires billions of dollars of investment, as well as expanding its fiber-optic footprint.</p><p><blockquote>美国电话电报公司首席执行官约翰·斯坦基一直在对这家庞大的电信巨头进行清理，裁员并出售表现不佳的资产。该公司一直在投入资金推出其5G无线网络，这需要数十亿美元的投资，并扩大其光纤足迹。</blockquote></p><p>The carrier has been boosting movie and television production to attract subscribers to its HBO Max streaming service. It also needs cash to pay down debt. AT&T became one of the world’s most indebted companies after an acquisition spree, and though it’s been paying down what it owes, it now has bills from a recent spectrum auction.</p><p><blockquote>该运营商一直在提高电影和电视制作，以吸引其HBO Max流媒体服务的订户。它还需要现金来偿还债务。在一场收购狂潮之后，AT&T 成为世界上负债最多的公司之一，虽然它一直在偿还欠款，但现在它却有最近一次频谱拍卖的账单。</blockquote></p><p>AT&T was the second-highest bidder in the Federal Communications Commission’s sale of airwaves, committing $23 billion. Verizon, the top bidder, agreed to pay $45 billion dollars.</p><p><blockquote>美国电话电报公司是联邦通信委员会出售无线电波的第二高出价者，承诺出价 230 亿美元。出价最高的威瑞森同意支付450亿美元。</blockquote></p><p>Any move involving AT&T’s content assets would come just months after it reached a deal to spin off its DirecTV operations in a pact with buyout firm TPG. AT&T also agreed in December to sell its anime video unit Crunchyroll to a unit of Sony Corp. for $1.2 billion.</p><p><blockquote>任何涉及 AT&T 内容资产的举动都将发生在 AT&T 与收购公司 TPG 达成协议剥离其 DirecTV 业务几个月后。美国电话电报公司还在去年12月同意以12亿美元的价格将其动漫视频部门Crunchyroll出售给索尼公司的一个部门。</blockquote></p><p>And the company has parted with its Puerto Rico phone operations, a stake in Hulu, a central European media group and almost all its offices at New York’s Hudson Yards.</p><p><blockquote>该公司还放弃了波多黎各的电话业务、中欧媒体集团 Hulu 的股份以及几乎所有位于纽约哈德逊码头的办事处。</blockquote></p><p>Stankey’s predecessor at AT&T, longtime CEO Randall Stephenson, spent his 13-year tenure bulking up the company. He was obsessed with deals and kept a color-coded roster of companies he wanted AT&T to buy, leading to 43 acquisitions.</p><p><blockquote>斯坦基在 AT&T 的前任、长期担任首席执行官的兰德尔-斯蒂芬森（Randall Stephenson）在 13 年的任期内不断壮大公司规模。他痴迷于交易，并保留了一份他希望美国电话电报公司收购的公司名单，导致了43起收购。</blockquote></p><p>But critics such as activist investor Elliott Management Corp. have complained about the strategy, urging AT&T to focus on its core business. And now that’s just what Stankey is doing.</p><p><blockquote>但激进投资者埃利奥特管理公司（Elliott Management Corp.）等批评者对这一战略提出了抱怨，敦促美国电话电报公司专注于其核心业务。而这正是斯坦基正在做的事情。</blockquote></p><p>In wireless services, AT&T is playing catch-up with Verizon, the market leader, and T-Mobile US Inc., which became the No. 2 carrier after gobbling up Sprint Corp. Verizon has made its own efforts to slim down. The company agreed this month to sell its media division to Apollo Global Management Inc. for $5 billion, a move that will offload online brands like AOL and Yahoo.</p><p><blockquote>在无线服务方面，美国电话电报公司正在追赶市场领导者威瑞森和T-Mobile US Inc.，后者在吞并Sprint后成为第二大运营商。威瑞森也在努力瘦身。该公司本月同意以 50 亿美元的价格将其媒体部门出售给 Apollo Global Management Inc.，此举将剥离 AOL 和雅虎等在线品牌。</blockquote></p><p>The Discovery deal could give the combined company enough programming to compete with Netflix and other streaming services in a global battle over the future of entertainment. In 2019, Disney bought 21st Century Fox Inc.’s entertainments assets for $71 billion, largely to gain enough muscle to constantly refresh its streaming services. It launched Disney+ in November 2019 and already has more than 100 million subscribers.</p><p><blockquote>Discovery 交易可以为合并后的公司提供足够的节目，以便在围绕娱乐未来的全球战斗中与 Netflix 和其他流媒体服务竞争。2019 年，迪士尼以 710 亿美元收购了 21 世纪福克斯公司的娱乐资产，主要是为了获得足够的实力，不断更新其流媒体服务。它于2019年11月推出Disney+，已经拥有超过1亿订户。</blockquote></p><p>Both Discovery and AT&T’s media unit, WarnerMedia, have recently made their own forays into streaming. Discovery has debuted Discovery+, which has a vast array of unscripted reality shows. AT&T, meanwhile, has made a big bet on HBO Max, which launched a year ago and includes HBO programming and movies from AT&T’s Warner Bros. studio. Both companies are quickly expanding their streaming services around the world.</p><p><blockquote>Discovery 和 AT&T 的媒体部门华纳媒体最近都进军了流媒体领域。Discovery推出了Discovery+，其中有大量无脚本的真人秀节目。与此同时，AT&T 在一年前推出的 HBO Max 上下了大赌注，其中包括 HBO 节目和 AT&T 华纳兄弟工作室的电影。两家公司都在全球范围内迅速扩展流媒体服务。</blockquote></p><p>Cable Networks</p><p><blockquote>有线网络</blockquote></p><p></p><p>Discovery and WarnerMedia also own a portfolio of cable channels that remain profitable but are losing subscribers as more people abandon pay-TV service and adopt streaming. And AT&T’s CNN is looking for new ways to maintain its audience after the busy news cycle of the Trump years. TNT and TBS have some general entertainment shows, but their most attractive assets may be their sports rights to air professional baseball, basketball and hockey. Discovery, meanwhile, has the rights to broadcast the Olympics and professional golf outside the U.S.</p><p><blockquote>Discovery 和 WarnerMedia 还拥有一系列有线电视频道，这些频道仍然盈利，但随着越来越多的人放弃付费电视服务并采用流媒体，用户正在流失。在特朗普时代繁忙的新闻周期之后，AT&T 旗下的 CNN 正在寻找新的方法来留住观众。TNT和TBS有一些一般的娱乐节目，但他们最有吸引力的资产可能是他们的职业棒球、篮球和曲棍球的体育权利。与此同时，Discovery有权在美国境外转播奥运会和职业高尔夫比赛。</blockquote></p><p>Combining such assets would be complex, as the two companies have numerous long-term deals in place with pay-TV companies. A merged company would also have to choose a leader between WarnerMedia CEO Jason Kilar and Discovery’s Zaslav.</p><p><blockquote>合并此类资产将是复杂的，因为两家公司与付费电视公司有许多长期交易。合并后的公司还必须在华纳媒体首席执行官杰森-基拉尔（Jason Kilar）和探索频道的扎斯拉夫（Zaslav）之间选择一位领导人。</blockquote></p><p>The deal would be an acknowledgment by AT&T that it hasn’t delivered on the promise of owning distribution and media assets. The strategy has been criticized before, with analysts suggesting the two could be more valuable if kept separate.</p><p><blockquote>这笔交易将是 AT&T 承认它没有兑现拥有发行和媒体资产的承诺。该策略此前曾受到批评，分析师表示，如果将两者分开，可能会更有价值。</blockquote></p><p>‘Fool’s Gold’</p><p><blockquote>《傻瓜的黄金》</blockquote></p><p>Rich Greenfield, an analyst at LightShed Partners, has argued that AT&T and Comcast Corp., the cable provider that owns NBCUniversal, should spin off their media assets and combine them in a new company. He has called the promise of owning distribution and programming “fool’s gold.”</p><p><blockquote>LightShed Partners 分析师里奇·格林菲尔德 (Rich Greenfield) 认为，美国电话电报公司和拥有 NBC Universal 的有线电视提供商康卡斯特公司 (Comcast Corp.) 应该剥离其媒体资产，并将其合并为一家新公司。他称拥有发行和编程的承诺是 “傻瓜的黄金”。</blockquote></p><p>On Sunday, Greenfield tweeted that he could “certainly imagine the secularly declining Turner assets merged with Discovery for scale,” but added that it was “harder to imagine” HBO Max and AT&T’s Warner Bros studio being part of a combined company.</p><p><blockquote>周日，格林菲尔德在推特上表示，他 “当然可以想象长期衰落的特纳资产与探索频道合并以达到规模”，但他补充说，“更难想象 ”HBO Max 和 AT&T 旗下的华纳兄弟工作室会成为合并后公司的一部分。</blockquote></p><p>What Bloomberg Intelligence Says</p><p><blockquote>彭博情报怎么说</blockquote></p><p>“AT&T’s potential combination of media assets with those of Discovery could provide the Turner properties with access to an international streaming platform while expanding the content library available to HBO Max. Our calculations suggest Turner’s assets alone, which include CNN, TNT and TBS, may be worth $40-$45 billion in a sale, which we view as an attractive alternative given AT&T’s need to fund its 5G and fiber build-out and pay down debt.”</p><p><blockquote>“AT&T 可能将媒体资产与 Discovery 的媒体资产结合起来，可以为特纳旗下的物业提供国际流媒体平台，同时扩大 HBO Max 可用的内容库。我们的计算表明，仅特纳的资产（包括 CNN、TNT 和 TBS）就可能价值 400 亿至 450 亿美元，鉴于 AT&T 需要为其 5G 和光纤建设提供资金并偿还债务，我们认为这是一个有吸引力的替代方案。”</blockquote></p><p>John Butler, senior telecom analyst</p><p><blockquote>约翰·巴特勒，高级电信分析师</blockquote></p><p>At an investor conference last week, WarnerMedia’s Kilar defended the need for WarnerMedia to be owned by AT&T, saying the telecom company had invested billions of dollars in HBO Max and broken down silos within the company to create a single operating unit. He added that AT&T’s phone and broadband customers were less likely to cancel if they got HBO Max, and many of HBO Max’s subscribers were AT&T customers.</p><p><blockquote>在上周的一次投资者会议上，华纳媒体的基拉尔为华纳媒体被美国电话电报公司收购的必要性进行了辩护，称这家电信公司已向 HBO Max 投资了数十亿美元，并打破了公司内部的孤岛，创建了一个单一的运营部门。他补充说，如果 AT&T 的电话和宽带用户收到 HBO Max，他们就不太可能取消订阅，而且 HBO Max 的许多用户都是 AT&T 的用户。</blockquote></p><p>Kilar irked the Hollywood establishment with his decision in December to release all of WarnerMedia’s movie slate on HBO Max at the same time the films hit theaters. But its recent movies have performed well at the box office, helping soothe concerns.</p><p><blockquote>基拉尔在 12 月决定在 HBO Max 上映华纳媒体的所有电影，同时在影院上映，这激怒了好莱坞当权派。但其最近的电影票房表现良好，有助于缓解担忧。</blockquote></p><p>Kilar spoke about the growth strategy of WarnerMedia under AT&T in a Wall Street Journal interview published last week.</p><p><blockquote>基拉尔在上周发表的《华尔街日报》采访中谈到了美国电话电报公司旗下华纳媒体的增长战略。</blockquote></p><p>Now he may face a more daunting challenge: helping piece together a patchwork of media businesses to create an entity that can thrive in the streaming age.</p><p><blockquote>现在，他可能面临一个更加艰巨的挑战：帮助拼凑媒体业务，创建一个能够在流媒体时代蓬勃发展的实体。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/t-talks-combine-content-assets-140611696.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"At&T","DISCA":"探索传播"},"source_url":"https://finance.yahoo.com/news/t-talks-combine-content-assets-140611696.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160638668","content_text":"(Bloomberg) -- AT&T Inc. is in talks to spin off its media business and merge it with Discovery Inc. in a blockbuster entertainment deal, according to people with knowledge of the matter, a surprising move for a company that spent $85 billion to acquire the assets less than three years ago.A deal could be announced as soon as this week, said the people, who asked not to be identified because the information is private.The idea is to combine Discovery’s reality-TV empire with AT&T’s vast media holdings, building a business that would be a formidable competitor to Netflix Inc. and Walt Disney Co. Any deal would mark a major shift in AT&T’s strategy after years of working to assemble telecommunications and media assets under one roof. AT&T gained some of the biggest brands in entertainment through its acquisition of Time Warner Inc., which was completed in 2018.The deal would underscore the difficulty telecom companies like AT&T and Verizon Communications Inc. have had finding a payoff from their media operations. Through its WarnerMedia unit, AT&T owns CNN, HBO, Cartoon Network, TBS, TNT and the Warner Bros. studio. Discovery, backed by cable mogul John Malone, controls networks such as HGTV, Food Network, TLC and Animal Planet.Chief Executive Officer David Zaslav has helped Discovery grow through acquisitions, including a purchase of HGTV owner Scripps Networks Interactive Inc. that closed in 2018. Discovery’s class A shares have risen more than 18% this year, valuing the company at almost $24 billion. AT&T has gained 12%, giving it a market capitalization of $230 billion.The companies are still negotiating the structure of a transaction, and details could change or the talks could fall apart, the people said. Representatives for AT&T and Discovery declined to comment.Selling AssetsAT&T CEO John Stankey has been cleaning house at the sprawling telecom titan, cutting staff and selling underperforming assets. The company has been funneling money into rolling out its 5G wireless network, which requires billions of dollars of investment, as well as expanding its fiber-optic footprint.The carrier has been boosting movie and television production to attract subscribers to its HBO Max streaming service. It also needs cash to pay down debt. AT&T became one of the world’s most indebted companies after an acquisition spree, and though it’s been paying down what it owes, it now has bills from a recent spectrum auction.AT&T was the second-highest bidder in the Federal Communications Commission’s sale of airwaves, committing $23 billion. Verizon, the top bidder, agreed to pay $45 billion dollars.Any move involving AT&T’s content assets would come just months after it reached a deal to spin off its DirecTV operations in a pact with buyout firm TPG. AT&T also agreed in December to sell its anime video unit Crunchyroll to a unit of Sony Corp. for $1.2 billion.And the company has parted with its Puerto Rico phone operations, a stake in Hulu, a central European media group and almost all its offices at New York’s Hudson Yards.Stankey’s predecessor at AT&T, longtime CEO Randall Stephenson, spent his 13-year tenure bulking up the company. He was obsessed with deals and kept a color-coded roster of companies he wanted AT&T to buy, leading to 43 acquisitions.But critics such as activist investor Elliott Management Corp. have complained about the strategy, urging AT&T to focus on its core business. And now that’s just what Stankey is doing.In wireless services, AT&T is playing catch-up with Verizon, the market leader, and T-Mobile US Inc., which became the No. 2 carrier after gobbling up Sprint Corp. Verizon has made its own efforts to slim down. The company agreed this month to sell its media division to Apollo Global Management Inc. for $5 billion, a move that will offload online brands like AOL and Yahoo.The Discovery deal could give the combined company enough programming to compete with Netflix and other streaming services in a global battle over the future of entertainment. In 2019, Disney bought 21st Century Fox Inc.’s entertainments assets for $71 billion, largely to gain enough muscle to constantly refresh its streaming services. It launched Disney+ in November 2019 and already has more than 100 million subscribers.Both Discovery and AT&T’s media unit, WarnerMedia, have recently made their own forays into streaming. Discovery has debuted Discovery+, which has a vast array of unscripted reality shows. AT&T, meanwhile, has made a big bet on HBO Max, which launched a year ago and includes HBO programming and movies from AT&T’s Warner Bros. studio. Both companies are quickly expanding their streaming services around the world.Cable NetworksDiscovery and WarnerMedia also own a portfolio of cable channels that remain profitable but are losing subscribers as more people abandon pay-TV service and adopt streaming. And AT&T’s CNN is looking for new ways to maintain its audience after the busy news cycle of the Trump years. TNT and TBS have some general entertainment shows, but their most attractive assets may be their sports rights to air professional baseball, basketball and hockey. Discovery, meanwhile, has the rights to broadcast the Olympics and professional golf outside the U.S.Combining such assets would be complex, as the two companies have numerous long-term deals in place with pay-TV companies. A merged company would also have to choose a leader between WarnerMedia CEO Jason Kilar and Discovery’s Zaslav.The deal would be an acknowledgment by AT&T that it hasn’t delivered on the promise of owning distribution and media assets. The strategy has been criticized before, with analysts suggesting the two could be more valuable if kept separate.‘Fool’s Gold’Rich Greenfield, an analyst at LightShed Partners, has argued that AT&T and Comcast Corp., the cable provider that owns NBCUniversal, should spin off their media assets and combine them in a new company. He has called the promise of owning distribution and programming “fool’s gold.”On Sunday, Greenfield tweeted that he could “certainly imagine the secularly declining Turner assets merged with Discovery for scale,” but added that it was “harder to imagine” HBO Max and AT&T’s Warner Bros studio being part of a combined company.What Bloomberg Intelligence Says“AT&T’s potential combination of media assets with those of Discovery could provide the Turner properties with access to an international streaming platform while expanding the content library available to HBO Max. Our calculations suggest Turner’s assets alone, which include CNN, TNT and TBS, may be worth $40-$45 billion in a sale, which we view as an attractive alternative given AT&T’s need to fund its 5G and fiber build-out and pay down debt.”John Butler, senior telecom analystAt an investor conference last week, WarnerMedia’s Kilar defended the need for WarnerMedia to be owned by AT&T, saying the telecom company had invested billions of dollars in HBO Max and broken down silos within the company to create a single operating unit. He added that AT&T’s phone and broadband customers were less likely to cancel if they got HBO Max, and many of HBO Max’s subscribers were AT&T customers.Kilar irked the Hollywood establishment with his decision in December to release all of WarnerMedia’s movie slate on HBO Max at the same time the films hit theaters. But its recent movies have performed well at the box office, helping soothe concerns.Kilar spoke about the growth strategy of WarnerMedia under AT&T in a Wall Street Journal interview published last week.Now he may face a more daunting challenge: helping piece together a patchwork of media businesses to create an entity that can thrive in the streaming age.","news_type":1,"symbols_score_info":{"T":0.9,"DISCA":0.9}},"isVote":1,"tweetType":1,"viewCount":962,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":25,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/192202451"}
精彩评论