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2021-05-17
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AT&T Is Preparing to Merge Media Assets With Discovery<blockquote>AT&T准备将媒体资产与Discovery合并</blockquote>
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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庞大的媒体控股结合起来，建立一个将成为Netflix Inc.和华特迪士尼公司强大竞争对手的业务。在多年致力于将电信和媒体资产整合到一个屋檐下之后，任何交易都将标志着AT&T战略的重大转变。美国电话电报公司通过2018年完成的对时代华纳公司的收购获得了一些最大的娱乐品牌。</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AT&T和Verizon Communications Inc.等电信公司在从媒体业务中获得回报方面遇到的困难。通过其华纳媒体部门，AT&T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David Zaslav通过收购帮助Discovery实现增长，其中包括于2018年完成的对HGTV所有者Scripps Networks Interactive Inc.的收购。Discovery的A类股今年上涨了18%以上，公司估值接近240亿美元。AT&T上涨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，也可能谈判破裂。AT&T和Discovery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>AT&T首席执行官约翰·斯坦基(John Stankey)一直在清理这家庞大的电信巨头，裁员并出售表现不佳的资产。该公司一直在投入资金推出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>该运营商一直在推动电影和电视制作，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。经过一场收购狂潮，AT&T成为世界上负债最多的公司之一，尽管它一直在偿还债务，但现在它收到了最近频谱拍卖的账单。</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内容资产的举措都是在该公司与收购公司TPG达成剥离其DirecTV业务的协议几个月后发生的。美国电话电报公司去年12月还同意以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>该公司还剥离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年的任期内壮大了公司。他痴迷于交易，并保留了一份他希望AT&T收购的公司的颜色编码名册，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AT&T专注于其核心业务。这正是斯坦基正在做的。</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>在无线服务领域，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.，后者在收购Sprint公司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.，此举将出售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交易可能会为合并后的公司提供足够的节目，以便在全球娱乐未来之战中与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来不断更新其流媒体服务。它于2019年11月推出了Disney+，已经拥有超过1亿订阅者。</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WarnerMedia最近都涉足流媒体领域。Discovery推出了Discovery+，其中有大量无脚本真人秀。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其流媒体服务。</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，美国电话电报公司旗下的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，但他们最吸引人的资产可能是他们播放职业棒球、篮球和曲棍球的体育权利。与此同时，探索频道拥有在美国以外转播奥运会和职业高尔夫的权利。</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>合并这些资产将是复杂的，因为两家公司与付费电视公司有许多长期协议。合并后的公司还必须在华纳媒体首席执行官杰森·基拉尔和探索频道的扎斯拉夫之间选择一位领导者。</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>“傻瓜的金子”</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，AT&T和拥有NBCUniversal的有线电视提供商康卡斯特公司(Comcast Corp.)应该剥离他们的媒体资产，并将其合并为一家新公司。他将拥有发行和编程的承诺称为“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“当然可以想象长期下降的特纳资产与Discovery合并以扩大规模”，但他补充说，“更难想象”HBO Max和AT&T的华纳兄弟工作室成为合并后公司的一部分。</blockquote></p><p>What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</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的媒体资产合并，可以为特纳的资产提供访问国际流媒体平台的机会，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）就可能出售价值40-450亿美元，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归AT&T所有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，美国电话电报公司的电话和宽带客户如果获得HBO Max，就不太可能取消，而且HBO Max的许多订户都是美国电话电报公司的客户。</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>基拉尔去年12月决定在电影上映的同时在HBO Max上发布华纳媒体的所有电影，这激怒了好莱坞当权派。但它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，美国电话电报公司公司正在就剥离其媒体业务并将其与探索公司合并进行谈判，这对于一家不到三年前斥资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。</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，交易最快可能于本周宣布。由于信息是私人的，这些人士要求匿名。</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庞大的媒体控股结合起来，建立一个将成为Netflix Inc.和华特迪士尼公司强大竞争对手的业务。在多年致力于将电信和媒体资产整合到一个屋檐下之后，任何交易都将标志着AT&T战略的重大转变。美国电话电报公司通过2018年完成的对时代华纳公司的收购获得了一些最大的娱乐品牌。</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AT&T和Verizon Communications Inc.等电信公司在从媒体业务中获得回报方面遇到的困难。通过其华纳媒体部门，AT&T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David Zaslav通过收购帮助Discovery实现增长，其中包括于2018年完成的对HGTV所有者Scripps Networks Interactive Inc.的收购。Discovery的A类股今年上涨了18%以上，公司估值接近240亿美元。AT&T上涨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，也可能谈判破裂。AT&T和Discovery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>AT&T首席执行官约翰·斯坦基(John Stankey)一直在清理这家庞大的电信巨头，裁员并出售表现不佳的资产。该公司一直在投入资金推出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>该运营商一直在推动电影和电视制作，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。经过一场收购狂潮，AT&T成为世界上负债最多的公司之一，尽管它一直在偿还债务，但现在它收到了最近频谱拍卖的账单。</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内容资产的举措都是在该公司与收购公司TPG达成剥离其DirecTV业务的协议几个月后发生的。美国电话电报公司去年12月还同意以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>该公司还剥离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年的任期内壮大了公司。他痴迷于交易，并保留了一份他希望AT&T收购的公司的颜色编码名册，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AT&T专注于其核心业务。这正是斯坦基正在做的。</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>在无线服务领域，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.，后者在收购Sprint公司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.，此举将出售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交易可能会为合并后的公司提供足够的节目，以便在全球娱乐未来之战中与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来不断更新其流媒体服务。它于2019年11月推出了Disney+，已经拥有超过1亿订阅者。</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WarnerMedia最近都涉足流媒体领域。Discovery推出了Discovery+，其中有大量无脚本真人秀。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其流媒体服务。</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，美国电话电报公司旗下的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，但他们最吸引人的资产可能是他们播放职业棒球、篮球和曲棍球的体育权利。与此同时，探索频道拥有在美国以外转播奥运会和职业高尔夫的权利。</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>合并这些资产将是复杂的，因为两家公司与付费电视公司有许多长期协议。合并后的公司还必须在华纳媒体首席执行官杰森·基拉尔和探索频道的扎斯拉夫之间选择一位领导者。</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>“傻瓜的金子”</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，AT&T和拥有NBCUniversal的有线电视提供商康卡斯特公司(Comcast Corp.)应该剥离他们的媒体资产，并将其合并为一家新公司。他将拥有发行和编程的承诺称为“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“当然可以想象长期下降的特纳资产与Discovery合并以扩大规模”，但他补充说，“更难想象”HBO Max和AT&T的华纳兄弟工作室成为合并后公司的一部分。</blockquote></p><p>What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</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的媒体资产合并，可以为特纳的资产提供访问国际流媒体平台的机会，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）就可能出售价值40-450亿美元，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归AT&T所有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，美国电话电报公司的电话和宽带客户如果获得HBO Max，就不太可能取消，而且HBO Max的许多订户都是美国电话电报公司的客户。</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>基拉尔去年12月决定在电影上映的同时在HBO Max上发布华纳媒体的所有电影，这激怒了好莱坞当权派。但它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":637,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/192202451"}
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