经济学人16:拆分新闻集团 默多克的"壮士断腕"

 　　Business.

　　商业。

　　Breaking up News Corp.

　　拆分新闻集团。

　　Murdoch does the splits.

　　默多克的"壮士断腕"。

　　Investors¹ like the idea of hiving off the group's newspaper arm.

　　投资者更赞成新闻集团能够将报纸业务剥离出去,与其电视娱乐业务分立开。

　　SHAKESPEARE mused² that "It is beyond the power of man to bring love and wisdom to an union."

　　莎士比亚曾思索到，让一个人兼具爱与智慧，乃其力所不及的。

　　News Corporation's shareholders³ have long agreed, arguing that Rupert Murdoch's abiding⁴ love for newsprint has clouded his judgment⁵ and tainted⁶ his media empire. The sluggish⁷ growth and the legal cases besetting⁸ News Corp's publishing arm set it in sharp contrast to the group's robust⁹ film and television assets, which account for three-quarters of revenues and almost all operating profit.

　　新闻集团的股东们一直认为并辩称鲁伯特·默多克对新闻出版业的钟情影响了他的决策判断，从而拖累了他整个传媒帝国。集团的出版业务增长缓慢，官司不断，这使得该部门的资产与集团强劲的电影与电视部门相比相形见绌，后者为集团贡献了四分之三的收入，以及几乎所有的营业利润。

　　After months of hinting that it may heed¹⁰ investors and separate the two parts, News Corp's board met on June 27th to approve a split, and was set to confirm its decision as The Economist¹¹ went to press. (Update: The firm has since announced its plans for a split.)

　　新闻集团在数月来提及其可能会听从投资者的建议将两大业务分拆之后，6月27日，董事会批准分拆计划，并定于本刊出版之际确认决议。（最新消息：新闻集团已经对外宣布了分拆计划）。

　　News that a split was under consideration sent News Corp's share price up by around 10%. At over $22, it is now at its highest since 2007. This bolstered¹² the view that dividing the group will boost both companies and reward shareholders.

　　考虑分拆的消息将新闻集团的股价推高近10%，股价超过22美元，达到2007年来的最高点。股价的表现支持了这一观点，即：分拆将同时促进两家公司的发展，并且使股东得到更好的回报

　　After the phone-hacking¹⁴ scandal at News Corp's British newspaper arm-which is still being investigated by Lord Justice Leveson, a senior judge-the group had to drop its bid for full ownership of BSkyB, a profitable satellite broadcaster; it already owns 39%. Separating the publishing division and giving it a new boss may not be enough to overcome regulatory obstacles to News Corp taking full ownership of BSkyB. But it should help protect the entertainment businesses from the scandal's rising legal costs, and at least ward¹³ off pressure for News Corp to sell its existing stake.

　　在新闻集团英国的报业分支爆出窃听门丑闻之后（该案件目前仍在接受上诉法院大法官莱维森的调查），该集团不得不放弃收购英国天空广播公司（BSkyB）以实现完全控股（新闻集团目前已拥有该公司39%的股份）。尽管将新闻出版部分剥离出来并转由新的老板管理尚不足以使得新闻集团克服监管障碍，从而买下天空广播公司，但它能帮助集团的娱乐业务免受窃听门案件带来的诉讼成本高涨的影响，至少消除新闻集团出售现有股份的压力。

　　Besides closing the News of the World in the wake of the hacking scandal, News Corp has recently rid itself of another sour asset, MySpace (an ailing¹⁵ social-media site), and initiated¹⁶ a $10 billion share buy-back (which will have the side-effect of enlarging the Murdochs' 40% stake). Such moves have supported the group's share price and pleased shareholders. But splitting the company in two is the "ultimate dream" of investors, says Michael Nathanson of Nomura, a stockbroker¹⁷.

　　除了在窃听门事件之后关停《世界新闻报》，新闻集团最近还甩卖了（一家每况愈下的社交网站）聚友网这一不良资产，并发起了一项100亿美元的股票回购计划（这将扩大默多克现在持有的40%的股份）。对于新闻集团来说，这些举动提振了股价，取悦了股东。不过，在日本野村证券的股票经理人迈克尔·纳罕森看来，将新闻集团一分为二才是投资者的最终梦想。

　　Analysts¹⁸ worry that News Corp is still juggling¹⁹ too many minority stakes in smaller companies, such as Hulu (online video) and Tata Sky (Indian satellite television). Todd Juenger of Sanford C. Bernstein, an investment bank, also worries about the $11 billion of idle cash on News Corp's balance-sheet. However, Chase Carey, the group's chief operating officer, has been busy trying to sort out its tangle²⁰ of holdings, selling some of its minority stakes at a profit and buying full control of other holdings. Investors seem prepared to cut Mr Carey some slack while he does so. Any reorganisation of the top table will probably keep him just below Rupert Murdoch, leaving his son James Murdoch, who gave up the chairmanship of News Corp's British newspaper arm after the scandal, out of the spotlight²¹ for now.

　　新闻集团在太多相对小型的公司（如在线视频网站葫芦网以及印度卫星电视塔塔天空）都持有一小部分股份（言外之意是持股太分散了），分析人士对此表示担忧。托德·乔根，是来自一家名为桑福德·伯恩斯坦（Sanford C. Bernstein）投资银行。他对新闻集团资产债务表上110亿美元的闲置现金表示担心。然而，新闻集团的COO（首席运营官）切丝·凯里则忙于整理混乱的持股，获利出售一部分新闻集团占少数股权公司的股份，同时收购一些股份以实现占大股份公司的全部控股。尽管他如此做，但投资者看似准备放过凯里一马（参考译法：投资者似乎准备助其一臂之力）。高层的任何重组都很有可能使得凯里的地位仅次于鲁伯特·默多克，从而让默多克的儿子詹姆士·默多克暂时脱身于公众聚焦。窃听门丑闻发生后，詹姆士·默多克辞去了新闻集团英国报业执行主席一职。

　　The fastest-growing parts of the company are its television and cable businesses. News Corp was shrewd in understanding the market for conservative political TV in America: the core audience of Fox News creates a stable cashflow. The company has also made wise investments in sports broadcasting, which viewers still prefer to watch live (making it more attractive to advertisers). BSkyB owns the lion's share of Britain's football rights, Fox has American football, and its cable network hosts NASCAR races. The company is expanding its holdings in Australia and Latin America, and is considering a new national sports network in America to rival ESPN.

　　电视及有线业务是新闻集团增长最快的部分。新闻集团深谙政治上偏保守的电视节目在美国的市场，凭借福克斯新闻笼络一批核心观众，创造了一个稳定的收入。同时，集团还对体育赛事播报进行投资，因为观众还是更喜欢看现场直播（这对于广告商来说更具吸引力），此举非常英明。天空广播公司拥有英国足球赛事的最大份额转播权，福克斯拥有美国足球的播放权，以及福克斯有线电视网络举办的纳斯卡赛车比赛。公司正在澳大利亚及拉丁美洲扩大其持股，并考虑在美开办一个新的全国体育广播网与ESPN竞争。

　　The portfolio²² of newspapers in News Corp's publishing arm (which also includes HarperCollins, a big book publisher) encompasses²³ loss-makers like the London Times and the New York Post, as well as the Wall Street Journal, which Mr Murdoch paid too much for but which at least is in profit, and the Sun, a populist cash-cow. The newspaper business may not be growing, but it generates enough cashflow to sustain itself, says Jeff Logsdon of BMO Capital Markets. It is unlikely that the company will try to offload its British papers while Mr Murdoch is still alive, in part because the phone-hacking trials could go on for years.

　　相比之下，新闻集团的出版业务（包括哈珀柯林斯，一个大型图书出版社）则涵盖伦敦的《泰晤士报》，《纽约邮报》以及《华尔街日报》，这些默多克倾注最多但盈利却最少的包袱，及《太阳报》这样的大众化报纸，它的盈利还是可观的。蒙特利尔银行（BMO）资本市场部的杰夫·罗格斯登说："报纸业务也许并不会增长，但它带来的现金流足以维系自身运转。"在默多克的有生之年，公司不大可能将英国的报纸业务甩掉，这其中部分也因窃听门审理可能会持续数年。

　　The ideal outcome for investors may be a repeat of what happened when Viacom, a film and cable giant, spun²⁴ off its broadcast arm, CBS, in 2005. Sumner Redstone remained chairman of both sides but Leslie Moonves, given the job of running the supposedly sluggish CBS part, showed that it could be revived-since when the shares of both businesses have risen.

　　对于投资者而言，最理想的结果可能是重演2005年维亚康姆（Viacom）拆出其电视业务CBS一幕。维亚康姆是一家以电影及电视网为主的传媒巨头。维亚康姆分拆后，萨默·雷思东（Viacom的董事长兼CEO）仍然兼任两个公司的董事长，莱斯利·穆恩维斯(CBS的总裁)则负责运营被认为萧条的哥伦利比亚广播公司（CBS），他们认为分拆后CBS能够复兴。果如其所料，维亚康姆自分拆为二上市后，其两家公司股票都出现上涨。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 mused   

v.沉思，冥想( muse的过去式和过去分词 )；沉思自语说（某事）

参考例句：

• \"I wonder if I shall ever see them again, \"he mused. “我不知道是否还可以再见到他们，”他沉思自问。 来自《简明英汉词典》
• \"Where are we going from here?\" mused one of Rutherford's guests. 卢瑟福的一位客人忍不住说道：‘我们这是在干什么？” 来自英汉非文学 - 科学史

3 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

4 abiding   

adj.永久的，持久的，不变的

参考例句：

• He had an abiding love of the English countryside.他永远热爱英国的乡村。
• He has a genuine and abiding love of the craft.他对这门手艺有着真挚持久的热爱。

5 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

6 tainted   

adj.腐坏的；污染的；沾污的；感染的v.使变质( taint的过去式和过去分词 )；使污染；败坏；被污染，腐坏，败坏

参考例句：

• The administration was tainted with scandal. 丑闻使得政府声名狼藉。
• He was considered tainted by association with the corrupt regime. 他因与腐败政府有牵连而名誉受损。 来自《简明英汉词典》

7 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

8 besetting   

adj.不断攻击的v.困扰( beset的现在分词 )；不断围攻；镶；嵌

参考例句：

• Laziness is my besetting sin. 懒惰是我积重难返的恶习。 来自辞典例句
• His besetting sin is laziness. 他所易犯的毛病就是懒惰。 来自辞典例句

9 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

10 heed   

v.注意，留意；n.注意，留心

参考例句：

• You must take heed of what he has told.你要注意他所告诉的事。
• For the first time he had to pay heed to his appearance.这是他第一次非得注意自己的外表不可了。

11 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

12 bolstered   

v.支持( bolster的过去式和过去分词 )；支撑；给予必要的支持；援助

参考例句：

• He bolstered his plea with new evidence. 他举出新的证据来支持他的抗辩。 来自《现代英汉综合大词典》
• The data must be bolstered by inferences and indirect estimates of varying degrees of reliability. 这些资料必须借助于推理及可靠程度不同的间接估计。 来自辞典例句

13 ward   

n.守卫，监护，病房，行政区，由监护人或法院保护的人（尤指儿童）；vt.守护，躲开

参考例句：

• The hospital has a medical ward and a surgical ward.这家医院有内科病房和外科病房。
• During the evening picnic,I'll carry a torch to ward off the bugs.傍晚野餐时，我要点根火把，抵挡蚊虫。

14 hacking   

n.非法访问计算机系统和数据库的活动

参考例句：

• The patient with emphysema is hacking all day. 这个肺气肿病人整天不断地干咳。
• We undertook the task of hacking our way through the jungle. 我们负责在丛林中开路。

15 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

16 initiated   

n. 创始人 adj. 新加入的 vt. 开始，创始，启蒙，介绍加入

参考例句：

• He has not yet been thoroughly initiated into the mysteries of computers. 他对计算机的奥秘尚未入门。
• The artist initiated the girl into the art world in France. 这个艺术家介绍这个女孩加入巴黎艺术界。

17 stockbroker   

n.股票（或证券），经纪人（或机构）

参考例句：

• The main business of stockbroker is to help clients buy and sell shares.股票经纪人的主要业务是帮客户买卖股票。
• My stockbroker manages my portfolio for me.我的证券经纪人替我管理投资组合。

18 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

19 juggling   

n. 欺骗, 杂耍(=jugglery) adj. 欺骗的, 欺诈的 动词juggle的现在分词

参考例句：

• He was charged with some dishonest juggling with the accounts. 他被指控用欺骗手段窜改账目。
• The accountant went to prison for juggling his firm's accounts. 会计因涂改公司的帐目而入狱。

20 tangle   

n.纠缠；缠结；混乱；v.(使)缠绕；变乱

参考例句：

• I shouldn't tangle with Peter.He is bigger than me.我不应该与彼特吵架。他的块头比我大。
• If I were you, I wouldn't tangle with them.我要是你，我就不跟他们争吵。

21 spotlight   

n.公众注意的中心，聚光灯，探照灯，视听，注意，醒目

参考例句：

• This week the spotlight is on the world of fashion.本周引人瞩目的是时装界。
• The spotlight followed her round the stage.聚光灯的光圈随着她在舞台上转。

22 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

23 encompasses   

v.围绕( encompass的第三人称单数 )；包围；包含；包括

参考例句：

• The job encompasses a wide range of responsibilities. 这项工作涉及的职责范围很广。
• Its conservation law encompasses both its magnitude and its direction. 它的守恒定律包括大小和方向两方面。 来自辞典例句

24 spun   

v.纺，杜撰，急转身

参考例句：

• His grandmother spun him a yarn at the fire.他奶奶在火炉边给他讲故事。
• Her skilful fingers spun the wool out to a fine thread.她那灵巧的手指把羊毛纺成了细毛线。