IAIH :: Volume #7

#658: Postpones the expansion

LNMTL needs user funding to survive Read More

Disney Animation Department by 2.5 billion USD the news of sky-high price success auction, has caused the media article after article report once again. 迪斯尼动画部门以25亿美元的天价成功拍卖的消息,再次引起了媒体连篇累牍的报道。 After both sides sign successfully, Summer Redstone strikes while the iron is hot announced that the establishment of Paramount animation, and appoints «The Lion King» Director Roger Allers holds the post of Paramount Animation Department CEO. Meanwhile, Viacom also announced that will depend upon Blockbuster chain store the huge channel and Paramount animation and Paramount movie, MTV television and other content departments, jointly marches the profit rich film and television peripheral industry. 双方成功签约之后,萨默・雷石东趁热打铁地宣布派拉蒙动画的成立,并任命《狮子王》的导演罗杰・爱勒斯担任派拉蒙动画部门的eo。同时,维亚康姆还宣布将依靠百视达连锁店的庞大渠道和派拉蒙动画、派拉蒙电影、mtv电视等内容部门,联合进军利润丰厚的影视周边产业。 Roger Allers is attaining Paramount animation CEO to hire the second day of contract, again holds the release conference, announced brings the «The Lion King» sequel and that «Sound of the Desert» and «Mulan» three 2D Animation projects from Disney also starts, has in view of master Disney's meaning. 罗杰・爱勒斯在拿到派拉蒙动画eo聘用合约的第二天,就再一次召开发布会,宣布从迪斯尼带来的《狮子王》续集、《风中奇缘》、《木兰》三部2d动画项目同时启动,颇有针对老东家迪斯尼的意味。 In a short time benefits the good news to be exciting continuously, pushed the Viacom stock price directly high 7.6%, stock price surging upward let quite have the Viacom shareholders of veiled criticism to change the idea to the Redstone radical expansion policy, commended Redstone wise decisive. 短时间内的连续利好消息刺激,直接将维亚康姆的股价推高了7.6%,股价高涨让原本对雷石东激进的扩张策略颇有微词的维亚康姆股东们都转变了观念,纷纷称赞起雷石东的英明果断。 Some people like unavoidably some people of frustrations, most bad luck without doubt in bidding the Disney Animation Department process loses to Redstone Time Warner CEO Terry Semel. 有人欢喜难免就有人失意,最倒霉的无疑是在竞拍迪斯尼动画部门过程中败给雷石东的时代华纳eo特里・塞梅尔。 Although failed in the competition Seagram, 20th Century Fox and other companies more or less were discussed by the media, the commentary expression that but on the media is defeated in this competition regarding Time Warner has almost ridiculed, after all, the overall strength of Time Warner group is Viacom more than two times, but Time Warner the low performance in Film Industry service, is makes it have the reason to snatch Disney Animation Department before this fully. Therefore. Effect of this failure on Time Warner even must surpass the pure failure itself. Many media even suspected whether Time Warner presented the financial crisis. 虽然在竞争中失败了的西格拉姆、二十世纪福克斯等公司都或多或少地遭到媒体的议论,但媒体上对于时代华纳在这次竞争中落败的评论语气就几乎是奚落了,毕竟,时代华纳集团的整体实力是维亚康姆的两倍多,而时代华纳此前在电影业务上的低迷表现,更是让它有充分地理由抢下迪斯尼动画部门。因此。这次失败对时代华纳的影响甚至要超过单纯的失败本身。很多媒体甚至怀疑时代华纳是否出现了财务危机。 Firefly at the auction suddenly announced that on the same day extends the payment deadline the method. Disrupts after the bidding strategy that considers repeatedly Time Warner in completely, Terry although Semel is the Time Warner member, but must be much lower than previous generation leader Steve in the jurisdiction that the Time Warner group has Ross, this also causes him at all not possibly, because the foray of Firefly changes the strategy flexible, finally has created failure of Time Warner in this bidding. 萤火虫在拍卖会当天突然宣布延长支付期限的手段。将时代华纳内部经过反复斟酌的竞拍策略全部打乱,特里・塞梅尔虽然是时代华纳的一把手,但在时代华纳集团拥有的权限要远远低于上一代领导人史蒂夫・罗斯,这也导致他根本不可能因为萤火虫的突然袭击灵活地改变策略,最终造成了时代华纳在这次竞拍中的失败。 Although final reason or Time Warner of shareholder and Board of Directors this failure to Terry impeding of Semel, but is very obvious, the Time Warner shareholder and director definitely on own initiative will not shoulder the responsibility, this was unjustly discredited buckles finally in Terry on Semel. 虽然这种失败的最终原因还是时代华纳股东和董事会对特里・塞梅尔的掣肘,但很显然,时代华纳的股东和董事肯定是不会主动承担责任的,这口黑锅最终还是扣在了特里・塞梅尔头上。 Because the Time Warner stock price dreary Box Office of summer files declined continuously for several months. Along with the failure of this bidding, Time Warner marches the hope of animated film domain to be disillusioned, the negative impact that this event brings is creates the Time Warner stock price that because originally summer files in the past stabilized starts to fall again. 时代华纳的股价因为暑期档的惨淡票房已经连续走低了几个月时间。随着这次竞拍的失败,时代华纳进军动画电影领域的希望破灭,这次事件带来的负面影响更是造成原本因为暑期档过去已经止跌的时代华纳股价再一次开始滑落。 Facing more and more tremendous pressure, busy after-working hours, Terry Semel even have the thought that some resignation have not done. Naturally, this idea also dodges to pass, the rich salary that not to mention the Time Warner CEO position brings, tastes the power and influence taste that a large-scale media group helmsman position has brought, anybody on own initiative will not give up. Therefore, Terry Semel can only the pain and becomes addicted is seeking for the solution at present the method of difficult position. 面对越来越大的压力,繁忙的工作之余,特里・塞梅尔自己甚至都产生了一些辞职不干的念头。当然,这种想法也只是一闪而逝,且不说时代华纳eo的职位所带来的丰厚薪酬,尝过了一家大型传媒集团掌舵人位置所带来的权势滋味,任何人都不会主动放弃。因此,特里・塞梅尔只能痛并上瘾着去寻找解决目前困境的方法。 Naturally. As seller, Firefly Group because, although this business has harvested the 2.5 billion USD huge amount of cash. But the attitude of media Firefly toward the meaning that in does not have many congratulation. 当然。作为卖家,萤火虫集团虽然因为这笔生意收获了25亿美元巨额现金。但媒体对萤火虫的态度中却没有多少恭喜的意思。 The majority of media generally think that the Disney Animation Department 2.5 billion USD auction price is much lower than its actual value as before, how does not need to pay attention in the future, as before can prove this point in screening «The Lion King», «The Lion King» in three years the anticipated 1 billion USD net profit, means that the average will be Firefly will bring the 300 million USD above net income every year, according to the company market value generally will be its profit for the year over 10 times universal laws, the media thinks the Disney Animation Department actual value should absolutely over 3 billion USD. 大部分媒体普遍认为迪斯尼动画部门25亿美元的拍卖价格依旧是远远低于其实际价值,不需要去关注将来如何,依旧在上映的《狮子王》就能够证明这一点,《狮子王》三年内预期10亿美元的净利润,意味着平均每年将为萤火虫带来3亿美元以上的纯收入,按照公司市值通常是其年利润10倍以上的普遍规律,媒体认为迪斯尼动画部门的实际价值绝对应该超过30亿美元。 To needs to go forth to battle to accept the major media in a terrible fix to interview personally, reverses the Time Warner recent declining tendency with the chart Terry when Semel, Firefly was only holding a routine release conference with Paramount signing, afterward does not have to make any response to the media opinion again. This point has also manifested the advantage of non-listed company, does not need, because stock price and wealth report and other factors withstand and capital from the pressure of media. 相对于焦头烂额地需要亲自上阵接受各大媒体采访,以图逆转时代华纳最近颓势的特里・塞梅尔,萤火虫只在与派拉蒙签约时召开了一次例行发布会,随后就没有再对媒体言论做出任何回应。这一点也体现了非上市公司的好处,不必因为股价和财报等因素去承受来自媒体和资本的压力。 Moreover, although on media, because Firefly Group gets rid of Disney Animation Department, then presents the sound that looked at to fade to Disneyland and Disney store and other services. But in fact, the Firefly Group internal development rhythm is very explicit. 而且,虽然媒体上因为萤火虫集团抛弃迪斯尼动画部门,进而对迪斯尼乐园、迪斯尼商店等业务都出现了看衰的声音。但实际上,萤火虫集团内部的发展节奏是非常明确的。 After stripping Hand-Drawn Animation Department, Katzenberg starts to start the reconstruction of Disney Animation Department immediately. 剥离手绘动画部门后,卡森伯格立刻就开始启动迪斯尼动画部门的重建工作。 Although most outstanding a group of digital animators majority of centralized in Pixar, but uses the advertisement design firm and special effect of work room computer graphic technique in recent years is as numerous as the hairs of an ox, unearths one batch simultaneously to have the computer and artistic foundation of basic skills outstanding professionals from these companies trains, in the short-term restarted Disney Animation Department to say easily, the Firefly software company and Pixar work room can also provide some complete set mature animation technologies and managerial talents for new Disney Animation Department. 虽然最优秀的一批数字动画师大部分都集中在皮克斯,但最近几年利用计算机图形技术的广告设计公司和特效工作室却多如牛毛,从这些公司中挖掘一批同时拥有计算机和艺术功底的优秀专业技术人员进行培训,短期内重启迪斯尼动画部门可以说轻而易举,萤火虫软件公司和皮克斯工作室也可以为新的迪斯尼动画部门提供全套成熟的动画技术和部分管理人才。 In Katzenberg this once led the helmsman who Disney Animation Department revives personally under controlling, all smooth words, brand-new Disney Animation Department can launch the first part work in three years, therefore the rhythm of Disney release animated cartoon will only present short being out of stock in 1996, afterward can restore Pixar and Disney puts out the work alternately the best product condition. 在卡森伯格这个曾经主导迪斯尼动画部门复兴的掌舵人亲自把控下,一切顺利的话,全新的迪斯尼动画部门在三年内就能够推出第一部作品,因此迪斯尼发行动画片的节奏只会在1996年出现一个短暂的断档,随后就能够恢复皮克斯和迪斯尼交替拿出作品的最佳出品状态。 The continual peeling sell paper intermediary properties and Hand-Drawn Animation Department two business, making the cash reserve of Firefly Group rise suddenly again, but, Eric does not have the intention that expands eagerly once more. 连续剥离出售纸媒资产和手绘动画部门两笔生意,使得萤火虫集团的现金储备再一次暴涨,不过,艾瑞克却没有急于再次扩张的意图。 Although annexes the ABC process to be smooth, has not presented the fierce shake. But this time Firefly Group actually just likes the huge media machine that was just combined, this media machine just realized the most basic revolution, the distance has been the highest operating efficiency also to have a very long distance, these are many issues needs to be solved, if neglects these completely. Carries on next expansion impatiently. Then the final outcome has two. One type is the group expansion quickly becomes more and more extremely fat, the internal problem many a little makes a mickle, finally causes the service to collapse on all fronts, falls into the operation and financial crisis, another type is Time Warner this surface is formidable, but internal contradictions numerous, finally is hard to avoid moving toward the decline as before. 虽然兼并ab的过程非常顺利,没有出现剧烈的震荡。但此时的萤火虫集团却犹如一个刚刚被组合起来的庞大传媒机器,这台传媒机器只是刚刚实现了最基本的运转,距离达到最高的运行效率还有很长的一段距离,这其中更是又许多问题需要解决,如果完全忽略这些。迫不及待地进行下一步扩张。那么最终结果只有两个。一种是集团扩张过快变得越来越臃肿,内部问题积少成多,最终造成业务全线崩溃,陷入运营和财务危机,另外一种就是时代华纳这种表面强大但内部矛盾重重,最终依旧难以避免走向衰落。 Eric hopes that the Firefly Group major departments after the reorganization and coordinated, eventually achieve, even if the high-level iteration of bitter experience like Time Warner, can as before the perfect condition of smooth operation. 艾瑞克希望萤火虫集团各大部门经过重组和协调,最终达到即使遭遇像时代华纳那样的高层迭代,依旧能够顺利运行的完美状态。 Therefore. Reconstructs Disney Animation Department at the same time, to realize the movie and further dockings of television two big service plates, Firefly Group is also keeping making the service adjustment to ABC TV Network, Disney Channel, ESPN, Marvel Entertainment and other departments. 因此。重建迪斯尼动画部门的同时,为了实现电影、电视两大业务板块的进一步对接,萤火虫集团也在不停地对ab电视网、迪斯尼频道、espn、漫威娱乐等部门进行业务调整。 Internal service adjustment usually does not need to consume too many funds, the Firefly Group internal management cash flow deals with these adjustments completely sufficiently. 内部的业务调整往往并不需要消耗太多资金,萤火虫集团内部的经营现金流完全足以应对这些调整。 In various Firefly services as before maintained the formidable profitability and just through the situation that in two parts of property peelings brought the huge fund, the group presented the huge cash earnings. Firefly when auctioning the Disney department chooses to extend the payment deadline temporarily, some considerations for this reason, because the income are too in a short time many, if cannot put into the management, but must pay taxes! 在萤火虫各项业务依旧保持强大的盈利能力和刚刚通过两部分资产剥离带来巨额资金的情况下,集团内部出现了庞大的现金盈余。萤火虫在拍卖迪斯尼部门时临时选择延长支付期限,其中也有出于这种原因的考虑,因为短时间内进账太多,如果不能投入经营的话,可是要交税的！ If before is, facing this situation, the first response of Eric often is the choice pays off the Firefly debt. 如果是以前面对这种情况,艾瑞克的第一反应往往是选择清偿萤火虫的债务。 But after several years of experience. Eric somewhat conservative operation concept also started gradually to change, he also gradually accepts the enterprise on borrowings the condition. Although the Firefly debt achieves 10 billion USD at present, but debt proportion actually only then about 30%, regarding majority of Group, this debt proportion are very healthy, moreover similarly is helpful to avoiding taxes using the bond interest. 但经过几年的历练。艾瑞克原本有些保守的经营理念也开始逐渐改变,他也逐渐接受企业负债经营的状态。虽然目前萤火虫负债达到100亿美元,但负债比例却只有30%左右,对于大部分集团公司来说,这种负债比例是非常健康的,而且同样有助于利用债息进行避税。 Moreover, although the discharge, can be ahead of time Firefly saves part of interest expenses, even if in the short-term repays all 10 billion USD debts, bond interest that Firefly can save also only then about 5 billion USD, but uses these 10 billion USD to invest the words, in the long-term debt age limit of ten-year, by the Eric rebirth superiority, making these 10 billion USD rise several absolutely not to have any issue, therefore, how in the discharge and invests front to choose, matter that almost does not need to consider completely. 另外,虽然提前清偿债务,能够为萤火虫省却一部分利息支出,但哪怕短期内偿还掉所有100亿美元债务,萤火虫能够省却的债息也只有50亿美元左右,但利用这100亿美元进行投资的话,十年期的长期债务年限内,以艾瑞克的重生者优势,让这100亿美元翻上几番绝对是没有任何问题,因此,在清偿债务和进行投资面前该怎么选择,几乎是完全不用考虑的事情。 With abundant cash support, although the Firefly internal expansion stops temporarily, Eric actually sped up to the high-tech area investment step that oneself are familiar with. Immediately must enter the 90's second half that high-tech industry rises, at this time is also most good opportunity of join. 在充沛的现金支持下,虽然萤火虫内部的扩张暂时停止,艾瑞克却加快了对自己熟悉的高科技领域的投资步伐。马上就要进入高科技产业崛起的90年代后半叶,此时也是入局的最好机会。 In order to support the technical research and development of Yahoo Advertisement Alliance and Yahoo Technology Alliance, Eric has infused the 200 million USD development funds to Yahoo once more. 为了支持雅虎广告联盟和雅虎技术联盟的技术研发,艾瑞克再次向雅虎注入了2亿美元发展资金。 Pledged that one time has also projected on the contra account to 200 million USD debt financing of AOL. 承诺给美国在线的2亿美元债务融资也一次性打到了对方账户上。 Meanwhile, according to that initially drew up to promote the angel fund plan of Yahoo Advertisement Alliance rapidly, Eric starts to speed up for these development potential good websites carrying on the capital. 同时,按照当初拟定的那份为了迅速推广雅虎广告联盟的天使基金计划,艾瑞克开始加快为那些发展潜力不错的网站进行注资。 However, these investments only occupied few of Firefly Group fund reserve as before. Eric blindly will not certainly increase the investment to be the fool, therefore, leaves behind other shareholders draw bonus later about 1 billion USD cash, has become a Eric quite worried matter. 不过,这些投资依旧只占据了萤火虫集团资金储备的很少一部分。艾瑞克当然也不会盲目增加投资做冤大头,因此,留下其他股东分红之后的将近10亿美元现金,也成了艾瑞克比较苦恼的一件事情。 „Really is happy worried,” Disney Animation Department auctions for one week later, Eric sits in the Firefly cinema city office, reads the recent group financial reporting, so says with emotion. “真是幸福的苦恼啊,”迪斯尼动画部门拍卖一个多星期之后,艾瑞克坐在萤火虫影城的办公室里,看着最近的集团财务报表,如此感慨道。 Just shoved open Kelly that office gate walked to stare Eric gently, arrived at the Eric opposite, handed in front of a schedule Eric, said fast: „Has related a gulf stream commerce passenger plane, the Victoria’s Secret team can fly to New York tomorrow morning, Miss Brighton has arranged the press conference in that side. Moreover, the background of Manhattan Lexington Avenue ordnance factory has arranged according to the blueprint that you gave, the camera remote control rail track that but you said was still having custom-made, possibly also took one week. Aims at ear wheat sound recording......” to speak of here, Kelly, said: „Does not know really you bring these many strange thoughts, but, the Motorola that side expressed willingness to have custom-made free, but they need to print the striking Motorola trademark on the equipment.” 刚刚推开办公室门走进来的凯莉轻轻瞪了艾瑞克一下,来到艾瑞克对面,将一份日程表递到艾瑞克面前,快速说道:“已经联系好了一架湾流商务客机,维密团队明天早上就能够飞往纽约,布莱顿小姐在那边已经安排好了新闻发布会。另外,曼哈顿莱辛顿大道兵工厂的布景已经按照你给的图纸布置完毕了,只是你说的摄影机遥控滑轨还在定制中,可能还需要一个星期。还有针对耳麦录音器……”说到这里,凯莉顿了下,道:“真不知道你拿来这么多奇怪念头,不过,摩托罗拉那边表示愿意免费定制,但他们需要在设备上印制醒目的摩托罗拉商标。” Eric nods: „This does not have the issue, but they take within one week to hand over the equipment to come similarly again.” 艾瑞克点头:“这个没问题,但他们同样要一星期之内交出设备再来。” „Naturally, I urged them,” Kelly nodded, said: „This is the Victoria’s Secret matter . Moreover, the assistant of Mr. Katzenberg just telephoned, he will also go to New York tomorrow.” “当然,我已经叮嘱他们了,”凯莉点了点头,又道:“这是维密的事情,另外,卡森伯格先生的助理刚刚打电话过来,他明天也会去纽约。” Is reading a document Eric to gain ground: „Does he with do?” 正在翻看一份文件的艾瑞克抬起头:“他跟去干什么？” Kelly this time has not teased Eric actually, explained: „Tomorrow is 19 th, on Monday, «Survivor» the first broadcast, Mr. Katzenberg should be on Tuesday the hope first sees the «Survivor» viewing ratio news, if...... Has some conditions the words, facilitates adjusts as soon as possible.” 凯莉这次倒是没有调侃艾瑞克,解释道:“明天是19号,星期一,《幸存者》周二首播,卡森伯格先生应该是希望第一时间看到《幸存者》的收视率消息,如果……出现一些状况的话,也方便尽快进行调整。” Eric nods suddenly, he remembers that «ER» and 《Friends》 time was on September 28 and on September 29, has neglected the «Survivor» first broadcast date actually has been ahead of time for one week. 艾瑞克恍然地点头,他只是记得《急诊室的故事》和《老友记》播出时间是9月28日和9月29日,倒是忽略了《幸存者》的首播日期提前了一周。 After testing broadcasting, ABC regarding «ER» and 《Friends》 viewing ratio already not too many worries, but regarding «Survivor» this grade of program form very novel Reality Show, although this grade of program is Eric chooses personally, but many people are skeptical as before. Moreover, because of special program form, «Survivor» is unable to arrange to test broadcasting the collection, Katzenberg wants to assume New York ABC Headquarters personally, makes the immediate adjustment not to be accidental to the consequence that this grade of program probably causes. 经过试播,ab对于《急诊室的故事》和《老友记》的收视率都已经没有太多的担心,但对于《幸存者》这档节目形式非常新颖的真人秀,虽然这档节目是艾瑞克自己亲自挑选的,但很多人依旧抱有疑虑。而且,因为特殊的节目形式,《幸存者》无法安排试播集,卡森伯格想要亲自坐镇纽约ab总部,对这档节目可能带来的后果进行即时调整也不意外。 Eric at heart does not have too to be worried to «Survivor» this grade of program actually, after all, previous life this grade of program had proven its popularity, even several years that later the program promotes, but also presented various type of similar following Reality Show. However, Eric has not disturbed the plan of Katzenberg decision. 艾瑞克心里对《幸存者》这档节目倒是没有太担心,毕竟,前世这档节目就已经证明了其受欢迎程度,甚至在节目推出的十几年后,还出现了各种类型相似的跟风真人秀。不过,艾瑞克也没有干扰卡森伯格决定的打算。 Kelly saw Eric not to say anything, handed over a thick document: „This is the material that you make me collect, the product that this Radio Communications Technology Corporation researches and develops deviates the mainstream completely the GSM form, I had not seen actually is necessary that anything invests, only if you have the confidence their communication standard to substitute GSM completely, but I thought that this condition is unlikely. The analog signal transmission way of first generation has used for more than 20 years, was eliminated by GSM, even if this brand-new communication form has much compared with GSM a little, but I did not think that he can replace GSM in a short time, after all, now in the world the communications technology company and mobile equipment of manufacturer all mainstreams uses is the GSM service patterns, and invested the massive research and development funds, these world-class electronics giants the technical achievement that is unlikely to allow just to yield are also replaced by other technologies.”( To be continued.) 凯莉见艾瑞克没说什么,又递过去一份厚厚的文件:“这是你让我搜集的资料,这家无线电通信技术公司研发的产品完全偏离主流的gsm格式,我倒是没有看出有什么投资的必要,除非你有信心他们的通讯制式能够完全替代gsm,但我觉得这种状况不太可能。第一代的模拟信号传输方式使用了20多年时间,才被gsm淘汰掉,即使这种全新的通讯格式比gsm有更多的有点,但我也不觉得他能够在短时间内代替gsm,毕竟,现在全世界所有主流的通讯技术公司和移动设备制造商使用的都是gsm制式,并且投入了大量的研发资金,这些世界级的电子巨头也不太可能允许刚刚获得的技术成果被其他技术代替。”(未完待续。)
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