经济学人304:澳大利亚广播业 九娱乐公司近况

　　Business
商业报道
Broadcasting in Australia
澳大利亚广播业
The news on Nine
九娱乐公司近况
A network's IPO shows investors¹ are nervous about broadcasters' prospects²
这家网络公司的IPO显示出投资者们对于广播公司前景的担忧。
DAVID GYNGELL'S first child was born the night after he helped to arrange a recapitalisation of Nine Entertainment.
David Gyngell的第一个孩子正好出生在他协助安排的Nine Entertainment资本重整的隔天晚上。
The deal saved Australia's second most popular free-to-air television network from administration.
这笔交易拯救了澳大利亚第二大免费直播电视广播公司免于重组。
A year on, Nine's chief executive is about to see his corporate³ baby toddle⁴ onto the stock exchange.
一年之后，这位九娱乐的首席执行官将要看着他的公司婴儿蹒跚着走向股票市场。
2_副本.jpgNine is due to re-list on December 6th with an expected market capitalisation of about A$2 billion.
九娱乐将在12月6日得到大约20亿澳元的市场融资。
Nine's controlling shareholders⁵, Oaktree Capital Management and Apollo Global Management, two American hedge funds, will reduce their combined stakes from 53% to 36%.
九娱乐的控股股东，两家美国的对冲基金橡树资本管理公司和阿波罗全球管理公司一共持有的股份将从53%减少到36%。
They are taking advantage of a rising equity⁶ market, of Nine's rising ratings and of its growing share of the metropolitan⁷ free-to-air advertising⁸ market.
他们打算好好利用资本市场的上升势头，也是好好利用第九娱乐不断上升的评级和它不断上升的大城市地区广告市场占有率。
The share issue, however, is not being underwritten by its joint⁹ lead managers—two global banks, UBS and Morgan Stanley, and two local ones, Commonwealth¹⁰ and Macquarie.
然而这次发售股份却不被他的共同管理公司—UBS和摩根斯坦利两大国际银行以及Commonwealth和Macquarie两大本国银行所认可。
This suggests that some investors may be wary¹¹ about backing a free-to-air broadcaster when digital advertising is growing apace and the government is rolling out a national broadband network.
这说明，在电子广告业稳步发展而且政府正在全国推广宽带网络之时，投资者们在投资一家免费收视的广播公司时会小心谨慎一些。
The free float will be limited to one-third of the new shares.
公众持股量将会被限制在新发行股票的三分之一以内。
Nine has endured as much drama as an episode of Hostages.
九娱乐曲折离奇的经历如同《人质》中一样。
Late last year the broadcaster was facing bankruptcy¹² until a proposal by Oaktree and Apollo to convert its more than A$3 billion of debt into equity was finally accepted by other lenders.
去年下半年，这家广播公司曾濒临破产。直到橡树和阿波罗把30亿澳元的债务转变为股权的提议被其他借贷方接受后，这次危机才化解。
The hedge funds then took control of Nine from CVC, a private-equity group which had bought the company for A$5.6 billion in stages between 2006 and 2008, at the height of the bull market.
两家对冲基金接着又从CVC手中接过了九娱乐的控制权。CVC是一家私募投资集团，于2006至2008年，也就是牛市顶峰时，分阶段以56亿澳元买下了这个公司。
CVC had in turn purchased Nine from James Packer, whose father, Kerry, controlled the network until his death in 2005.
CVC则是从James Packer，2005年去世前一直掌管公司的Kerry之子手中买下的九娱乐。
James Packer wanted to redeploy the family's wealth from media into casinos.
James Packer当时想把家族的资金从媒体业转投赌博业。
Earlier this year Nine bought stations in Adelaide and Perth from WIN, another broadcaster.
今年早些时候，九娱乐从另一家广播公司WIN买下了阿德莱德和珀斯的广播频道。
With these and its existing operations in Brisbane, Melbourne and Sydney, Nine has a national metropolitan network for the first time.
这两个频道，再加上它已有的在布里斯班，墨尔本和悉尼的运营部门。
Nine's share of the metropolitan broadcast-advertising market has risen to within three percentage points of that of Seven Network, the leader, if Nine's newly acquired stations are included.
九娱乐第一次建立了一个全国性的大都市广播网络。如果加上新近得到的广播频道九娱乐在主要城市电视广告市场占有的份额和行业领头羊七广播公司的差距已经不到3个百分点。
Third-placed Ten, chaired by Lachlan Murdoch, has been struggling. By investing in Adelaide and Perth, Nine hopes to push up its ratings and advertising revenues by even more.
Lachlan Murdoch领导的位于第三位的十公司则业绩惨淡。九娱乐希望能通过投资阿德莱德和珀斯进一步提高它的评级和广告盈利。
However, Nine remains¹³ exposed to the ad cycle.
然而，九娱乐容易受到广告周期的影响。
Four-fifths of the group's revenue comes from television.
该集团五分之四的盈利来自于电视业和企业活动。
Digital media and events businesses bring in the rest.
其余部分来自于电子媒体和商业。
Moreover, online advertising is expected to overtake free-to-air TV as the leading ad category in Australia this year.
此外，在线广告被认为将会在今年内取代免费电视成为澳大利亚的主要广告类型。
For Mr Gyngell, Nine is a family affair.
对于Gyngekk来说，九娱乐好像是家庭成员一样。
His wife is a presenter¹⁴ and his late father, Bruce, was an executive there under Kerry Packer.
他的妻子是一位主持人，而他的继父Bruce则曾在Kerry Packer时代任职执行官。
Mr Gyngell may have ensured its survival for another generation.
Gyngell希望能使公司继续存活，并传给下一代。
1.be about to 将要，正打算；临到
Now he may be about to get a second chance.
而今，他可能将要获得第二个机会了。
Beijing may be about to face its own credit mobilier scandal.
中国政府也许即将面临它自己的credit mobilier丑闻。
2.due to 由于；因为
Much of the shift is due to economic growth.
这种变化的大部分都是由于经济的增长。
Police say it's due to better policing.
警察说这是因为加强了治安。
3.wary about 警惕
Mr zucker is wary about claiming that this will guarantee success.
谈及这能否保证成功时，朱克十分谨慎。
Mr guo was wary about policies which forced banks to dole¹⁵ out housing finance.
郭树清对迫使银行提供住房融资的政策表示警惕。
4.hope to 希望
Democrats¹⁶ hope to finish the draft in a week.
民主党人士希望在一周内完成该草案。
I really hope to find my prince charming soon.
我真希望能早点找到我的白马王子。

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 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

3 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

4 toddle   

v.（如小孩）蹒跚学步

参考例句：

• The baby has just learned to toddle.小孩子刚会走道儿。
• We watched the little boy toddle up purposefully to the refrigerator.我们看著那小男孩特意晃到冰箱前。

5 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

6 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

7 metropolitan   

adj.大城市的，大都会的

参考例句：

• Metropolitan buildings become taller than ever.大城市的建筑变得比以前更高。
• Metropolitan residents are used to fast rhythm.大都市的居民习惯于快节奏。

8 advertising   

n.广告业；广告活动 a.广告的；广告业务的

参考例句：

• Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
• The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。

9 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

10 commonwealth   

n.共和国，联邦，共同体

参考例句：

• He is the chairman of the commonwealth of artists.他是艺术家协会的主席。
• Most of the members of the Commonwealth are nonwhite.英联邦的许多成员国不是白人国家。

11 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

12 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

13 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

14 presenter   

n.（电视、广播的）主持人，赠与者

参考例句：

• Most people think being a television presenter is exciting.很多人认为当电视节目主持人是一件刺激的事情。
• The programme dispensed with its most popular presenter.这个节目最受欢迎的主持人被换掉了。

15 dole   

n.救济，（失业）救济金；vt.（out）发放，发给

参考例句：

• It's not easy living on the dole.靠领取失业救济金生活并不容易。
• Many families are living on the dole since the strike.罢工以来，许多家庭靠失业救济金度日。

16 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》