经济学人下载: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 investors are nervous about broadcasters' prospects
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 corporate baby toddle 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。

Nine 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 shareholders, 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 equity market, of Nine's rising ratings and of its growing share of the metropolitan free-to-air advertising 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 joint lead managers—two global banks, UBS and Morgan Stanley, and two local ones, Commonwealth 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 wary 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 bankruptcy 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 remains 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 presenter 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。