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Breaking up News Corp
拆分新聞集團
Murdoch does the splits
新聞集團分家，默多克來操刀
Investors like the idea of hiving off the group's newspaper arm
投資者期盼分離新聞集團的新聞出版業務
SHAKESPEARE mused that It is beyond the power of man to bring love and wisdom to an union.
莎士比亞曾寫過，愛使人愚笨。人對于喜愛的事物無法做出理智的判斷。
News Corporation's shareholders have long agreed, arguing that Rupert Murdoch's love for newsprint has clouded his judgment and tainted his media empire.
新聞集團的股東們長期以來一致認為，魯伯特·默多克對新聞出版業的鐘愛混淆了他的判斷力，危害了他的傳媒帝國。
The sluggish growth and the legal cases besetting News Corp's publishing arm set it in sharp contrast to the group's robust film and television assets, which account for three-quarters of revenues and almost all operating profit.
新聞集團的出版業務，發展緩慢，官司纏身，和其蓬勃壯大的影視業務一比，相形見絀。當前，集團四分之三的收入和幾乎所有的盈利都來源于影視業務。
After months of hinting that it may heed 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 Economist went to press.
新聞集團將聽取投資者的意見，拆分成兩家獨立的上市公司—這樣的暗示流傳了數月之久之后，新聞集團的董事會終于在6月27日探討了拆分的可行性，并定于本期《經濟學人》雜志出版之時給出定論。
News that a split was under consideration sent News Corp's share price up by around 10%.
新聞集團打算拆分的消息出來后，該公司的股票價格上漲了約10%。
At over $22, it is now at its highest since 2007.
當前股價漲過22美元每股，為2007年以來的最高水平。
This bolstered the view that dividing the group will boost both companies and reward shareholders.
這無疑有力地支持了新聞集團拆分為兩家獨立的上市公司對公司和股東都將大有裨益這一觀點。
After the phone-hacking 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%.
新聞集團旗下的英國報紙鬧出電話竊聽丑聞之后—上訴法院的高級法官Leveson仍在調查此案—被迫放棄收購效益良好的英國衛星電視運營商BskyB。
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.
新聞集團已經擁有該公司39%的股份。將出版業務分離出來，指派一個新的管理者，還不足以克服收購BskyB所面臨的政策上的障礙，
But it should help protect the entertainment businesses from the scandal's rising legal costs, and at least ward off pressure for News Corp to sell its existing stake.
但卻足以保護集團的娛樂業務免受竊聽丑聞昂貴的訴訟費用帶來的損失，并且頂住壓力留住已經持有的BskyB股份。
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, and initiated a $10 billion share buy-back.
自竊聽丑聞發生以來，新聞集團除了停刊旗下的《世界新聞報》外，近期還賣掉了經營不善的社交網站聚友網，并斥資100億美元回購集團股份。
Such moves have supported the group's share price and pleased shareholders.
這些買賣交易導致集團股價飆升，股東們自然不亦樂乎。
But splitting the company in two is the ultimate dream of investors, says Michael Nathanson of Nomura, a stockbroker.
將新聞集團一分為二才是股東們的終極夢想，野村證券的股票經紀人Michael Nathanson如是說。
Analysts worry that News Corp is still juggling too many minority stakes in smaller companies, such as Hulu and Tata Sky.
有分析師擔心，新聞集團在太多的小公司里持有小額股份，如在Hulu視頻網站和印度衛星電視運營公司Tata Sky都持有股份，而這些小額股份不易管理。
Todd Juenger of Sanford C. Bernstein, an investment bank, also worries about the $11 billion of idle cash on News Corp's balance-sheet.
投行斯坦福·伯恩斯坦的Juenger也指出，新聞集團的資產負債表上閑置的110億美元資產頗為令人擔心。
However, Chase Carey, the group's chief operating officer, has been busy trying to sort out its tangle of holdings, selling some of its minority stakes at a profit and buying full control of other holdings.
新聞集團的首席運營官Chase Carey已經開始試著整理這一團亂麻般的閑置資產，他以有所盈利的價格售出一部分小公司的股權，并全股收購余下的小公司。
Investors seem prepared to cut Mr Carey some slack while he does so.
投資者對于Carey此番的運營方案并無異議。
Any reorganisation of the top table will probably keep him just below Rupert Murdoch, leaving his son James Murdoch,
一旦高層人員有所調整，Carey很有可能榮升為新聞集團的第二把手。
who gave up the chairmanship of News Corp's British newspaper arm after the scandal, out of the spotlight for now.
這下魯伯特·默多克的兒子詹姆斯·默多克會暫時退出公眾的視線了。竊聽丑聞發生之后，詹姆斯·默多克便辭去了新聞集團英國報業的主席職位。
The fastest-growing parts of the company are its television and cable businesses.
新聞集團發展最快的是無線電視和有線電視業務。
News Corp was shrewd in understanding the market for conservative political TV in America:
集團精明地預見到了保守的政論節目在美國的廣泛市場：
the core audience of Fox News creates a stable cashflow.
福克斯新聞臺的核心觀眾群，帶來了穩定的資金流入。
The company has also made wise investments in sports broadcasting, which viewers still prefer to watch live.
集團還明智地投資于體育節目的直播。體育頻道的觀眾愛看現場直播。
BSkyB owns the lion's share of Britain's football rights, Fox has American football, and its cable network hosts NASCAR races.
BSkyB在英國享有最大份額的足球節目直播權，福克斯擁有美式橄欖球賽的直播權，并且福克斯有線電視網還負責主持全美運動汽車競賽。
The company is expanding its holdings in Australia and Latin America, and is considering a new national sports network in America to rival ESPN.
新聞集團還在擴張其在澳洲和拉丁美洲所持的體育賽事直播權，同時還在策劃在美國建立一個可以匹敵ESPN的全國體育節目網。
The portfolio of newspapers in News Corp's publishing arm encompasses loss-makers like the London Times and the New York Post,
新聞集團出版業務的眾多資產中，既有像《泰晤士報》和《紐約郵報》這樣入不敷出的，
as well as the Wall Street Journal, which Mr Murdoch paid too much for but which at least is in profit,
有像《華爾街日報》這樣投資巨大才略有盈利的，
and the Sun, a populist cash-cow.
也有像《太陽報》這樣提倡民粹主義的搖錢樹。
The newspaper business may not be growing, but it generates enough cashflow to sustain itself, says Jeff Logsdon of BMO Capital Markets.
加拿大蒙特利爾銀行資本市場的Jeff Logsdon指出，新聞出版業或許無法擴大，但所產出的收益足以維持自身的運營。
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.
在默多克有生之年，新聞集團拋棄旗下英國報紙可能性不大，部分原因正是電話竊聽案。竊聽案怕是得審上好幾年。
The ideal outcome for investors may be a repeat of what happened when Viacom, a film and cable giant, spun off its broadcast arm, CBS, in 2005.
投資者所期望的理想結果是，拆分之后兩家公司的運營能像當時的美國維亞康姆集團那樣。
Sumner Redstone remained chairman of both sides but Leslie Moonves, given the job of running the supposedly sluggish CBS part,
影視巨頭維亞康姆集團于2005年將有線電視業務和無線電視業務拆分開來。
showed that it could be revived—since when the shares of both businesses have risen.
由哥倫比亞廣播公司專營無線電視業務。Sumner Redstone仍然兼任兩家公司的主席。Leslie Moonves負責運營當時不被看好的哥倫比亞廣播公司，通過妥善的管理使哥倫比亞廣播公司重整旗鼓—自此以后，兩家公司的股價都有所攀升。
