????電話竊聽(tīng)丑聞事件再次重創(chuàng)新聞集團(tuán)（News Corp.），這次應(yīng)聲而倒的是全資收購(gòu)英國(guó)天空廣播公司（British Sky Broadcasting Group）的計(jì)劃。放棄這一收購(gòu)計(jì)劃引發(fā)人們的質(zhì)疑：這個(gè)由魯伯特?默多克掌舵的媒體帝國(guó)是否擁有良好的管理團(tuán)隊(duì)和策略來(lái)為公司創(chuàng)造價(jià)值？

????新聞集團(tuán)目前擁有付費(fèi)電視運(yùn)營(yíng)商英國(guó)天空廣播公司39%的股份，處于實(shí)際控股地位；但是，分析人士和投資者均認(rèn)為，全資收購(gòu)天空廣播對(duì)新聞集團(tuán)來(lái)說(shuō)至關(guān)重要。巴克萊銀行（Barclays）分析師安東尼?迪克萊蒙特的一份報(bào)告顯示，付費(fèi)電視業(yè)務(wù)擁有穩(wěn)定、安全的收入來(lái)源。如果全資擁有該公司，付費(fèi)電視收入占新聞集團(tuán)總收入的比例將從目前的55%提高到66%，同時(shí)將為新聞集團(tuán)帶來(lái)更低的稅率。美國(guó)《綜藝》雜志（Variety）的一篇報(bào)道援引市場(chǎng)研究公司Enders Analysis分析師托比?西芙麗特的觀點(diǎn)稱，天空廣播一旦被新聞集團(tuán)全資收購(gòu)，其收入在未來(lái)五年內(nèi)將增長(zhǎng)一倍。

????晨星公司（Morningstar）分析師邁克爾?科爾蒂認(rèn)為，花120億美元現(xiàn)金收購(gòu)天空廣播，是新聞集團(tuán)可以選擇的最安全的投資方式，這是這樁收購(gòu)在重要的意義所在。科爾蒂說(shuō)：“與其他新聞公司類似，新聞集團(tuán)一直致力于收購(gòu)能夠創(chuàng)造價(jià)值的公司。”他所指的是新聞公司收購(gòu)社交網(wǎng)絡(luò)服務(wù)網(wǎng)站聚友（Myspace）和道瓊斯公司（Dow Jones）兩筆收購(gòu)案。

????2005年，新聞集團(tuán)投入5.8億美元收購(gòu)聚友，但是它未能找到解決聚友虧損的辦法。于是，今年夏天新聞集團(tuán)以3,500萬(wàn)美元的價(jià)格，將聚友出售給在線媒體和廣告公司Specific Media。新聞集團(tuán)當(dāng)時(shí)以57億美元收購(gòu)了道瓊斯公司，但英國(guó)基礎(chǔ)貨幣管理公司Fundsmith負(fù)責(zé)人特里?史密斯指出，截至目前，道瓊斯公司的賬面損失已達(dá)28億美元。

????放棄天空廣播收購(gòu)案后，新聞集團(tuán)的股票價(jià)格出現(xiàn)了上漲，主要是因?yàn)檫@樁懸而未決的收購(gòu)案所帶來(lái)的即期不確定性被一掃而光。但是，新聞集團(tuán)的前景依然黯淡。天空廣播收購(gòu)案本來(lái)有望成為新聞集團(tuán)歷史上最大的收購(gòu)案，而且投資者都相信，這一收購(gòu)將大獲成功。科爾蒂稱，現(xiàn)在，新聞集團(tuán)只能回購(gòu)股票，或是尋找其他切實(shí)可行的收購(gòu)對(duì)象。

????最近，新聞集團(tuán)宣布了50億美元的股票回購(gòu)計(jì)劃，希望抵制電話竊聽(tīng)丑聞造成的股票下滑之勢(shì)。但是，目前的問(wèn)題是，回購(gòu)是否是利用公司現(xiàn)金的最佳方式？因?yàn)椋晒刭?gòu)的前提條件是股票交易價(jià)格低于實(shí)際價(jià)格。麥格理（Macquarie）的分析師亞歷克斯?波拉克在周一調(diào)低了對(duì)新聞集團(tuán)股票的估值，原因是新聞集團(tuán)旗下在英國(guó)的報(bào)紙正面臨巨大的壓力。這些壓力不僅來(lái)自廣告商，還有約4,000位電話竊聽(tīng)丑聞受害者有可能發(fā)起的集體訴訟，以及美國(guó)可能對(duì)新聞集團(tuán)展開(kāi)調(diào)查所帶來(lái)的潛在威脅。

????此外，史密斯認(rèn)為，回購(gòu)計(jì)劃的主旨在于，避免牢騷滿腹的股東提出事關(guān)公司戰(zhàn)略和前景的核心問(wèn)題，那就是：默多克家族成員是掌管新聞集團(tuán)的最佳人選嗎？

????“任何投資者在查看新聞集團(tuán)的業(yè)績(jī)時(shí)，都肯定會(huì)質(zhì)疑：魯伯特?默多克憑什么認(rèn)為掌控新聞集團(tuán)的最佳人選必須是默多克家族的成員呢？”史密斯在郵件中寫(xiě)道，“截至目前，在默多克家族的控制下，新聞集團(tuán)過(guò)去五年的資本回報(bào)率僅為10%，表現(xiàn)平平；此外，在過(guò)去的15年中，新聞集團(tuán)的股票表現(xiàn)不佳，低于標(biāo)準(zhǔn)普爾500指數(shù)（S&P 500 index）”。

????（翻譯 喬樹(shù)靜）

????The latest casualty of News Corp.'s phone hacking scandal is the company's deal to acquire all of British Sky Broadcasting Group. The decision to drop the BSkyB bid raises questions about whether the media empire owned by Rupert Murdoch has the management team and the strategy to create value at the company.

????News Corp. [NWS], which currently owns a 39% stake in BSkyB, already controls the pay television broadcaster; but analysts and investors felt that it was important for News Corp. to acquire the rest of the company for several reasons. Full ownership would increase News Corp.'s exposure to pay-TV -- which generates steady, secure revenue streams -- to 66% of earnings from 55%, and create tax advantages for the conglomerate, according to a report by Barclays analyst Anthony DiClemente. And earnings at BSkyB were expected to double in five years once the company was fully owned by News Corp, according to a report in Variety that cites analyst Toby Syfret, of Enders Analysis.

????Most importantly, the BSkyB deal was seen as the safest way for News Corp. to invest its considerable $12 billion cash balance, according to Morningstar analyst Michael Corty. "Like many media companies, News Corp. has struggled to acquire businesses that create value," Corty says, referring to deals to acquire Myspace and Dow Jones.

????News Corp. bought MySpace in 2005 for $580 million, never figured out a way to staunch losses at the social media company, and sold it this summer for just $35 million to Specific Media. Dow Jones, which was acquired for $5.7 billion, has so far produced a $2.8 billion write-down, notes Terry Smith, who heads UK-based money management firm Fundsmith.

????News Corp. shares rose after the BSkyB bid was dropped, in large part because it took away immediate uncertainty created by the deal being in limbo. But the company's future is still hazy. The BSkyB deal was to be the largest acquisition in News Corp. history, and investors felt confident that the acquisition would be a success. Now the company is left to either buy back shares, or find an acquisition that can actually work, says Corty.

????News Corp. recently announced a $5 billion share buyback plan, in an attempt to keep its stock from sinking further in the wake of the phone hacking revelations. But there are questions as to whether a buyback is the best use of the company's cash at this very moment. Such a move presupposes that the shares are trading below their true value. Macquarie analyst Alex Pollak reduced his valuation of News Corp. shares Monday due to the company's UK newspapers being under pressure from advertisers, the possibility of class action lawsuits brought by the estimated 4,000 victims of phone hacking, and the threat of investigations into News Corp. in the United States.

????Smith also believes that the buyback plan was created to keep disgruntled shareholders from asking the most important question about the company's strategy and future: whether a Murdoch is the best person to helm News Corp.

????"Looking at the performance of News Corp., any investor should surely query why Rupert Murdoch believes that the best person to control News Corp. must be someone named Murdoch," Smith wrote in an email. "So far his clans' control has produced a mediocre 10% return on capital cmployed over the past five years and a share price which has underperformed the S&P 500 index for the past 15 years."