迪士尼接管Hulu 流媒战场暗流涌动

迪士尼获得Hulu的全面运营控制权 挑战Netflix和亚马逊在流媒体的地位

Walt Disney Co said it will take full control of the Hulu service in a deal with Comcast Corp, as it vies for a bigger piece of the global video streaming market dominated by companies such as Netflix Inc.

迪士尼称，在与康卡斯特的一次交易中，它将获得Hulu视频网站服务的全面运营控制权。同时它要在Netflix等公司主导的全球流媒体市场中夺取更大一杯羹。

The agreement, which ascribes a minimum equity value to Hulu of $27.5 billion, allows either company to trigger a sale or purchase of Comcast’s 33% stake to Disney as early as January 2024. Comcast has also agreed to fund Hulu’s recent buyout of AT&T’s 9.5% interest in the company.

此次协议允许两个公司尽早于2014年2月以最低275亿美元的股价将康卡斯特有的33%Hulu股权出售给迪士尼公司。 康卡斯特也同意近期出资收购AT&T持有的9.5%Hulu股权。

By establishing an expiration date of five years from now, Comcast is betting the value of its stake will nearly double or more without any more additional financial obligations.

为了确定五年之后的最终交易金额，康卡斯特确定在没有任何额外的金融债务情况下，其股份价值几乎会翻一倍或者更多。

Comcast’s departure from the Hulu board will let Disney prepare unencumbered to expand the scope and reach of Hulu in the domestic and international markets to battle the likes of Netflix, Amazon.com Inc and Apple Inc.

康卡斯特从Hulu董事会撤离将有助于迪士尼毫无约束地去拓展Hulu在国内外的市场经营范围，从而可以与Netflix、亚马逊和苹果公司这些与之旗鼓相当的公司作竞争。

“It is important for Disney to have full control of the direction and content on Hulu,” said Trip Miller, managing partner of Memphis-based hedge fund Gullane Capital Partners, whose funds include Disney shares. “Postponing the closing five years (later) allows Disney to not take on more debt after just closing (its purchase of) Fox, while giving Comcast an option to the upside if/when the Hulu valuation grows during this time.”

“能全面控制Hulu的内容和发展方向对于迪士尼来说极其重要，”特里普·米勒说。米勒是总部位于孟斐斯的对冲资金格兰资本合伙人的执行合伙人，他的资本包括迪士尼的股份。“将最终收购期限推迟五年的时间能够使刚刚收购了福克斯的迪士尼不再肩负更多的债务。同时，如果Hulu的市值在这段时间上升，能够给康卡斯特提供更好的买卖选择权。”

Disney is preparing to launch its own streaming service called Disney+ on Nov. 12. At a Tuesday morning investors conference, Disney Chief Executive Bob Iger said the service will launch in India.

迪士尼正在筹备于11月12日推出自家的流媒体服务迪士尼+。在一次周二上午举办的投资人大会上，迪士尼总裁鲍勃·艾格表示该服务将在印度发布。

Comcast, which is also preparing to launch an NBCUniversal advertising-supported streaming service by the middle of next year, said it will extend its licensing agreement to provide NBCUniversal shows and its live channels until late 2024 and agree to distribute Hulu on Comcast’s cable platform.

康卡斯特也在筹划中，将于明年中旬推出通过广告创收的NBC环球流媒体服务平台。康卡斯特表示直到2024年底，它将拓展其授权协定，来提供其有线电视平台上的NBC环球节目和自家直播频道并且同意分给Hulu一些。

To preserve the ability to run NBCUniversal programs on its own service, NBCUniversal will have the option to offer some of the shows it currently licenses exclusively to Hulu in one year’s time in exchange for lower license fees. NBCU will also have the option to end most of its licensing agreements with Hulu in three years.

为了保存将NBC环球节目在自己的服务平台上运行的实力，NBC环球有选择权在一年内将近期授权的一些节目独家授权给Hulu，从而换来更低的授权费。NBC全球可选择在三年内终止其与Hulu大多数的授权协定。

Shares of Disney closed up 1.4% at $133.21 on the New York Stock Exchange. Comcast shares rose 1.5% to $42.91 on Nasdaq.

在纽约股票交易所迪士尼的股份以上升了1.4%即股票价值为133.21美元而结束。康卡斯特股份在纳斯达克上升了1.5%即股票价值为42.91美元。

Last month, Hulu said it had bought back telecommunications and media company AT&T Inc’s stake in the U.S. entertainment streaming service for $1.43 billion, in a deal that valued Hulu at $15 billion.

上个月，Hulu表示它已经以14.3亿美元的价格回购了电信公司AT&T在美国娱乐流媒体的股份。在这次交易中评估Hulu的股价为150亿美元。

Hulu, which competes with Netflix and Amazon.coms Prime Video, has more than 26.8 million paid subscribers.

与Netflix和亚马逊Prime Video竞争的Hulu拥有2680万付费用户。