Murdoch, the world media king, said:

Capital control+attack

Murdoch, an ambitious media tycoon, once again demonstrated his ambition to integrate media resources to the world. Since May 1, when News Corporation announced its intention to acquire Dow Jones Group, a famous financial and media company in the United States, at a sky-high price of US $5 billion, the tug-of-war between Murdoch and the Bancroft family has been escalating, and has once become the biggest subject that triggered the fluctuation of the stock prices of both sides

Murdoch holds the right to speak of capital

Following the track of the event, the focus of the game between the two sides of the acquisition, on the surface, has always revolved around the concern of the Bancroft family, which has 52% of the voting rights of Dow Jones, about Murdoch's intervention in "content fairness" after the acquisition. However, the family-style media tradition was finally forced to give in under the temptation of huge capital - from strong opposition to the acquisition, to the loosening of the attitude of the Ban family members, and the round-table meeting with Murdoch, as well as the latest news that the board of directors of Dow Jones Group put the Ban family aside for the reason of "procrastination" and directly controlled the negotiation initiative.

Since the day of the opening of the acquisition curtain, Murdoch's final negotiation has been gaining weight with the introduction of all interested parties, including many media companies that have come to bid successively, such as Bilkler, Tierney, General Electric, Pearson Group, etc. Analysts believe that the possibility of the Bancroft family raising prices in the name of bidding cannot be ruled out. After all, few of the above enterprises can compete with News Corporation.

As a media tycoon, Murdoch's News Group is a global media group with various media channel resources such as newspapers, satellite television, networks, film companies and publishing industry. But to sum up, whether from the New York Post or Fox News Channel, so far, Murdoch has mostly engaged in entertainment, sports and low-end media businesses. From this perspective, Murdoch hopes to maintain the vitality of News Corporation by opening up new horizons. This led to its purchase of MySpace. com, a famous American dating website, with US $580 million in 2005. In addition, the huge acquisition of Dow Jones Group and the upcoming Fox TV commercial channel this year also show that Murdoch is rapidly expanding his media empire into the financial field.

In the face of the ever-expanding hand of the "media empire" of Mercer, as the world's famous financial media, the Dow Jones Corporation founded in 1882 and its Wall Street Journal newspaper department, as well as the Dow Jones Newswires, which provides real-time financial reports and market reviews, the most attractive selling point is its rare authoritative content resources. In this regard, even the British Economist also pointed out that Murdoch chose to propose the acquisition of Dow Jones at this time in order to increase the information sources for the Fox TV commercial channel launched within the year, in order to challenge the CNBC financial channel of the National Broadcasting Corporation of the United States. Coincidentally, according to an agreement signed by Dow Jones and CNBC earlier, Dow Jones will provide program content to CNBC Financial Channel until 2012.

Medium media enterprises take offense as defense

News Corporation's high-profile acquisition has also brought some signals of industry changes to major media companies. In contrast, Thomson Group successfully acquired Reuters Group with US $17 billion in May, further increasing the expectation of the global media industry that a new round of media restructuring war will be staged.

In view of the trend of the re-integration of the media industry, Peter Chenin, President of News Corporation, recently said: "I believe that large media groups such as Time Warner, Viacom and Comcast will become more and more large. Just as many network brands have disappeared from people's eyes 10 years ago, the rest are network giants such as Yahoo, eBay and Amazon. This is the trend of the media industry. Big fish eat small fish. I believe that the tide of mergers and acquisitions will continue and big companies will become larger."

However, among the competitors competing with News Corporation for Dow Jones, General Electric and Pearson Group intend to establish a joint venture with the Bancroft family. One of the plans is to merge the CNBC TV channel of General Electric, the Financial Times and Dow Jones of Pearson Group into a privately controlled joint venture. By holding the same shares by General Electric and Pearson Group, and setting aside a minority stake to be held by the Ban family, we can counter News Group with "comprehensive" strength and maintain their respective discourse rights in the original field.

Analysts believe that although the negotiation between General Electric and Pearson is still in its infancy and may end in failure, the negotiation itself undoubtedly shows Dow Jones another way besides the acquisition of US $5 billion by News Corporation. At the same time, it also presents new opportunities for small and medium-sized media enterprises facing the fate of acquisition in the future. In this sense, the competition and cooperation situation of the media industry is still likely to be maintained, and the fate of the acquisition of medium-sized media enterprises is not inevitable.

 世界传媒大王默多克“王”道：

资本控制+进攻

  雄心勃勃的传媒大亨默多克再次向全世界展示了他整合传媒资源的野心。自5月1日新闻集团宣布欲以50亿美元天价收购美国著名财经传媒企业道琼斯集团以来，默多克与班克罗夫特家族的拉锯战不断升级，一度成为引发双方股价上下波动的最大题材…

　　默多克 紧握资本话语权

　　循着事件发展的轨迹，收购双方的博弈焦点从表面上看，始终围绕着掌握了道琼斯52%投票权的班克罗夫特家族对收购后默多克干预“内容公正性”的担忧。然而家族式的传媒传统最终还是在庞大的资本诱惑下被迫让步———从强烈反对被收购，到班氏家族成员态度松动、并与默多克进行圆桌会议，以及有最新消息称，道琼斯集团董事会以“拖沓”为由将班氏抛在一边，直接掌控谈判主动权。

　　而自收购大幕揭开的那一天起，以不变应万变，引各利益方入局则不断增加着默多克最终谈判的砝码，这其中包括了先后前来竞购的诸多传媒企业，诸如比尔克勒、蒂尔尼、通用电气、培生集团等。分析人士认为，不排除班克罗夫特家族借竞购之名行抬价之实的可能性，毕竟在上述企业中，能与新闻集团竞价者还廖廖无几。

　　作为传媒大亨，默多克领导的新闻集团拥有报纸、卫星电视、网络、电影公司及出版业等各类传媒渠道资源，是一家全球性媒体集团。但归纳来看，无论从《纽约邮报》还是福克斯新闻频道，到目前为止，默多克涉足的多是娱乐、体育以及中低端媒体业务。从这一角度看，默多克希望通过开拓新的视野以保持新闻集团的活力。由此也就有了其在2005年动用5.8亿美元收购美国著名交友网站MySpace.com的举动。此外，此次巨额收购道琼斯集团以及年内即将开播的福克斯电视台商业频道，也表明默多克正迅速将自己的传媒帝国版图扩张到财经领域。

　　面对默氏“传媒帝国”越伸越长的渠道之手，作为世界著名的财经媒体，创立于1882年的道琼斯公司及旗下的《华尔街日报》报系，以及提供实时财经报道和市场评论的道琼斯通讯社，最富吸引力的卖点则是其不可多得的权威内容资源。对此，连英国《经济学家》也指出，默多克选在这个时间提出收购道琼斯，是为年内开播的福克斯电视台商业频道增加信息来源，以挑战美国国家广播公司的CNBC财经频道。巧的是，根据道琼斯早前与CNBC签署的一份协议，道琼斯公司将向CNBC财经频道提供节目内容直到2012年为止。

　　中等传媒企业 以攻为守

　　新闻集团一掷千金的高调收购举动，也给各大传媒企业带来了行业异动的些许信号。而与此相对应，汤姆逊集团在5月以170亿美元成功收购了英国路透集团，更增加全球传媒业对即将上演新一轮媒体重组大战的预期。

　　针对传媒业再度整合的趋势，新闻集团总裁彼得·彻宁最近表示：“我相信，时代华纳、维亚康姆和科姆卡斯特这样的大型传媒集团都会变得越来越庞大。正如10年前很多网络品牌已从人们眼前消失，剩下的是雅虎、eBay和亚马逊这样的网络巨头。这就是传媒业的趋势，大鱼吃小鱼，我相信并购风潮将会持续，大公司也会变得更为庞大。”

　　然而在本轮与新闻集团竞购道琼斯的对手当中，通用电气与培生集团欲与班克罗夫特家族共建合资公司，方案之一就是让通用电气旗下的CNBC电视频道、培生集团下属的《金融时报》和道琼斯合并成一家由私人控股的合资公司。通过由通用电气和培生集团持有同等股份，留出少数股权由班氏家族持有，从而以“综合”实力对抗新闻集团，并维持各自在原有领域的内容话语权。

　　分析人士认为，尽管通用电气与培生的商谈还处于初级阶段而且有可能以失败告终，但是商谈本身无疑让道琼斯的面前展现出了除50亿美元被新闻集团收购以外的另一条道路。同时，也为今后面临被收购命运的中小型传媒企业出现了新的选择机会。从这层意义上说，传媒业的竞合局面仍有可能得以维持，中型传媒企业被收购的命运并非不能避免。

(This article is an original article by Zhuge Changqing, and the pictures are selected from the Internet. Welcome to forward it, and please indicate the source for forwarding)

Introduction to Zhuge Changqing: Zhuge Changqing, the inheritor and promoter of traditional Chinese culture, is willing to "learn from sages, promote virtue, revitalize China and benefit the world" together with people with the same ideals in the world.

(Zhuge Changqing: zhuge8031@163.com ）

Zhuge Changqing mailbox：

zhuge8031@163.com

Zhuge Changqing's Chinese Dream

Learn from sages and carry forward virtue

Revitalizing China for the benefit of the world

 （本文是诸葛长青原创文章，图片选自网络。欢迎转发，转发引用请注明出处）

诸葛长青简介：诸葛长青，中国国学传统文化传承弘扬者，愿与天下志同道合者一起“学习圣贤、弘扬善德、振兴中华、造福世界”。

（诸葛长青：zhuge8031@163.com）

Zhuge Changqing mailbox：

zhuge8031@163.com

  诸葛长青中国梦  

学习圣贤 弘扬善德

振兴中华 造福世界

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