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最近十多年来,国际上主要传媒业巨头纷纷通过参股、收购、兼并等资本运作构筑综合性传媒产业集团,加速资本的聚集,迅速扩大资产规模。1988年,美国时代公司和华纳出于各自利益与发展的需要,宣布合并组成时代华纳公司,成为全球最大的媒介及娱乐集团。1995年,迪斯尼公司以190亿美元兼并了美国广播公司(ABC)之后,取代了时代华纳公司的地位。1995年9月,时代华纳公司宣布以67亿美元收购拥有有线电视新闻网(CNN)的特纳广播公司,重新夺回了世界传播及娱乐公司的头把交椅。后来,时代华纳再次与新媒体公司美国在线联姻,完成了到目前为止最大的一桩媒体井购案,虽然最终婚姻不尽完美,但人们从中可以看出资本的威力。随着计算机技术、通信技术、多媒体技术在许多方面逐渐融合,美国、欧洲各国纷纷修改媒体法和电讯法,放松对电子媒介的管制,推动电信产业和传媒产业的整合重组。当纳入经营性文化产业的媒体单位逐渐转制成企业后,理论上为资本市场与传媒业缔结同盟创造了合法性前提,使传媒资本运作成为可能。那么,传媒业应该如何利用资本市场,充分发挥资本市场的效用呢?从国际传
In the recent decade or so, the major media giants in the world have all built up comprehensive media conglomerates through such capital operations as equity participation, mergers and acquisitions, mergers and acquisitions, speeding up the accumulation of capital and rapidly expanding the scale of assets. In 1988, the United States era company and Warner for their own interests and development needs, announced the merger of Time Warner Inc., becoming the world’s largest media and entertainment group. Disney replaced Time Warner in 1995 after $ 1.9 billion in merger with ABC. In September 1995, Time Warner Inc. announced its $ 6.7 billion acquisition of Turner Broadcasting Co., which owns CNN, regaining the top spot in the world of communications and entertainment companies. Later, Time Warner once again married the new media company America Online and completed the largest one of the media acquisitions so far. Although the final marriage is not perfect, one can see the power of capital. With the gradual integration of computer technology, communication technology and multimedia technology in many aspects, the United States and European countries have successively revised the media law and the telecommunications law, relaxed the control over the electronic media and promoted the integration and reorganization of the telecom industry and the media industry. When the media units included in the operating cultural industries are gradually transformed into enterprises, the legal premise for the formation of the alliance between the capital markets and the media industry is theoretically created, making it possible to operate the media capital. So, how should the media industry use the capital market and give full play to the effectiveness of the capital market? From the international biography