序一■丁淦林20世纪90年代中期以来,美国、欧洲各国纷纷修改传媒法和电信法,推动电信产业和传媒产业的重组和融合,掀起了又一次的全球范围内的传媒并购浪潮。根据美国证券数据公司的统计,从1986—1990年,美国有400个独立电视台和电台在产权市场上被出售,等于全美75%的电视台被 A ■ Ding Ganlin Since the mid-1990s, the United States and European countries have revised the media law and the telecommunications law to promote the restructuring and integration of the telecom industry and the media industry, setting off another wave of media mergers and acquisitions globally. According to U.S. Securities Data Corporation, from 1986 to 1990, 400 independent television stations and radio stations in the United States were sold in the property market, equivalent to 75% of all television stations in the United States