Broadcasting in Australia

　　澳大利亞廣播業

　　The news on Nine

　　九娛樂公司近況

　　A network s IPO shows investors are nervous aboutbroadcasters prospects

　　這家網絡公司的IPO顯示出投資者們對于廣播公司前景的擔憂。

　　DAVID GYNGELL S first child was born the night after he helped to arrange a recapitalisationof Nine Entertainment.

　　David Gyngell的第一個孩子正好出生在他協助安排的Nine Entertainment資本重整的隔天晚上。

　　The deal saved Australia s second most popular free-to-air television network fromadministration.

　　這筆交易拯救了澳大利亞第二大免費直播電視廣播公司免于重組。

　　A year on, Nine s chief executive is about to see his corporate baby toddle onto the stockexchange.

　　一年之后，這位九娛樂的首席執行官將要看著他的公司嬰兒蹣跚著走向股票市場。

　　Nine is due to re-list on December 6thwith an expected market capitalisation of about A$2 billion.

　　九娛樂將在12月6日得到大約20億澳元的市場融資。

　　Nine s controlling shareholders, Oaktree Capital Management and Apollo Global Management,two American hedge funds, will reduce their combined stakes from 53% to 36%.

　　九娛樂的控股股東，兩家美國的對沖基金橡樹資本管理公司和阿波羅全球管理公司一共持有的股份將從53%減少到36%。

　　They are taking advantage of a rising equity market, of Nine s rising ratings and of itsgrowing share of the metropolitan free-to-air advertising market.

　　他們打算好好利用資本市場的上升勢頭，也是好好利用第九娛樂不斷上升的評級和它不斷上升的大城市地區廣告市場占有率。

　　The share issue, however, is not being underwritten by its joint lead managerstwo globalbanks, UBS and Morgan Stanley, and two local ones, Commonwealth and Macquarie.

　　然而這次發售股份卻不被他的共同管理公司UBS和摩根斯坦利兩大國際銀行以及Commonwealth和Macquarie兩大本國銀行所認可。

　　This suggests that some investors may be wary about backing a free-to-air broadcasterwhen digital advertising is growing apace and the government is rolling out a nationalbroadband network.

　　這說明，在電子廣告業穩步發展而且政府正在全國推廣寬帶網絡之時，投資者們在投資一家免費收視的廣播公司時會小心謹慎一些。

　　The free float will be limited to one-third of the new shares.

　　公眾持股量將會被限制在新發行股票的三分之一以內。

　　Nine has endured as much drama as an episode of Hostages.

　　九娛樂曲折離奇的經歷如同《人質》中一樣。

　　Late last year the broadcaster was facing bankruptcy until a proposal by Oaktree andApollo to convert its more than A$3 billion of debt into equity was finally accepted by otherlenders.

　　去年下半年，這家廣播公司曾瀕臨破產。直到橡樹和阿波羅把30億澳元的債務轉變為股權的提議被其他借貸方接受后，這次危機才化解。

　　The hedge funds then took control of Nine from CVC, a private-equity group which hadbought the company for A$5.6 billion in stages between 2006 and 2008, at the height of thebull market.

　　兩家對沖基金接著又從CVC手中接過了九娛樂的控制權。CVC是一家私募投資集團，于2006至2008年，也就是牛市頂峰時，分階段以56億澳元買下了這個公司。

　　CVC had in turn purchased Nine from James Packer, whose father, Kerry, controlled thenetwork until his death in 2005.

　　CVC則是從James Packer，2005年去世前一直掌管公司的Kerry之子手中買下的九娛樂。

　　James Packer wanted to redeploy the family s wealth from media into casinos.

　　James Packer當時想把家族的資金從媒體業轉投賭博業。

　　Earlier this year Nine bought stations in Adelaide and Perth from WIN, another broadcaster.

　　今年早些時候，九娛樂從另一家廣播公司WIN買下了阿德萊德和珀斯的廣播頻道。

　　With these and its existing operations in Brisbane, Melbourne and Sydney, Nine has a nationalmetropolitan network for the first time.

　　這兩個頻道，再加上它已有的在布里斯班，墨爾本和悉尼的運營部門。

　　Nine s share of the metropolitan broadcast-advertising market has risen to within threepercentage points of that of Seven Network, the leader, if Nine s newly acquired stations areincluded.

　　九娛樂第一次建立了一個全國性的大都市廣播網絡。如果加上新近得到的廣播頻道九娛樂在主要城市電視廣告市場占有的份額和行業領頭羊七廣播公司的差距已經不到3個百分點。

　　Third-placed Ten, chaired by Lachlan Murdoch, has been struggling. By investing in Adelaideand Perth, Nine hopes to push up its ratings and advertising revenues by even more.

　　Lachlan Murdoch領導的位于第三位的十公司則業績慘淡。九娛樂希望能通過投資阿德萊德和珀斯進一步提高它的評級和廣告盈利。

　　However, Nine remains exposed to the ad cycle.

　　然而，九娛樂容易受到廣告周期的影響。

　　Four-fifths of the group s revenue comes from television.

　　該集團五分之四的盈利來自于電視業和企業活動。

　　Digital media and events businesses bring in the rest.

　　其余部分來自于電子媒體和商業。

　　Moreover, online advertising is expected to overtake free-to-air TV as the leading adcategory in Australia this year.

　　此外，在線廣告被認為將會在今年內取代免費電視成為澳大利亞的主要廣告類型。

　　For Mr Gyngell, Nine is a family affair.

　　對于Gyngekk來說，九娛樂好像是家庭成員一樣。

　　His wife is a presenter and his late father, Bruce, was an executive there under KerryPacker.

　　他的妻子是一位主持人，而他的繼父Bruce則曾在Kerry Packer時代任職執行官。

　　Mr Gyngell may have ensured its survival for another generation.

　　Gyngell希望能使公司繼續存活，并傳給下一代。

　　詞語解釋

　　1.be about to 將要，正打算;臨到

　　Now he may be about to get a second chance.

　　而今，他可能將要獲得第二個機會了。

　　Beijing may be about to face its own creditmobilier scandal.

　　中國政府也許即將面臨它自己的credit mobilier丑聞。

　　2.due to 由于;因為

　　Much of the shift is due to economic growth.

　　這種變化的大部分都是由于經濟的增長。

　　Police say it s due to better policing.

　　警察說這是因為加強了治安。

　　3.wary about 警惕

　　Mr zucker is wary about claiming that this will guarantee success.

　　談及這能否保證成功時，朱克十分謹慎。

　　Mr guo was wary about policies which forced banks to dole out housing finance.

　　郭樹清對迫使銀行提供住房融資的政策表示警惕。

　　4.hope to 希望

　　Democrats hope to finish the draft in a week.

　　民主黨人士希望在一周內完成該草案。

　　I really hope to find my prince charming soon.

　　我真希望能早點找到我的白馬王子。

　　Broadcasting in Australia

　　澳大利亞廣播業

　　The news on Nine

　　九娛樂公司近況

　　A network s IPO shows investors are nervous aboutbroadcasters prospects

　　這家網絡公司的IPO顯示出投資者們對于廣播公司前景的擔憂。

　　DAVID GYNGELL S first child was born the night after he helped to arrange a recapitalisationof Nine Entertainment.

　　David Gyngell的第一個孩子正好出生在他協助安排的Nine Entertainment資本重整的隔天晚上。

　　The deal saved Australia s second most popular free-to-air television network fromadministration.

　　這筆交易拯救了澳大利亞第二大免費直播電視廣播公司免于重組。

　　A year on, Nine s chief executive is about to see his corporate baby toddle onto the stockexchange.

　　一年之后，這位九娛樂的首席執行官將要看著他的公司嬰兒蹣跚著走向股票市場。

　　Nine is due to re-list on December 6thwith an expected market capitalisation of about A$2 billion.

　　九娛樂將在12月6日得到大約20億澳元的市場融資。

　　Nine s controlling shareholders, Oaktree Capital Management and Apollo Global Management,two American hedge funds, will reduce their combined stakes from 53% to 36%.

　　九娛樂的控股股東，兩家美國的對沖基金橡樹資本管理公司和阿波羅全球管理公司一共持有的股份將從53%減少到36%。

　　They are taking advantage of a rising equity market, of Nine s rising ratings and of itsgrowing share of the metropolitan free-to-air advertising market.

　　他們打算好好利用資本市場的上升勢頭，也是好好利用第九娛樂不斷上升的評級和它不斷上升的大城市地區廣告市場占有率。

　　The share issue, however, is not being underwritten by its joint lead managerstwo globalbanks, UBS and Morgan Stanley, and two local ones, Commonwealth and Macquarie.

　　然而這次發售股份卻不被他的共同管理公司UBS和摩根斯坦利兩大國際銀行以及Commonwealth和Macquarie兩大本國銀行所認可。

　　This suggests that some investors may be wary about backing a free-to-air broadcasterwhen digital advertising is growing apace and the government is rolling out a nationalbroadband network.

　　這說明，在電子廣告業穩步發展而且政府正在全國推廣寬帶網絡之時，投資者們在投資一家免費收視的廣播公司時會小心謹慎一些。

　　The free float will be limited to one-third of the new shares.

　　公眾持股量將會被限制在新發行股票的三分之一以內。

　　Nine has endured as much drama as an episode of Hostages.

　　九娛樂曲折離奇的經歷如同《人質》中一樣。

　　Late last year the broadcaster was facing bankruptcy until a proposal by Oaktree andApollo to convert its more than A$3 billion of debt into equity was finally accepted by otherlenders.

　　去年下半年，這家廣播公司曾瀕臨破產。直到橡樹和阿波羅把30億澳元的債務轉變為股權的提議被其他借貸方接受后，這次危機才化解。

　　The hedge funds then took control of Nine from CVC, a private-equity group which hadbought the company for A$5.6 billion in stages between 2006 and 2008, at the height of thebull market.

　　兩家對沖基金接著又從CVC手中接過了九娛樂的控制權。CVC是一家私募投資集團，于2006至2008年，也就是牛市頂峰時，分階段以56億澳元買下了這個公司。

　　CVC had in turn purchased Nine from James Packer, whose father, Kerry, controlled thenetwork until his death in 2005.

　　CVC則是從James Packer，2005年去世前一直掌管公司的Kerry之子手中買下的九娛樂。

　　James Packer wanted to redeploy the family s wealth from media into casinos.

　　James Packer當時想把家族的資金從媒體業轉投賭博業。

　　Earlier this year Nine bought stations in Adelaide and Perth from WIN, another broadcaster.

　　今年早些時候，九娛樂從另一家廣播公司WIN買下了阿德萊德和珀斯的廣播頻道。

　　With these and its existing operations in Brisbane, Melbourne and Sydney, Nine has a nationalmetropolitan network for the first time.

　　這兩個頻道，再加上它已有的在布里斯班，墨爾本和悉尼的運營部門。

　　Nine s share of the metropolitan broadcast-advertising market has risen to within threepercentage points of that of Seven Network, the leader, if Nine s newly acquired stations areincluded.

　　九娛樂第一次建立了一個全國性的大都市廣播網絡。如果加上新近得到的廣播頻道九娛樂在主要城市電視廣告市場占有的份額和行業領頭羊七廣播公司的差距已經不到3個百分點。

　　Third-placed Ten, chaired by Lachlan Murdoch, has been struggling. By investing in Adelaideand Perth, Nine hopes to push up its ratings and advertising revenues by even more.

　　Lachlan Murdoch領導的位于第三位的十公司則業績慘淡。九娛樂希望能通過投資阿德萊德和珀斯進一步提高它的評級和廣告盈利。

　　However, Nine remains exposed to the ad cycle.

　　然而，九娛樂容易受到廣告周期的影響。

　　Four-fifths of the group s revenue comes from television.

　　該集團五分之四的盈利來自于電視業和企業活動。

　　Digital media and events businesses bring in the rest.

　　其余部分來自于電子媒體和商業。

　　Moreover, online advertising is expected to overtake free-to-air TV as the leading adcategory in Australia this year.

　　此外，在線廣告被認為將會在今年內取代免費電視成為澳大利亞的主要廣告類型。

　　For Mr Gyngell, Nine is a family affair.

　　對于Gyngekk來說，九娛樂好像是家庭成員一樣。

　　His wife is a presenter and his late father, Bruce, was an executive there under KerryPacker.

　　他的妻子是一位主持人，而他的繼父Bruce則曾在Kerry Packer時代任職執行官。

　　Mr Gyngell may have ensured its survival for another generation.

　　Gyngell希望能使公司繼續存活，并傳給下一代。

　　詞語解釋

　　1.be about to 將要，正打算;臨到

　　Now he may be about to get a second chance.

　　而今，他可能將要獲得第二個機會了。

　　Beijing may be about to face its own creditmobilier scandal.

　　中國政府也許即將面臨它自己的credit mobilier丑聞。

　　2.due to 由于;因為

　　Much of the shift is due to economic growth.

　　這種變化的大部分都是由于經濟的增長。

　　Police say it s due to better policing.

　　警察說這是因為加強了治安。

　　3.wary about 警惕

　　Mr zucker is wary about claiming that this will guarantee success.

　　談及這能否保證成功時，朱克十分謹慎。

　　Mr guo was wary about policies which forced banks to dole out housing finance.

　　郭樹清對迫使銀行提供住房融資的政策表示警惕。

　　4.hope to 希望

　　Democrats hope to finish the draft in a week.

　　民主黨人士希望在一周內完成該草案。

　　I really hope to find my prince charming soon.

　　我真希望能早點找到我的白馬王子。