中银国际媒体组的研究简报

,,,,1E1885185505139105068911No.1062002826‰(SEC)SteveCaseDickParsons15265SEC()‰(AT&T)1992----TimeWarnerEntertainment(TWE)TWEHBO(WarnerBros.)WBCourtTVComedyCentralAT&TTWE2115TimeWarnerCable21%AOLTimeWarnerCable79%2002826BOCInternational2AT&TAOLAOLAT&TBroadbandComcastAT&TComcast()‰VivendiUniversalVivendiUniversalPublishingL’Express-L’ExpansionL’Express”L’Expansion”14()‰LibertyMediaCorp.VivendiUniversalVivendiLiberty()2002826BOCInternational3‰(TVB)(Galaxy)1.2TVB34TVBMEASATBroadcastNetworksSystemsSdn.Bhd.2001()‰SCMP4%()‰102002826BOCInternational4AOLTimeWarner2002821AOLTimeWarner()AT&TBroadband(AT&TAOLTimeWarnerComcast()1)ComcastAT&TBroadband(AT&TComcast2)AOLTimeWarnerAOLTimeWarner1)AOLTimeWarnerTimeWarnerCable20032)AOLTimeWarner2115AOLTimeWarner21%TimeWarnerCableAT&TTimeWarnerEntertainment(AOLTimeWarner)27%3)AOL(AOLTimeWarner)AT&TComcastAT&TComcastAOLTimeWarnerAOLTimeWarnerAOLTimeWarnerTimeWarnerEntertainmentTimeWarnerEntertainmentHBOWBComedyCentralAOLTimeWarner2002826BOCInternational5TimeWarnerCable(IPO21)AOLTimeWarnerAT&TComcastAT&T(21)ComcastAT&TAT&TBroadbandTimeWarnerCableAOLTimeWarner2002826BOCInternational6()()P/EEV/EBITDA(000504)10.310.370.68%3172648.177.8(000693)14.715.545.71%201952.936(000839)15.0315.513.19%1004543.066.3(000917)15.8316.383.47%420756.565.9(600037)27.2328.13.20%745752.036.7(600076)12.3912.752.91%318559.039.3(600088)13.6813.70.15%3236121.234.1(600831)16.9216.73-1.12%1854188.0224.7(600832)19.5120.133.18%1376759.640.9(600880)17.1117.08-0.00175227374.356.8(HK$)()P/EEV/EBITDA(100)5.155.150.00%2583.28433.214.77(233)0.510.545.88%226.5944NANA(307)0.0730.08110.96%776.2607NANA(511)23.3525.69.64%11212.818.812.8(1097)4.3254.025-6.94%8106.3548.512.7TOM.com(8001)2.82.80.00%9242.334NANA(8002)0.710.732.82%3600.16366.4NA(US$)()P/EEV/EBITDAAOL(AOL)12.5612.761.59%56951.6512.27.3(DIS)15.8616.836.12%34348.7433.013.57(DJ)41.2943.385.06%3524.349.915.14Vivendi(EX)16.5039.1568-44.51%13933NA7.77Gannett(GCI)74.0976.93.79%20520.121.212.39(NWS)22.7522.760.04%27320.48NANA(RTRSY)24.7226.517.24%6309.38528.2NAViacom(VIA)4240.69-3.12%71818.8494.618.1(YHOO)12.112.02-0.66%7218.863133.673.82002826BOCInternational7(INDU)8778.068872.961.08%100(UKX)43304389.81.38%(CCMP)1361.011380.621.44%(FTGD54)2820.312993.66.14%Bloomberg(BPRMEDA)123.73124.80.86%100929496981001021041061081102002-8-162002-8-192002-8-202002-8-212002-8-222002-8-23100Bloomberg