美国影视传媒业并购新热潮——基于“迪士尼-福克斯”并购案的分析

A New Wave of Mergers and Acquisitions in the U.S. Film and Television Industry——Analysis Based on the “Disney-Fox” M & A Case

为了应对行业本身的激烈竞争和来自网络流媒体公司的冲击,美国影视传媒业开始了新一轮的并购热潮。通过并购,影视传媒企业可以实现规模经济,降低交易成本和经营多元化业务,但企业文化的差异增加了并购整合的难度,文化冲突问题明显。美国华特·迪士尼公司通过多次成功的并购交易,有效整合内容资源,提高市场竞争力,是影视传媒企业并购的典范。本文分析影视传媒企业的并购动因,聚焦迪士尼与21世纪福克斯的并购案例,在充实内容资产、维护版权完整和对抗外界竞争等方面,提出经验启示,以期为中国影视传媒企业的发展提供借鉴。

In order to cope with the fierce competition in the industry and the impact from online streaming media companies,the U.S.film and television industry has begun a new round of mergers and acquisitions.Through mergers and acquisitions,film and television media companies can achieve economies of scale,reduce transaction costs and operate diversified businesses,but differences in corporate cultures increase the difficulty of mergers and acquisitions integration,and cultural conflicts are obvious.The Walt Disney Company of the United States has effectively integrated content resources and improved market competitiveness through multiple successful mergers and acquisitions.It is a model for film and television media mergers and acquisitions.This article analyzes the motivations of M&A for film and television media companies,focuses on the merger and acquisition cases of Disney and 21st Century Fox,and provides experience and inspiration in terms of enriching content assets,maintaining copyright integrity and fighting external competition,with a view to providing reference for the development of Chinese film and television media companies.