英语翻译By Romald Grover and Tom LowryIt’s become an almost Pavl

英语翻译
By Romald Grover and Tom Lowry
It’s become an almost Pavlovian response among Wall Steeet ama;usts amd money managers:holding their noses when an executive proposes bringing content(mocies and TVshows)and distribution(cable,satellite,and,Internet)ender one roof
And so when invetors learned on Sep.30 that Comcast CEOBrian L.Roberts was considering a deal to takemajority control of Genneral Electric’s NBC Unicersal(NBCU),the cable giant laid an egg on Wall Street,Its share price fell 7% zhe nest day,to 15.67.The Street’s worry was clear:Roberts’yen for NBCU’s movies and TV shows would divert his executive team from zhe core business of providing cable TC,broadband,and phone service to Comcast’s nearly 25million subscribers.
Roberts has had a bad rap on Wall Street ever since 2004,when the cable company bid $54 billion for Walt Disney and then walked away once the Mouse House played hard toget,Roberts is mindful of that and of the Street’s obsession with quarterly numbers,But he also needs to manage for the long haul.That means finding a way to offset slowing growth at Comcast,which is losing subscribers to phone and satellite companies and could suffer as more viewers move to the Web to watch movies and TV shows.(Roberts declined to comment.)
With access to NBC content,Roberts could enhance hiscurrent cable offerings by providing more shows to subscribers over the Net-and eventually via their smartphones.Comcast already has Fancast,a free video site that doesn’t have much traction.By controlling NBC,he’d have a say in the fufure of the much more popular Hulu online video servise,which NBC co-owns with Fox and Disney.Roberts might want to charge everyone access to Hulu,which currently is free,and take a cut of the proceeds.
Assuming Roberts wins control of NBC,the network likely wouldn’t look the same for long,Federal regulators almost certainly would force Comcast to sell off TV stations in markets in which it also owns cable systems.The next logical step?Concerting NBC into a cable channel.That would allow Comcast to charge cable and satellite operators hefty fees for zhe privilege of carrying NBC shows,giving Comcast a way to offset falling advertising revenue.
For Brian Robeits,there is no shortage of potential.First,of course,he has to get his hands on NBC Universal.And then he has to change the minds of shareholders who have long worried that the Comcast CEO covets Hollywood flash over cable’s fundamentals.But even those opinions may be changing.“It’s a very good deal for Comcast”,says media investing heavyweight Mario Gabelli,whose fund owns some 22 million Comcast shares,It’s a winwin for Brian”.

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