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專(zhuān)欄 - 從華爾街到硅谷

貝佐斯收購(gòu)《華郵》不值得亞馬遜股東慶賀

Dan Primack 2013年08月14日

Dan Primack專(zhuān)注于報(bào)道交易和交易撮合者,從美國(guó)金融業(yè)到風(fēng)險(xiǎn)投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國(guó)馬薩諸塞州羅克斯伯里經(jīng)營(yíng)一份社區(qū)報(bào)紙。目前他居住在波士頓附近。
杰夫?貝佐斯收購(gòu)《華盛頓郵報(bào)》會(huì)給亞馬遜股東造成困擾嗎?答案是肯定的。因?yàn)樨愖羲故且詡€(gè)人名義收購(gòu)了這份報(bào)紙,亞馬遜和《華郵》之間不會(huì)產(chǎn)生任何協(xié)同效應(yīng)。同時(shí),貝佐斯未來(lái)多多少少要投入一部分時(shí)間和精力到這份報(bào)紙上,從而分散他在亞馬遜的注意力。

????聽(tīng)說(shuō)了嗎,杰夫?貝佐斯已經(jīng)同意以2.5億美元收購(gòu)《華盛頓郵報(bào)》(The Washington Post)?當(dāng)然聽(tīng)說(shuō)了,因?yàn)槟闶切侣勏M(fèi)者,而你的承辦商們(如我和我的同僚)都被會(huì)議室里發(fā)生的事情搞得心神不寧?;蛟S,你正在讀的文章正繪聲繪色地描述仁慈的亞馬遜(Amazon)創(chuàng)始人如何身騎白馬,只身拯救一家苦苦掙扎在數(shù)字時(shí)代的公司。

????我也同意,對(duì)于《華盛頓郵報(bào)》而言,這是筆好買(mǎi)賣(mài)。但對(duì)于亞馬遜股東們而言,卻要另當(dāng)別論。

????杰夫?貝佐斯是那種幾乎讓自己的公司都黯然失色的CEO。股東們之所以信任亞馬遜,只是因?yàn)樗麄兿嘈咆愖羲?,而他總是把長(zhǎng)期收益放到短期盈利能力之上。

????然而,似乎貝佐斯在《華盛頓郵報(bào)》中投入的任何時(shí)間都是本應(yīng)該用于亞馬遜的時(shí)間。記住,他收購(gòu)這家報(bào)紙只是一筆個(gè)人投資,而不是通過(guò)亞馬遜(如果通過(guò)亞馬遜進(jìn)行收購(gòu)會(huì)更加有趣)。這筆交易不會(huì)產(chǎn)生任何公司協(xié)同效應(yīng),因?yàn)樗鼈儾皇峭患夜尽?/p>

????真正的問(wèn)題在于,貝佐斯會(huì)將多少時(shí)間投入到最近購(gòu)買(mǎi)的公司當(dāng)中。有人認(rèn)為,他只會(huì)投入很少的時(shí)間,一定程度上是因?yàn)?.5億美元的購(gòu)買(mǎi)價(jià)格還不到貝佐斯凈資產(chǎn)的1%(如果是這樣,貝佐斯將《華盛頓郵報(bào)》打造成數(shù)字利潤(rùn)中心的說(shuō)法在很大程度上就沒(méi)有意義了)。但我并不這么認(rèn)為。

????我的懷疑一部分是根據(jù)我的預(yù)感,一名互聯(lián)網(wǎng)企業(yè)家拯救一家因?yàn)榛ヂ?lián)網(wǎng)陷入鬼門(mén)關(guān)的公司,貝佐斯肯定對(duì)這種想法感到著迷。但我更多的疑問(wèn)在于,媒體會(huì)如何關(guān)注貝佐斯在《華盛頓郵報(bào)》的一舉一動(dòng),只要報(bào)紙陷入困境時(shí)貝佐斯袖手旁觀,媒體批評(píng)肯定會(huì)鋪天蓋地而來(lái)。

????記住,相對(duì)其他大多數(shù)公司(包括亞馬遜)的未來(lái),我們(所有人)更關(guān)心(《華盛頓郵報(bào)》)這家公司。這將讓他之前或好或壞的經(jīng)歷都相形見(jiàn)絀。即使是像貝佐斯這樣具有強(qiáng)烈方向感的人,如果他不密切參與決策,面對(duì)如此嚴(yán)密的監(jiān)督,也可能迷失方向。

????需要說(shuō)明的是,我并不認(rèn)為亞馬遜的股東單單因?yàn)樨愖羲故召?gòu)了一家報(bào)紙就出售亞馬遜公司的股票。但他們也沒(méi)什么值得慶賀的,因?yàn)槲磥?lái),他花在主業(yè)上的精力必然會(huì)減少。(財(cái)富中文網(wǎng))

????譯者:劉進(jìn)龍/汪皓?

????Did you hear that Jeff Bezos has agreed to purchase The Washington Post for $250 million? Of course you did, because you're a news consumer and your purveyors (i.e., me and my peers) are collectively obsessed by what happens in our own boardrooms.

????And what you probably read were glowing accounts of how the Amazon (AMZN) founder was riding in on a white horse to save an institution struggling to succeed in the digital age. The Beneficent Beez.

????And I agree that, for The Washington Post, this is a welcome development. What this means for Amazon.com shareholders, however, may be another matter.

????Jeff Bezos is one of those few CEOs who almost eclipses his own company. Shareholders believe in Amazon because they believe in Bezos, and his prioritization of long-term gains over short-term profitability.

????But it would seem that any time Bezos now gives to WaPo will be time he's not giving to Amazon. Remember, he is buying the paper as a personal investment, not via Amazon (which would have been a more interesting move). There will be no corporate synergies because there is no common corporation.

????The real question is how much time Bezos really will devote to his newest portfolio company. There are some who believe it will be minimal, in part given that the $250 million purchase price represents less than 1% of Bezos' net worth (in which case the whole talk of Bezos converting WaPo into a digital profit center is largely moot). But I don't buy it.

????Part of my skepticism is based on a hunch that Bezos must be intrigued by the idea of an Internet entrepreneur saving a business that is on death's door because of the Internet. More of it, however, is based on how the media is going to watch every move Bezos makes with WaPo, and be withering in its criticism if he takes a hands-off approach while the paper burns.

????Remember, (the collective) we care about this particular company's future more than we do the future of most other companies (including Amazon). It will make what he's experienced so far -- the good and the bad -- feel like the minor leagues. Even for someone with a famously strong sense of direction, such scrutiny could be disorienting if he isn't intimately involved with the decision-making.

????To be clear, I'm not arguing that Amazon shareholders should sell because Bezos is buying a newspaper. But they also shouldn't be celebrating because, going forward, he'll be paying a bit less attention to his primary job.

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