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美國聯(lián)邦法官理查德·萊昂做出重大判決，批準AT&T和時代華納的交易，這宗相當罕見的并購案也終于迎來滿意的結(jié)果。兩位優(yōu)秀的CEO之所以決定并購，是因為認為此舉有利于兩家公司發(fā)展。美國司法部試圖阻止交易時，他們做出了風險頗高的決定，在這場劃時代意義的反壟斷訴訟案中積極反擊?，F(xiàn)在看來，并購的計劃將要成真。

但如果轉(zhuǎn)念一想，按理說，這不是正常流程嗎？這起并購有什么不同尋常之處？請看筆者為大家細細分解。

時代華納的CEO杰夫·比克斯希望把公司賣出一個好價錢，在收購完成后卸任離開。而現(xiàn)在太多的CEO出于本能地抗拒收購，錯誤地將收購理解為零和游戲，總有一方贏一方輸。而比克斯自2008年執(zhí)掌時代華納開始就異常明智，他非常通曉企業(yè)融資，認為自己最重要的任務是服務股東，而不是打造商業(yè)帝國。2009年他剝離了資本密集型業(yè)務時代華納有線公司，2014年又將經(jīng)營《財富》雜志等媒體的時代公司拆分出來。事實證明，這兩步棋的確高明。在他任內(nèi)，時代華納的股價跑贏了標普500指數(shù)。

質(zhì)疑者可能會反駁說，AT&T的收購要約才是推升時代華納股價的重要因素。一點也沒錯，可這有什么問題？為股東創(chuàng)造價值本就有很多方式。

AT&T的CEO蘭德爾·斯蒂芬森多年掌管巨無霸企業(yè)，很少有CEO像他一樣擅長指揮大規(guī)模作戰(zhàn)。2007年走馬上任以來，他給AT&T下了簡明的指令：“全面轉(zhuǎn)向移動?！睘榱嗽谌婪秶鷥?nèi)支持手機和其他移動通信設備（如汽車），他不惜在基礎設施方面投入數(shù)千億美元，幾年內(nèi)就可獲得回報。當他發(fā)現(xiàn)媒體的內(nèi)容和分發(fā)迅速趨于一致，就同意斥資約800億美元收購時代華納。美國司法部提起訴訟后，他無所畏懼地迎戰(zhàn)。即使存在很多不確定性，他也決定追加上百萬美元投入，耗時七個月，在法庭上抗爭到底。

在這樣一個動蕩起伏的行業(yè)，我們很難預測這起并購未來結(jié)果會如何?？梢钥隙ǖ卣f，兩位CEO都盡職盡責?？滟澦麄兊男袨槎嗝春庇星抑档梅Q道不免令人汗顏，但事實就是如此。（財富中文網(wǎng)）

譯者：Pessy

審稿：夏林?

Judge Richard Leon’s powerful approval of the AT&T-Time Warner deal is the satisfying resolution of a story we don’t see often enough. Two excellent CEOs decided to do something that was smart for both their companies. When the Justice Department tried to block the deal, they made the risky, high-stakes decision to fight back in the antitrust trial of the decade. Now it appears the deal will happen.

But wait—this is how things are supposed to work. So why is that unusual? Here’s why.

Time Warner CEO Jeff Bewkes was willing to sell his company at a good price and then leave when the deal closes. Way too many CEOs instinctively fight takeover bids, seeing them falsely as battles that one side will win and the other lose. But Bewkes, since becoming chief in 2008, has been that rare CEO who deeply understands corporate finance and who sees his role as serving shareholders rather than building an empire. He spun off capital-intensive Time Warner Cable in 2009 and spun off shrinking Time Inc. (the magazine operation that included Fortune) in 2014. Those were smart moves. Over his tenure, Time Warner stock has outperformed the S&P 500.

Skeptics might object that AT&T’s takeover bid was an important factor in pushing the stock up. Absolutely true—but what’s wrong with that? There are many ways of delivering value to shareholders.

AT&T chief Randall Stephenson has managed for the long term on a scale that few CEOs will ever contemplate. When he got the top job in 2007, he gave the company a two-word mandate: “Mobilize everything.” He has invested hundreds of billions of dollars in infrastructure to support cell phones and other mobile communications devices (like cars) across the country. Those outlays will take years to pay off. When he saw media content and distribution converging rapidly, he agreed to pay about $80 billion for Time Warner. And when the Justice Department sued, he made the gutsy call to spend many more millions and seven months fighting for a highly uncertain outcome.

It would be crazy to predict how this combination will work out over coming years in such a volatile industry. What we can say for sure is that the CEOs behaved as CEOs are supposed to behave. It’s scandalous that their behavior is uncommon and noteworthy. But it is.