萬達團體(Wanda Group)贏了一個回合。這家未上市的中國企業團體將斥資35億美元收購傳奇文娛(LegendaryEntertainment)，這家美國媒體公司曾出品《侏羅紀天下》和《蝙蝠俠：陰郁騎士》等賣座的大片。Dealogic數據表現，這將是萬達迄今最大的一筆生意業務。(上圖為傳奇文娛投資的片子《侏羅紀天下》)
萬達開創人王健林比年在外洋收購很多戰利品式的資產，但這筆生意業務在計謀上是有事理的。中國的文化文娛市場正快速增加，且也是萬達團體愈來愈存眷的範疇;比來萬達宣告旗下文化旅行營業——萬達文化家當團體(Wanda CulturalIndustry)的2015年總收入(占團體總收入的17%)同比增加近50%，而團體總收入增加五分之一。在深圳上市的子公司萬達片子院線(Wanda Cinema Line)也有一樣快速的增加。
固然增加速率如斯快，但中國的片子院數目仍相對於不敷。據EntGroup的數據，在2014歲尾，中國的影院數目只有美國的一半;這註定將會增加。內容方面一樣也展現著機會。中國制造的片子數目已從2010年的91部增加至2014年的320部，帶來的票房收入略高於票房總收入的一半。好萊塢片子受每一年不跨越34部的配額限定，但由好萊塢聯抄本地互助火伴制造的片子不受配額限定，也不消向國有刊行商繳納14%的票房收入。
收購傳奇文娛的生意業務，在一個仍舊疏散的市場為萬達供給了快速增加的機遇;2014年，萬達影視(WandaMedia)是範圍第二的刊行商，僅具有3%的海內票房。比擬之下，票房統計網站Box Office Mojo的數據表現，美國客歲排名第一的制片商全球影業(Universal)具有本土五分之一的票房(得益於其最賣座片子《侏羅紀天下》)。收購傳奇文娛不但可讓萬達獨家獲得該公管庫藏的大片目次，還將為其帶來專業常識。這將有大概帶來更大的利好。
【參考譯文】
Chalk up a win for Wanda Group. The unlisted Chinese conglomerate will pay $3.5bn forLegendary Entertainment, the US media company behind films including Jurassic World and TheDark Knight. The deal will be Wanda’s largest to date, according to Dealogic.
Wanda’s founder Wang Jianlin has acquired plenty of other overseas trophies in recent years,but this move makes strategic sense, too. China’s entertainment market is growing rapidlyand is an area of increasing focus for Wanda Group; last weekend Wanda said 2015 revenuesfor its culture and tourism arm, Wanda Cultural Industry (which accounts for 17 per cent of thetotal top line), were up nearly one-half year on year against group revenues up a fifth. Growthat Shenzhen-listed subsidiary Wanda Cinema Line was similarly racy.
Despite this rapid pace of growth, China’s movie-goers are underserviced. At the end of 2014,there were only half as many cinemas in China as the US, according to EntGroup; this is set togrow. Content, too, presents opportunities. Chinese film production went from 91 in 2010 to320 in 2014, accounting for just over half of the total box-office receipts. Hollywood films aresubject to a quota of 34 a year, but joint productions involving Hollywood studios and a localpartner fall outside this quota and do not have to pay 14 per cent of box office takings to thestate distributor.
The Legendary deal offers Wanda the opportunity to grow rapidly in what remains afragmented market; in 2014, Wanda Media was the second-biggest distributor, with just 3 percent of China’s local language box office. By contrast, the lead studio in the US last year,Universal, had a share of one-fifth, according to Box Office Mojo (helped by Jurassic World,which was its top-grossing film). Buying Legendary will not just give Wanda exclusive access tothe company’s back catalogue of blockbusters, it will also bring expertise. That has thepotential to add up to a much bigger win.
市場價：HK$ 110
