????眼下已經(jīng)到了將美國(guó)廣播公司（ABC）趕出迪士尼（Disney）奇妙王國(guó)的時(shí)候了嗎？迪士尼這個(gè)傳媒巨無(wú)霸的第一財(cái)季原本相對(duì)完美，但美國(guó)廣播公司卻再度成為它身上唯一的痛。由于增長(zhǎng)乏力和盈利周期性特點(diǎn)，美國(guó)廣播公司多年來(lái)一直是迪士尼股價(jià)的累贅。而且，鑒于21世紀(jì)的媒體消費(fèi)方式，其前景也并不樂(lè)觀。

????但迪士尼高層并沒(méi)有努力削減損失、試圖出售美國(guó)廣播公司，據(jù)稱(chēng)反而是在這個(gè)日漸衰亡的品牌上加碼投資，與西班牙語(yǔ)傳媒巨頭Univision合作，計(jì)劃打造另一個(gè)24小時(shí)英語(yǔ)有線新聞網(wǎng)絡(luò)。且不提該電視網(wǎng)絡(luò)的古怪定位，光是在早已擁擠不堪的有線新聞電視市場(chǎng)里建立、運(yùn)營(yíng)這樣一個(gè)網(wǎng)絡(luò)所需要的巨額投入，就不值得這么大費(fèi)周章，而且這個(gè)新的電視網(wǎng)可能還會(huì)成為迪士尼另一個(gè)沉重的負(fù)擔(dān)。

????美國(guó)廣播公司（包括ABC電視網(wǎng)和ABC所屬8個(gè)附屬企業(yè)）周二公布，第一財(cái)季營(yíng)業(yè)收入同比下降了7%，營(yíng)運(yùn)利潤(rùn)大降23%。迪士尼其他業(yè)務(wù)，包括美國(guó)電視公司家庭頻道（ABC Family）、ESPN體育頻道等有線電視網(wǎng)以及主題公園和電影制片廠，營(yíng)收和利潤(rùn)都達(dá)到或超過(guò)了預(yù)期。

????迪士尼將美國(guó)廣播公司業(yè)績(jī)不佳歸咎于廣受歡迎的奧普拉?溫弗瑞脫口秀停播后附屬企業(yè)營(yíng)收下降，以及非大選年政治廣告收入減少。雖然這兩個(gè)因素可以解釋營(yíng)收的下降，但不能說(shuō)明利潤(rùn)為何大幅下降，因?yàn)槊绹?guó)廣播公司持有和經(jīng)營(yíng)的附屬電視臺(tái)很少，奧普拉脫口秀停播以及政治廣告減少導(dǎo)致的營(yíng)收下降應(yīng)該不會(huì)造成這么大的沖擊。

????美國(guó)廣播公司的娛樂(lè)和新聞?lì)l道（看上去也越來(lái)越娛樂(lè)化）仍飽受收視率下降之苦，廣告時(shí)段價(jià)格已較從前下降。去年秋季，美國(guó)廣播公司在18-49歲觀眾群中的收視率居四大電視網(wǎng)之末，同比下降了1%；同期，?？怂箯V播公司（Fox）和哥倫比亞廣播公司（CBS）在這個(gè)關(guān)鍵營(yíng)銷(xiāo)群體中的收視率卻分別上升了2%和14%。

????據(jù)報(bào)道，迪士尼2010年春季的時(shí)候差點(diǎn)就把美國(guó)廣播公司賣(mài)給了幾家私募股權(quán)公司，但交易最終未能實(shí)現(xiàn)。此后，迪士尼一直在美國(guó)廣播公司努力削減成本，裁減人員。在很多業(yè)內(nèi)人士看來(lái)，管理層這樣做無(wú)非是想讓這塊業(yè)務(wù)看起來(lái)盡可能地高效和盈利，希望引來(lái)新的買(mǎi)家。但美國(guó)廣播公司的糟糕業(yè)績(jī)可能?chē)樑芰嗽居幸馍斐鲩蠙熘Φ耐顿Y者。

????打造另一個(gè)新聞電視網(wǎng)？

????因此，迪士尼非但沒(méi)有采取措施降低損失，通過(guò)某種免稅分拆或大甩賣(mài)的方式剝離這塊業(yè)務(wù)，反而準(zhǔn)備要向美國(guó)廣播公司投入更多的錢(qián)了。有報(bào)道稱(chēng)，美國(guó)廣播公司很快會(huì)宣布與Univision合作，組建自己的24小時(shí)有線新聞網(wǎng)。它將把旗下的新聞部門(mén)與Univision的新聞部門(mén)合并，創(chuàng)建一個(gè)面向西班牙裔受眾的電視網(wǎng)。聽(tīng)起來(lái)是個(gè)不錯(cuò)的點(diǎn)子，但怪就怪在電視臺(tái)播報(bào)用的不是西班牙語(yǔ)，而是英語(yǔ)。美國(guó)廣播公司的想法是，越來(lái)越多的西班牙裔美國(guó)人說(shuō)的是英語(yǔ)，希望看到有一個(gè)專(zhuān)門(mén)的新聞?lì)l道關(guān)注所有影響西班牙裔群體的熱點(diǎn)事務(wù)，而廣告主也可以直接連接這一日益富裕的族裔群體。

????Is it time for Disney to finally banish ABC from the Magic Kingdom? The media conglomerate's broadcast division was yet again the only real bruise in what would have been a relatively blemish-free quarter. ABC's anemic growth rate, coupled with its earnings cyclicality, has been a drag on Disney's stock for years, and its future doesn't look positive given the way people consume media in the 21st century.

????But instead of cutting its losses and selling ABC, Disney executives are reportedly gearing up to double down on the dying brand by forming a partnership with Spanish-language powerhouse Univision to create yet another 24-hour cable news network – in English. Looking beyond the odd premise of such a network, the cost to get such a venture up and going in an already crowded field of cable news stations may not be worth the headache and could become yet another albatross around Disney's neck.

????Disney's broadcast division, which includes the ABC network and its eight ABC-owned affiliates, reported yesterday a 7% decline in revenue and a whopping 23% decline in operating income for its fiscal first quarter, compared with the same time last year. The rest of the company, which includes its cable networks, like ABC Family and ESPN, as well as its theme parks and movie studios, met or beat revenue and profit expectations.

????Disney (DIS) blamed the poor showing at ABC on lower affiliate revenue following the end of Oprah Winfrey's popular talk show and a decrease in political ad spending, as it was not an election year. While both may explain a decrease in revenue, it doesn't make up for the huge decrease in profits. ABC has the fewest owned and operated affiliate stations, so the decrease in revenues from losing Oprah and the political ads shouldn't have moved the needle as much as it was moved.

????ABC's entertainment division and its news division, which is looking increasingly like an entertainment outlet, continues to suffer from a fall in viewership, making its ad space worth less today than in the past. ABC ended the fall season dead last among the four networks among 18 to 49 year olds, down 1% in viewership from last year. That compares to the 2% and 14% increase in viewership at Fox and CBS, respectively, in this key marketing demographic.

????The company was reportedly close to selling off ABC in the spring of 2010 to a consortium of private equity firms, but that deal never materialized. Since then, Disney has been chopping costs and slashing employees at ABC in what appeared to many in the industry to be an attempt by management to make the division look as lean and as profitable as possible to attract new buyers. But ABC's poor performance may have scared off would-be suitors.

Another news network?

????So instead of just cutting its losses and ejecting the division through some sort of tax-free spinoff or fire sale, Disney appears set to invest even more money in ABC. There is now talk that ABC is close to announcing the formation of its own 24-hour cable news network in partnership with Univision. It would meld its gutted ABC news division with Univision's news division to create a station catering to the Hispanic market. Sounds like an interesting idea, but what is odd is that instead of the station being in Spanish, it would be in English. The thinking at ABC is that the growing number of Hispanic Americans who speak English will want to watch a network news channel that is geared to issues affecting "their community" and that advertisers will then have a direct link to this increasingly affluent ethnic group.