Lex_Wanda: Paramount leader?
Lex专栏：万达能否买下派拉蒙影业？
广州电影翻译公司：据悉万达有意从维亚康姆收购派拉蒙影业49%股份。万达虽对娱乐资产胃口很大，但该交易会有些障碍需要清除。
Film studios often spend fortunes making films that then flop.
电影制片厂往往在制作电影上花费大量资金，但接着电影却以票房失败告终。广州电影翻译公司。
Wanda group, the Chinese conglomerate reaching from media to property, might think it has a blockbuster on its hands. It is reportedly interested in buying a 49 per cent stake in Paramount Pictures from its parent, US media conglomerate Viacom.
涉足领域从媒体到房地产的中国综合企业万达集团(Dalian Wanda Group)，或许认为手中正握着一部大片。据报道，万达有兴趣从派拉蒙影业(Paramount Pictures)的母公司美国媒体集团维亚康姆(Viacom)手中收购这家影业公司49%的股份。
The mooted valuation — $10bn is the high end of estimates — does not look cheap. It is nearly three times Jefferies’ estimate of Paramount’s worth. Viacom does not split out Paramount’s figures, but its film entertainment division, of which Paramount is the main part, had average annual operating income of $240m in the past five fiscal years, and the trend has been downward over that period.
正在讨论的估值——100亿美元处在估计区间的高端——看起来不便宜，接近于杰富瑞(Jefferies)对派拉蒙影业估值的三倍。维亚康姆并不单独报告派拉蒙影业的业绩数据，但是在过去5个财年其电影娱乐部门（派拉蒙影业是其中的主要部分）平均年营收2.4亿美元，而在此期间的营收趋势是下滑的。
Still, given its voracious appetite for entertainment assets, unlisted Wanda might just pay up. Together with its Shenzhen-listed subsidiary, Wanda Cinema Lines, Wanda is expanding its interests in cinemas worldwide. It has the highest share of
话虽如此，考虑到万达对娱乐资产的贪婪胃口，没有上市的万达可能还是会买单。连同其旗下在深圳上市的子公司万达院线(Wanda Cinema Lines)，万达集团在全球影院的权益不断扩大。它拥有中国电影票房的最大份额。2014年，万达收购澳大利亚院线Hoyts。万达旗下位于美国的连锁影院AMC娱乐公司(AMC Entertainment)本周称，将收购英国欧迪恩和UCI影院集团(Odeon & UCI Cinemas Group)。广州电影翻译公司。
Not content with distribution, Wanda has ambitions upstream. To complement the Shandong studio it is building, this year it bought Legendary Entertainment, the
不满足于分销的万达，有着往电影业上游部门发展的野心。为了补充其正在山东建设的电影制片厂，今年万达收购了在中国意外走红的电影《魔兽》(Warcraft)——该片在美国遭遇票房失败——的制片方美国媒体公司传奇娱乐(Legendary Entertainment)。派拉蒙影业将进一步补充其可提供的内容。
There are other obstacles to clear. The nasty internal fight over Viacom’s future continues to unfold, and has served to tether Paramount more firmly to its parent. Last month, Viacom’s controlling shareholder, National Amusements, changed its corporate bylaws so that any deal for Paramount would need unanimous Viacom board approval.
目前仍有其他需要清除的障碍。维亚康姆内部围绕公司未来的严重内斗继续展开，这也成了派拉蒙影业被更牢固地拴在母公司手中的因素。上个月维亚康姆的控股股东National Amusements改变了公司规章，使得有关派拉蒙影业的任何交易都需要获得维亚康姆董事会的一致批准。
No matter. If Wanda has $5bn to spend, there will be no shortage of other
不管怎样，如果万达拥有50亿美元的预算，这家中资集团不会缺少愿意聆听提议的美国制片商。
