wen | yulezibenlun james

at&t（meiguodianhuadianbaogongsi）shiyijiacengjingxiongxinbobo，yaojinjunyulelingyudedianxinjutou。dantayigaiguoqushinianjianchidezhanlve，paoshouheboliweixingdianshiyewudirectvhemeitizichan，zhidaozuijinwanquanmaichu。zheirangtouzizhezhongxinranqilexinxin，zheijiadianxinjutoudegujiajinnianqijinyijingfandan 35%。

directvzai2014nianshougouzhichuguzhishi 670 yimeiyuan，dan2021niankaishimaideshihousuoshuiwei 162.5 yimeiyuan，haiqianxiayipiguzhai。maidiaotadailaigujiashangsheng，shuomingcengjingzhanjumeiguojiatingyuleyebanbijiangshandeyouxianyewu，xianzaiyijingchengweilezibenshichangrenrenhandadeguojielaoshu。

qianjitian，yulezibenlunbaodaomsnbc、cnbcdengyouxianpindaozichanbeifenchaidexiaoxi，neilimianyuangongsuiranziwodaqi，yezhishiqiangyanhuanxiaobale。

tuidingyouxiandianshide“baxianzu”qushizaishijiegedidouzaishangyan，zheicizaimeiguofashengdeshiqing，younengjiguoneideguangdianyewudailaizenyangdeqishihejiaoxun？

01 “他们又回到了最擅长的领域”

ju《huaerjieribao》baodao，at&tshouxizhixingguanyuehan·sitanji （john stankey） gaibianfangxiang，boliqihuanaxiongdizigongsiheweixingdianshigongsi directv，tongshizhengzainulijianshaogudingdianhuayonghuzheigelishiyiliuwenti。benzhouer，sitanjiduitouzizhechengnuo，xindecaiwumubiaoyouqi5ghekuandaiyewutigongzhichi。

gongsiyujiweilaisannian，jiangtongguogupiaohuigouhexianyouguxizhifu，xianggudongfanhaichaoguo 400 yimeiyuan。zaiciqijian，gongsiewaitourule 100 yimeiyuan，shiqinenggoulinghuodijinxingshougou、changhaizhaiwuhuoyongyuqitajihua。tadezichanfuzhaibiaobuzaibeizhaiwusuokunrao，zugoudexianjinshigupiaohuigouheshougouchengweikexingdexuanze。

ruguobushizai 2022 nian，sitanjidafuxuejiannianduguxi，bingjianghuanameitibumenchushoujitansuopindao，xingchengxianzaide“huanaxiongditansuo”（wbd）dehua，shangshujihuashibukenengshixiande。

sitanjiyu 2020 nianjieguanlezheijiadianxinjutou。tazhiliyuchexiaoxuduozhongdashougou，zuizhongjianjilechaoguo 200 yimeiyuandefufeidianshiyewu，bingzhujianjiangqichushoujiqitasuoyouzhe。dabizichanjianjijiashangdajucaiyuan，zhubuanfuleshoudaozhongchuangdetouzizhe。

zi 2022 nian 4 yuehuanafenchaiyilai，at&t degudongzonghuibaolvyuewei 50%，qizhongbaokuogupiaoshouyiheguxizhifu，chaoguolebiaozhunpuer 500 zhishu 40% dezonghuibaolv。tongqi，huanaxiongditansuo（wbd）youyutouruliumeitijiagezhanshoudaodaji，gujiabaodie。

biaozhunpuerquanqiupingji（s&p global ratings） dexinyongfenxishiyadun （allyn arden） shuo，“at&t zaishougouhuanashifaxianzijichuyubuwendingdejingdi。”qiyuanyinshidianshiwangluobiange、liumeitiyewutouzi，haiyouguogaoguxierwufazhichengdexuqiu。huidaodianxinfuwubiaozhizhe“tamenyouhuidaoletamenzuishanzhangdelingyu”。shengxiadeshiyigegengjiandande at&t yewu，guxigengxiao，danhuibaogengkeyuce。

at&t deshizhixianzaiyuewei 1640 yimeiyuan，diyu 2019 nian 2890 yimeiyuandefengzhi。

02 奇怪的婚姻和昂贵的离婚

2021nian，at&tshouxianjiangdirectvde30%gufen，yi162yimeiyuanchushoujilesimuguquangongsitpg，erhouzaijinnian9yuedi，youxuanbuyi76yimeiyuandejiagejiangshengyude70%gufenyechushoujitpg，chedituichuleweixingdianshiyewu。

zheibijiaoyishizai at&t tongyiyi 485 yimeiyuanshougou directv shiduonianhoudachengde，dangshideruyisuanpanshiweizheijiadianxinjutoutigonggengdadeshipinyonghuqun。

dang 2014 nianxuanbuzheibijiaoyishi，directtv yongyou 2030 wanmeiguoweixingyonghu。dao2021nianchushoudirectvdediyigugufenshi，directvheat&tqitashipinyewudeyonghushujiadaoyiqi，yixiajiangdao1700wan。shipinyonghuzongshuyimeinianyue300wandefuxieshisuduxiajiang。

suizhechuantongfufeidianshishichangdierugudi，binggouzhichugefangqidaidexietongxiaoyingcongweifasheng。tamendangshiyuxiangde“xietongxiaoying”，shizhihunhewuxian、weixingheyouxianwangluodeshipinfenfapingtai，weiguanzhongchuangzaodutedetiyan，bingyincigenneirongzhizuozhetanpanshijuyougengduoyijiaquan。

zheishiyingguo《jinrongshibao》piludeyouguan 2014 nianyuanshijiaoyishiyanshidehuandengpian：

at&tyuanbenrenweidirectvdeguzhishi 670 yimeiyuan，dan2021niankaishimaideshihou，tahemaifangtpgduigaiyewudeguzhiwei 162.5 yimeiyuan，baokuozhaiwu（yuanshishougoujiageyebaokuochengdandezhaiwu）。

at&tyincijiakuailepaoshoujiaobu，chushouqizai directv zhongshengyu 70% degufenyujijiangyu 2025 nianxiabannianwancheng，shijitiqianleyinian。

directv zaibeimaishihaibiaoshi，tazhengzaiyi 1 meiyuandejiageshougouweixingdianshitigongshang dish、dianbodianshiyewu sling tv，waijialiangjiagongsidayue 98 yimeiyuandezhaiwu。

dan directv detouzishibairuguogenduishidaihuanadeshougouxiangbi，neijiushixiaowujiandawule。

at&t zai 2018 nianyi 850 yimeiyuantiqiduishidaihuanadeshougou，gaishougouzaijinglileyichangcanliedefanlongduanshenpanhou，yu 2018 nianguanbi。zheicichaifenshi at&t touzizheshoudaodenianduguxi，jianshaodaotamenguoqujinianhuodedeyibanzuoyou。zuoweijiaohuan，gudongmenbaoliuleat&thexindehuanaxiongditansuogongsidegufen。

at&tdexianrenceositanji，2014 nianshi at&t yulejituandefuzeren，yeshidirecttvjiaoyiqianshushidezhanlvefuzeren。tadangshishizheiyangtanlunzheibijiaoyide：

“dangniyougudingchengbendeneirongtouzishi，birukaifayigejuji，ruguoninengjiangqifenfadaogengdadeyonghuqunzhong，neimeguimojingjijiuhuiyouhendadebutong。directtvdejiaoyi，yunxunibazhuanyouneirongchuanbodaoyiyibushoujihe2700wantaidianshineili。”

danshizai2014niandejiedianshang，zaitashougoushidaihuanazhiqian，at&tmeiyourenhe“zhuanyouneirong”。tasuoyongyoudeshi directv dailaideneirongtigongshangguanxi。zaishoujishangguankanjiemuhetiyusaishicongweichengweiat&tzhenzhengdeshourulaiyuan。

shijishang，zai2014nian，directv deyonghuzengzhangzhishaoyijingtingzhileliangnian，yucitongshi，netflix deyonghuqunzai 2014 nianzengzhanglejin 30%，dadao 5700 wan。

zheihuoxushiat&tfaxianzijibudebuzaimairushidaihuanadeyuanyin。zuihou，jishizai at&t queshiyouzijideneirongzhihou，yemeiyouchuxian“xietongxiaoying”。

《jinrongshibao》depinglunrenwei，zheiyixilieshibaidejuecekenenggenat&tdeshanghaiyedianwangyeyouyidingguanxi。zheijiabainianlishidegongsi，benshenjiushitongguoyixiliezhangqishougou，caichengweiyijiadagongsi，qizhongdabufenshizai 90 niandaihe 2000 niandaichuzaishouxizhixingguan edward whitacre delingdaoxiajinxingde。zhuisuitade ceo menyedouyouzhuiqiuguimodeguanxingsiwei。sitanjijinguanyu directv、shidaihuanadejiaoyiguanxifeichangmiqie，dantabujinmeiyoubeiwenze，haishengzhile。

dangaibaorengranyoushandibuchongdao，daxingbinggoushejihenduoyunqi。yichangdadaokeyibeichengwei“biangexing”dehebing，shiduiweilaihuishishenmeyangzideduzhu，erweilaihennanyuce。shihoukanlaihenrongyipipingyichangshibaidejiaoyi，danzaitaolunbinggoushi，haishiyinggaijinliangbaochiqianxu，sheshenchudiweidangshishenzaijuzhongdejiaoyishuangfanghuanweisikao。

03 “三网融合”终究还是电信为主

zaiguonei，yejieyezaitaolunyouxiandianshiyonghuliushidewenti。guangdianciqiantichude“sanwangronghe”congzhanlvebenshenlaijiangsuanbushangcuo，danshitabingweizhuazhujihui。cankaoat&tdeanli，zheiqishibushiguoneiduyoudewenti，yebunengjinkaosuoweidezhangyuanyanguangjiunengjiejue。

yuanxiandedianshiqudaoshang，zuizhongwanyinengnixidefangshi，qishidoushizuihoubianchenglekuandaiyunyingshang。zheijiushifashengzaixianggangdeyouxiankuanpin、dianxunyingke、xianggangkuanpindengdengshenshangdelizi。

dianxunyingkewanquanshiyinweiyunyingshangyewugaodehao，suoyicaizainowtvyouxiandianshiyewushanghuaqiandafang，youqianmaixiadaxingdetiyuliansaibanquan，qingkuangqishigenzhongyidonghemigudeqingxingfeichangxiang。fanguolaishuo，yuanxianzhuyingyewujiushidianshidexianggangyouxiandianshi，xianzaijiaohailefufeidianshipaizhao，zhuyingyewubianchengleshoumaijiatingkuandai。

dangchu，guoneiguangdianzai“sanwangronghe”zhongxiwangzhanjuzhudong，danyinweizhengcexianzhi，bunengzhijieqierudianxinyunyingshangdekuandaiheshoujiyewu（cable modemguwangkuandaijishubiadslluohou，quefajingzhengli），zhihaonazhushoulidianshijiemudepai，xianzhiduiwaishouquan，jiangdianshineirongdazaoweileisitexujingyingdemoshi。

raner，dangdianshibuzaishizhuliuyulefangshi，neirongxiyinlixiajiangshi，guangdianshouzhongdezichanyesuizhidafubianzhi。zheizhengshixingchengguangdiandangqiankunjingdezhuyaoyuanyin。

xianzaiguangdiansuiranbeiyunxujingying192shoujihaoduan，danqizuihaodefazhanjiyuzaoyiguoqu。jinnianrengranyouxianghebeiguangdianyiwuxianchuanmeiweiming，zaiagushangshideqingkuang；geshengyezailuoshi“yishengyiwang”zhengce，quebaoyouxianyunyingshangbuzhiyuneidou；ciwaihaiyoukaijikandianshi、zhengdunjiudiandianshi、tuijinbangxingjidinghepujidengzhengcezhichi。danshixiangduiyuquanminbaxiandezongtitaishilaishuo，zheixiejucuodouzhishibeishuichexin，youxianyewuriboxishandetaishimeiyougaibian。