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| Title: | 企業併購個案分析：以Comcast併購Sky為例
Merger and Acquisition case study : Comcast’s acquisition of Sky |
| Authors: | 鍾維庭
Chung, Wei-Ting |
| Contributors: | 吳啟銘
Wu, Chi-Ming
鍾維庭
Chung, Wei-Ting |
| Keywords: | 康卡斯特
水平併購
垂直併購
付費電視
自由現金流量折現法 |
| Date: | 2021 |
| Issue Date: | 2021-08-04 16:34:07 (UTC+8) |
| Abstract: | 有線電視產業自1980年代逐步發展，經歷千禧年的黃金時代，至今已進入成熟產業階段，市場發展將受限於全球人口停滯與新型態的生活方式趨於零成長；串流媒體的興起為傳統影視產業帶來進一步的衝擊，特別是對於電視產業鏈最末端的訊號分發商而言，其可直接接觸終端消費者的特性將直接取代訊號分發商的角色。本個案研究中的Comcast即為全美訊號傳輸產業的領導廠商，在面臨本身核心業務日漸衰退的情況下，採取以合併方式來尋求擴大市場規模的機會。本個案中將透過分析Comcast與被併標的Sky的公司特性，輔以外部環境、內部策略因子分析，評估兩者的併購綜效來源為何，再進一步透過收益法以求各自公司價值，評斷主併方的出價是否符合股東最大利益且未有溢價過高情形產生，最後則透過CAR法來檢視市場普遍對於此併購案的態度為何。
本研究發現，針對核心產業衰退的企業而言，選擇同類型產業作為水平併購或垂直併購目標會是相對低風險的選擇，若標的同時具備兩種特徵，則收購方除了能夠透過收購案直接擴大市佔率外，亦可增強自身在產業中不同領域的能力。本研究亦發現，若市場上同時存在兩個潛在收購標的，當一方破局，則經理人傾向全力追逐另一方，以致對未來綜效呈現過度樂觀的想法，並付出過高溢價，除了抵銷綜效可能帶來的好處外，也使市場對併購案態度呈現悲觀，且致使企業背負過高負債而影響未來投資其他標的的可能性。
綜觀近年來發生的重大媒體影視業併購案件，可知在串流影業興起壓力下，透過併購而擴大規模實為企業不得不行之發展策略，然而選擇併購標的時，仍須明確辨別收購後是否能有效提升企業本身核心業務水準及欲發展領域能力，並提供完整整合計畫以確保綜效實現；若不然，過高的溢價付出將會導致市場態度悲觀，傷害股東利益。本研究希望提供企業管理者在進行大型收購案中，策略意涵、綜效評估與整合規劃時的參考依據。
Though being the fastest-growing industry during millennials, the cable TV industry has moved to mature stages of Product Life Cycle Theory, and the growth of market limited by the stagnant population growth as well as new lifestyle in recent years. At the same time, the OTT service provided by streaming television keeps encroaching on the cable tv market, those who being the signal distributors in the TV industry chain affected the most. Comcast, as the leading company of signal distributors of cable TV, tried to expand the market through merger and integration while facing the declining of core business. This study would judge whether Comcast’s bid is in the best interests of shareholders by analyzing characteristics of purchaser Comcast and target Sky, external environment and internal strategic factors. The CAR method is also used to examine the market’s attitude towards this merger.
The study found out that for company whose core business is in decline, it would be less risky to choose similar industry to be the merger target, including horizontal merger and vertical merger. Moreover, the purchaser could expand the market shares and enhance the ability in unfamiliar fields if the merger case has both characteristics. This study also found that if there are two potential targets in the market at the same time, when one deals breaks, the purchasers would tend to complete another deal as much as possible, resulting in overpay situation and offset the synergy.
When choosing the target of merger, it is critical to distinguish source of synergy and whether the purchaser could integrate smoothly after the acquisition; otherwise, excessive premium payments would cause negative market attitude and harm the interests of shareholders. The purpose of this study is to provide managers of purchaser with strategic implications, comprehensive synergy evaluation and reference of integration when processing the merger case. |
| Reference: | 一、中文文獻
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4.吳啟銘，(2010)。企業評價。台北市：智勝文化
5.宋佩珊，2018。《通訊傳播事業投資整併對產業相關影響及監理機制之委託研究》。台北市：財團法人資訊工業策進會科技法律研究所
6.沈怡靜(2019)。個案分析：Comcast併購Dreamworks。未出版之碩士論文，國立政治大學，企業管理研究所，台北市。
7.林忻祐，2021。《2021年美國領導有線電視業者固網服務發展觀察》。台北市：財團法人資訊工業策進會。
8.林威誠(2018)。企業併購案例分析：以Amazon併購Whole Foods為例。未出版之碩士論文，國立政治大學，企業管理研究所，台北市。
9.股感資料庫，【反托拉斯懶人包】用廣明與惠普事件，來了解反托拉斯是什麼，上網日期2020年6月20日，檢自：https://www.stockfeel.com.tw/%E3%80%90%E5%8F%8D%E6%89%98%E6%8B%89%E6%96%AF%E6%87%B6%E4%BA%BA%E5%8C%85%E3%80%91%E7%94%A8%E5%BB%A3%E6%98%8E%E8%88%87%E6%83%A0%E6%99%AE%E4%BA%8B%E4%BB%B6%EF%BC%8C%E4%BE%86%E4%BA%86%E8%A7%A3%E5%8F%8D/
10.姜超，五大驅動力揭示為何美國消費力長期走強，上網日期2017年4月10日，檢自：https://www.zhitongcaijing.com/content/detail/195802.html
11.洪雅筠，【迎接5G】5G時代將至 Intel：90%數據將用在影片串流上，上網日期2018年10月15日，檢自：https://cnews.com.tw/005181015a03/
12.國際通傳產業，美國線上影音訂閱數在2018年首次超越有線電視，上網日期2019年3月22日，檢自：https://intlfocus.ncc.gov.tw/xcdoc/cont?xsmsid=0J210565885111070723&sid=0J217337215467323284
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二、英文文獻
1.Comcast & Sky is the European market key for world domination?, Retrieved April 20 2020, from: https://finfoc.com/2020/04/comcast-sky-plc-deal
2.Comcast and Fox Headed to Saturday Auction for Sky – Here’s What That Means, Retrieved September 19, 2018, from: https://www.thewrap.com/comcast-and-fox-appear-headed-towards-an-auction-for-sky-heres-what-that-means/
3.Comcast CEO Wants to ‘Play Offense’ After Failed Fox Bid, Retrieved September 12 2018, from: https://www.thewrap.com/comcast-play-offense-brian-roberts/
4.Comcast Drops Bid for Fox Assets to Focus on Sky Instead, Retrieved July 19 2018, from: https://www.thewrap.com/comcast-ends-pursuit-of-fox-assets/
5.Comcast moves next in the global media chess game: the acquisition of Sky, Retrieved October 7 2018, from: https://bsic.it/comcast-moves-next-global-media-chess-game-acquisition-sky/
6.Federal Communication Commission, (2016). Statistical Report on Average Rates for Basic Service, Cable Programming Service, and Equipment, Washington, DC: Author
7.IHS Markit: Cable industry rebounds in Europe, Retrieved November 7 2018, from: https://www.broadbandtvnews.com/2018/11/07/ihs-markit-cable-industry-rebounds-in-europe/
8.North America Loan: Comcast`s US$39bn acquisition financing, Retrieved December 14 2018, from: https://www.ifre.com/story/1515905/north-america-loan-comcasts-us39bn-acquisition-financing-jyqzwggyft
9.Pay TV Subscriptions Declined in 14 Markets in 2017 as Cord Cutting Takes Toll, IHS Markit Says, Retrieved May 2 2018, from: https://news.ihsmarkit.com/prviewer/release_only/slug/technology-pay-tv-subscriptions-declined-14-markets-2017-cord-cutting-takes-toll-ihs-m
10.Paying for channels you don’t watch, Retrieved May21 2021, from: https://cordcutting.com/research/paying-for-channels-you-dont-watch/ |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108363006 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202101027 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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