Short-term competition strength of Chinese radio and television

Absrtact: Recently, the Chinese radio and television Network company (hereinafter referred to as China Radio and TV) to form a program has been approved by the State Council, the media reports. The news is mainly from radio and television, according to a person close to the Ministry of Industry told the Securities Daily Reporter, because

Recently, the Chinese radio and television Network company (hereinafter referred to as "China Radio and TV") Formation of the program has been approved by the State Council, the media reports. The news comes mainly from the radio and television, according to a person close to the Ministry of Industry told the Securities daily newspaper reporter, because the matter is not led by the Ministry, so the ministry has no more news on this side.

And the reporter interviewed more for the industry is also the Chinese radio and television whether the establishment of a matter, language more hesitated.

China Radio and television

Signal meaning is greater than substance

2010 State Council released the overall plan to promote the triple network integration, in accordance with programme planning, 2012 will be the third network integration pilot phase of the last year, planning requirements, 2012 should complete the preliminary pilot, the establishment of radio and television unified operating units.

November 15, reported that the State Council has issued documents, agreed to form China Radio and television, funded by the Ministry of Finance, SARFT is responsible for the formation and escrow, registered capital of 4.5 billion yuan, the Ministry of Finance 4 billion, radio and television self-financing 500 million.

On this news, the chief analyst of China-Chong Securities TMT, said to the securities daily Reporter, can not be formally established is still hard to say, now all is still only the news of the media coverage.

Another three-network fusion research experts in the Securities daily exchange with reporters, the Chinese radio and television Network company is formally set up a matter, also quite concerned about, he said, or to wait until the formal establishment of China's radio and television to express their views. The expert's attitude revealed that there seemed to be a lot of uncertainty in the middle of the matter.

Ma June believes that if the establishment of China's radio and television at the end of this year, it may just radio and television in accordance with the three-network integration of the pilot scheme of time requirements to give the outside a signal He said that no matter whether the Chinese radio and television set up or not, its signal significance is greater than the real meaning.

4.5 billion of money is far from enough

Internal integration is a difficult journey

"Chinese radio and television can be set up at any time, but after the establishment of what you need to think about," said Ma June, the company will be set up to solve some problems, such as funding sources, operating problems, network construction, competition and so on.

Obviously, 4.5 billion of the amount of capital, compared to the three major carriers of the registered capital, is negligible. For the formation of China's fourth largest operator, also far from enough. At present, the total assets evaluation amount of the national wired network is about 150 billion yuan and the net assets is more than 70 billion yuan, and if the valuation value of listed companies ' assets is added, its wired network is about 180 billion yuan. Only 4.5 billion of the company's assets are clearly unable to complete the integration of the local broadcasting companies.

Ma June pointed out that the integration model is mainly through acquisition, holding, executive orders. But no matter which kind of integration model, it is very difficult. "Radio and television first want to be integrated through executive order, but ultimately may not be able to pass through the acquisition of asset holdings to integrate, but because the interests of the issue of the problem is slow," he said, the executive order and acquisition holding in parallel, may be a relatively faster mode.

However, some analysts pointed out that the application of the law in China Cable, China Group, the Electric media, Tianwei video and other listed companies in the integration of assets still have a lot of difficulty, MA June also think so. In his view, the internal integration of radio and television also need a long time, because the internal integration of radio and television is difficult, this is mainly by the radio and television system management mechanism and the ownership of the decision.

Mobile Vacancy

Short-term competition strength of Chinese radio and television

In this news, the most surprising thing is that the rumors of mobile participation in the Chinese radio and television has not been realized. Ma June believes that if the move is really not a stake in the radio and television network company a big loss. Because in the operator, mobile broadband resources are weak, and although China radio and television can carry out full business operations, but in the fixed network broadband is no doubt novice. Mobile and radio and television networks whether in the network construction or in business operations, can learn from each other, close cooperation.

For China's radio and television and the competition between the three major operators, some analysts on the securities Daily Reporter said, never speaking, China's radio and television after the integration, there may be a policy advantage and its own some other advantages, in the market has its place. But in recent years, China's radio and television network companies do not have the power to compete with telecom operators.

"If the regulatory system changes in the future, such as deregulation, or even a combination of regulatory regimes, this will allow radio and television to participate earlier in the market competition, radio and television and telecommunications operators, both opportunities and challenges coexist." ”

As China's radio and television in the short term without competitive power, MA June told reporters that the impact of the news on the capital market is only the impact of the message. As for the real development in the future, the first to benefit from the participation in radio and television network construction operators and terminal manufacturers.