The cable network enterprise borrows three nets to accelerate the transformation

Guotai Securities Company, Vice manager of industry research Tan Xiaoyu author Tan Xiaoyu Radio and television cable network transmission industry and the telecommunications industry, regardless of user size, industry concentration, market-oriented, profitability and other aspects of a huge gap.　　However, the leading enterprises in the cable network can take advantage of the three-net integration policy to accelerate the transformation and enhance enterprise value. At present, radio and television cable network transmission industry compared with the telecommunications industry, regardless of user size, industry concentration, market-oriented, profitability and other aspects of a huge gap. The CATV network still presents the decentralized state of regional segmentation, and the cable network operators with complete cable network integration are numbered. Operators mainly to video one-way transmission as the main business, data Services and high-definition interactive high-end video business, such as the promotion of slow pace.　　However, the leading enterprises in the cable network can take advantage of the three-net integration policy to accelerate the transformation and enhance enterprise value. Broadcasting industry accelerated Upgrade January 13, the executive meeting of the State Council put forward the phased goal of promoting the integration of three nets, from the pilot to the promotion of about 5 years of buffer time, that is, from 2010 to 2012, focus on two-way access to radio and television and telecommunications services to explore the formation of three network integration norms and orderly implementation of the policy system and　　From 2013 to 2015, summing up the pilot experience, comprehensively realize the three-network integration development, popularize the application of integration business, basically form a moderately competitive network industry pattern, basically set up the system mechanism and responsibility clear, coordinated, decision-making science, management and efficient new regulatory system. The two-way open scale proposed at this meeting still has a vague area, but if we use it, we can gain valuable development time. As stipulated in the meeting, "qualified telecommunications enterprises may engage in the production and transmission of some radio and television programmes". The conditions of telecommunication enterprises engaged in radio and television business will be determined by the radio and television industry regulatory departments, similar to the Ministry of Industry and Information Technology announced in March 2009, "Telecommunications business licensing management measures" on the application for value-added telecommunications business enterprise constraints. The document stipulates that the company that applies for the operation of the basic telecommunications business, the state-owned shares or shares of not less than 51%, and "in the provinces, autonomous regions, municipalities within the scope of operation, the minimum amount of registered capital of 100 million yuan, the national or trans-provincial, autonomous regions, municipalities within the scope of operation, the minimum registered capital of 1 billion yuan."　　According to this condition, only Tianwei video can satisfy the requirement of the proportion of state-owned shares and the minimum registered capital. The network separation reform has not completely changed the relationship between the two interest communities, telecom operators should split up the remaining uncertainty. At present, in addition to Shanghai, all over the radio and television groups have TV stations and cable network of two types of business assets, telecommunications operators engaged in content services to television stations and other radio and television system operators to purchase content resources, because the network is not fundamentally separate, All over the radio and television group completely skim the system's transport operators and the possibility of cooperation with telecom operators is also worth paying attention to. In addition, if the telecommunication enterprise implements the integrated business of program production and transmission,The approval and broadcasting rights of program content are also controlled by SARFT to control this kind of problem, which is the basis of whether the three-net fusion business model can be formed in the process of actual operation. Telecom operators are faced with the increasing homogeneity of basic telecommunication services, the speed of the loss of fixed-net users, the decrease of voice business income and ARPU value, but still have sufficient power to find new business growth points.　　However, the current fierce competition is mainly focused on the 3G user development and application, such as China Telecom's investment in the video business is not small, its development IPTV more has the meaning of layout. The imbalance of network distribution of telecom operators also facilitates the development of the leading cable network operators. such as in the Telecom Network Operation Mall Area network weak areas, the leading cable network operators can use the policy Dongfeng bundle IP Voice service, accelerate the development of high-end video business and the promotion of data business, in order to realize the rapid development from a single video service to video, data, voice and other diversified business models, build content integration + Channel + Comprehensive advantages of the service.　　The cable network operators can also take advantage of the competition among telecom operators to choose common strategic interests to cooperate. The pilot buffer period is the key in the long run, the overall prospects of the cable network industry is not optimistic, the three-network convergence on different types of cable network operators have a big difference in the impact. Three network business integration trend unstoppable, if the cable network operators do not catch up, in the policy baffle completely removed will be immersed in a passive situation, the industry and the value of the company will face downward and revaluation risks. At present, although the policy baffle is increasingly loose, but not completely removed, it is not easy to form a new regulatory system that adapts to triple-net integration and has clear, coordinated and smooth decision-making, scientific and efficient management.　　Therefore, in the pilot buffer period, the development trend of cable network operators is very important. July 2009, the State Administration of radio and television issued "on speeding up the development of CATV cable network," the notice, to ensure that the end of 2010 before the basic integration of the provinces, for the future national Radio and television network large-scale, industrial development lay the foundation. This means that the cable network transformation will be advanced at full speed, now that the region has completed the integration of provincial network will immediately face the requirements of the integration of the provinces.　　For the cable network listed companies, with funds, institutions, brands and other advantages to speed up the expansion of users in different places, and speed up the digital transformation and translation, speed up digital high-definition, interactive VOD, such as the promotion of multiple video services, on the basis of the consolidation of video services, the development of data services, voice services, to promote the development of User size and network infrastructure is the basis for the realization of triple-net integration, listed companies in these areas have advantages, so the possibility of winning the three-network integration pilot qualification is also greater. We expect that already formed a certain number of users of the size of the song Hua Cable, digital translation and bidirectional transformation of the higher degree of Tianwei video and Hangzhou Hua, as well as the next generation of radio and television Network (NGB) pilot Shanghai Oriental may become a three-network integration of the pilot. Thiswill facilitate their accelerated development in 2010-2015. For most of the small operators who have not completed the enterprise restructuring or network integration, the value of mergers and acquisitions is actually declining in the context of the acceleration of the three-net integration.