The fees Youku paid for content increased 78 percent over the last year to 744 million renminbi,or about $117 million, in the latest quarter. Larger rivals like Baidu, a search engine that alsoowns an online video site, can swallow those costs with ease. That’s not the case for tinyYouku.
在最近一个季度,优酷在内容方面的支出较一年前增加了78%,达到了7.44亿元人民币(约1.17亿美元)。搜索引擎百度也拥有网络视频网站。像百度这种大型竞争对手,能轻松地承担这笔成本,但弱小的优酷就不能了。
It may seem petty to consider whether the deal creates value for Alibaba shareholders, but, asit happens, it probably does. The 30 percent premium is worth around $1.2 billion. Yet Youku’sbandwidth costs alone — what it pays for telecoms and data storage — are an annualized $213million. If the data colossus Alibaba can eliminate those, the savings, taxed at Youku’s 15percent rate and capitalized, are worth more than $1.8 billion.
这宗交易能否为阿里巴巴的股东创造价值?或许考虑这个问题会显得很小气,但这还真有可能发生。阿里巴巴给出的30%溢价大约相当于12亿美元。然而,单单是花在电信企业和数据存储上的带宽成本,优酷每年的支出便达到2.13亿美元。如果数据巨头阿里巴巴能消除这方面的支出并注入资本(优酷需缴纳15%的税款),便能节省超过18亿美元。
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