The Battle for Paramount Pictures | Down to the Wire | 4
发布时间 2022-08-24 07:01:00 来源
Hey, prime members, you can listen to Business Wars Add Free on Amazon Music. Download the app today. 213 Plus an Apple Podcasts or the Wondery App to Binge all four episodes of the Battle for Paramount, Early and Add Free. Download the Wondery App in your Apple or Google Play mobile app store today.
嘿，Prime会员们，你们可以在亚马逊音乐上无广告地收听商业战争。今天下载这个应用程序。下载Wondery应用程序，即可连续收听所有四集的Paramount之战，无论是在213 Plus上还是苹果播客上。今天就在你的苹果或Google Play移动应用商店下载Wondery应用程序。
December 21, 1993 Paramount headquarters Manhattan. In the boardroom, Chairman Martin Davis silently stews as a financial advisor briefs him and the other board members on QVC's latest takeover offer. And the remaining stock would be swapped for QVC stock, a board member interjects. So what's the total value of QVC's offer? Based on current stock prices, QVC's bid stands at $10.3 billion.
1993年12月21日，派拉蒙总部位于曼哈顿。在会议室里，主席马丁·戴维斯默默地煮着一肚子气，一位财务顾问向他和其他董事会成员介绍了QVC最新的收购报价。 "而且剩下的股票将被转换为QVC股票，"一位董事插嘴道。那么QVC的报价总价值是多少呢？根据当前股票价格，QVC的出价为103亿美元。
That's more than buy a com, right? Yes, buy a com's offered $9.6 billion. Also the stock part of this bid is mostly non-voting stock. Buy a com's offering Paramount stockholders less money and less say in the post-merger company than QVC. What do you think about that? Davis stays mom as the board discusses QVC's new offer. His initial shock at being forced by the courts to sell to the highest bidder has decayed into resignation. He no longer controls the company. He dedicated his life to.
这比买一家公司还多，对吧？是的，买一家公司提供了96亿美元。此外，这个出价中的股票部分大部分是无表决权的股票。买一家公司向派拉蒙的股东提供的钱和在合并后公司中的发言权都比QVC少。你对此有何看法？戴维斯在董事会讨论QVC的新出价时保持沉默。他最初被法院强制出售给出价最高者时的震惊已经变成了顺从。他再也无法控制他一生都在致力于的公司了。
Davis notices that the board members are waiting for him to move the meeting forward. He says the only thing he can. As the courts made clear, it's our legal duty to accept the highest offer. So unless anyone objects, we should endorse QVC's offer. Davis nearly chokes on those words. He hopes to retire on a high. Now his career seems destined to end in humiliation. When his old foe Barry Diller buys his company, he will surely fire him. None of the board members object. So it's agreed. We endorse QVC's offer and wait to see a Viacom response. Board member races his hand.
戴维斯注意到董事会成员在等着他推动会议的进展。他说出了唯一能说的话。正如法院明确指出的那样，我们有法律职责接受最高出价。所以，除非有人反对，我们应该支持QVC的报价。戴维斯几乎被这些话呛住了。他希望以高姿态退休。现在他的职业生涯似乎注定要以耻辱告终。当他的老对头巴里·迪勒购买了他的公司，他肯定会解雇他。董事会成员没有反对。所以达成了一致意见。我们支持QVC的报价，等待维亚康姆的回应。一个董事会成员举起了手。
What if Viacom doesn't improve their offer? Can we just go with QVC and be done with this? Paramount Chief Counsel Don Orsman replies, We're obligator to give Viacom a chance to respond. Since the holidays are upon us, I suggest we give them until January 7th to submit a new offer or withdraw. Davis nods. I second that. All agreed. January 7th. I said that sounds alright.
如果维亚康姆没有提高他们的出价怎么办呢？我们可以选择QVC并结束此事吗？派拉蒙首席法律顾问唐·奥斯曼回答说，我们有义务给维亚康姆一个回应的机会。由于节日来临，我建议我们给予他们直到1月7日提交新报价或撤回。戴维斯点头。我同意。所有人都同意了。就定在1月7日吧。我认为这听起来不错。
Three months ago, they thought they'd be merging Paramount with Viacom. Now, Paramount is QVC's to lose. But Viacom's 70 year old owner, Sumner Redstone, isn't done yet. He's chasing a deal that could change everything, a fast track merger with Blockbuster, that'll let Viacom snatch Paramount back from Diller. But Redstone's only got 17 days to do it. And if he fails, he will miss his one and only shot at fulfilling his dream of owning his favorite Hollywood studio.
三个月前，他们认为他们将把派拉蒙和维亚康姆合并。现在，派拉蒙取决于 QVC。但是，维亚康姆的70岁老板桑纳·雷德斯通还没有完成。他正在追求一项可以改变一切的交易，即与百思买的快速合并，让维亚康姆从迪勒手中夺回派拉蒙。但雷德斯通只有17天的时间来完成这件事。如果他失败了，他将错失实现拥有他最喜欢的好莱坞工作室的梦想的唯一机会。
Hi, I'm Sarah Haggi, co-host of Wonderree's podcast Scample Inswers. In our recent two-part series, Three Weddings in a Funeral, we dive into the story of a German con man who built an entire life on fake names, lies, and schemes, and the unlikely true time twist that brought this decades-long charade crashing down. Listen to Scample Inswers on Amazon Music or wherever you get your podcasts.
嗨，我是萨拉·哈吉，Wonderree播客Scample Inswers的联合主持人。在我们最近的两集系列节目“三个婚礼和一场葬礼”中，我们深入探讨了一个德国骗子如何用假名字、谎言和计划建立了自己的整个人生，并且那不可思议的真实时间扭曲终于导致了这几十年的骗局崩溃。在Amazon Music或者你获取播客的地方收听Scample Inswers。
From Wonderree, I'm David Brown and this is Business Wars. On the last episode, QVC Chief Barry Diller gait crashed Paramount in Viacom's merger. The courts smacked down Paramount Chairman Martin Davis and Blockbuster through Sumner Redstone a lifeline. Now, Viacom and Blockbuster are out to grab Paramount from Diller. But to even stay in the race, they must first overcome their own disagreements and finalize their own multi-billion dollar merger.
大家好，我是David Brown，这里是Business Wars。在上一集中，QVC首席执行官Barry Diller在维亚康姆与派拉蒙合并中发挥了重要作用。法院驳回了派拉蒙主席Martin Davis和Blockbuster的计划，给了Sumner Redstone一个解救的机会。现在，维亚康姆和Blockbuster要通过收购来剥夺Diller手中的派拉蒙。但是，为了留在竞争中，他们必须首先解决内部分歧，完成自己价值数十亿美元的合并。
This is Episode 4, Down to the Wire. December 23, 1993 Midtown Manhattan. In the offices of law firm Sherman and Sterling, Viacom owner Sumner Redstone sits in a windowless conference room with his negotiating team. It's almost two in the morning and he and his team have been locked in talks with Blockbuster for days. But 20 minutes ago, the talks collapsed yet again. So the two sides agreed to take a short break to talk among themselves.
这是第四集，《赛跑到最后》。1993年12月23日，曼哈顿中城的谢曼和斯特林律师事务所办公室里，维亚康姆的老板萨姆纳·雷德斯通和他的谈判团队坐在一个没有窗户的会议室里。现在已经快两点钟了，他和他的团队已经与百思买进行了数天的谈判。但是20分钟前，谈判再次破裂了。因此，双方同意短暂休息，彼此交流一下。
Now, Redstone and his people are waiting for Blockbuster's team to return to the negotiations. Viacom's CEO Frank Biondi pours the last of the now-tepted coffee into his cup and looks at the team. What do you all think they'll do this time? A belly dropper or a walk out? Viacom's colleagues chuckle. They've grown wise to Blockbuster's CEO Wayne Heisinga's negotiation tactics. The belly drop is their nickname for Heisinga's ploy of letting deals get all the way to the point of signing and then suddenly demanding another concession. Redstone rubs his eyes. I anticipate another walk out.
现在，雷德斯通和他的团队正在等待百思买的团队回到谈判桌。维亚康姆的首席执行官弗兰克·比昂迪把现在已经冷掉的咖啡倒进杯子里，看着团队。你们认为他们这次会怎么做？是“肚子放空”还是“走开”？维亚康姆的同事们笑了笑。他们已经了解了百思买首席执行官韦恩·海辛加的谈判策略。 “肚子放空”是他们对海辛加的伎俩的绰号，即让交易一直进行到签署合同的时候，然后突然要求另一个让步。雷德斯通揉了揉眼睛。我预计还会有一次“走开”。
Biondi nods. Yeah, I bet that worked real well when he was buying up video rental stores. He probably had the store owners running down the street after him clinging on to his leather coat, begging him to come back.
Biondi点点头，是啊，我觉得他在购买视频出租店时肯定很成功。他可能让店主们穿着皮夹克在街上追着他，乞求他回来。
Yes, but we know mom and pop. Viacom's talks with Blockbuster began well. Blockbuster agreed to be bought in a deal that would leave Redstone in total control of Viacom. Then, Viacom would use Blockbuster's cash to keep fighting for Paramount. But now Heisinga wants Blockbuster's shareholders to get extra stock if Viacom's stock price dips below $55 after the merger.. And Redstone won't go there.
是的，但我们认识 Blockbuster 的母公司 Viacom。Viacom 和 Blockbuster 的谈判开始得不错。Blockbuster同意被收购，交易将让Redstone完全掌控Viacom。然后，Viacom将使用Blockbuster的现金来继续为 Paramount 进行斗争。但现在，Heisinga希望如果合并后Viaco的股价下跌到55美元以下，则给Blockbuster的股东额外发放股票。但Redstone不同意这样做。
The Viacom team perks up. It's a conference room door opens. Heisinga enters, followed by his team. As they take their seats, Redstone notices a green folder in Heisinga's hands. He imagines Heisinga will pretend to accidentally leave the folder behind so he's got an excuse to call Viacom if he walks out. Each team is quietly assessing the other, looking for clues for where this is headed.
维亚康姆团队精神振奋，因为会议室的门打开了。海辛加走进来，跟着他的团队。当他们就座时，雷德斯通注意到海辛加手中有一个绿色的文件夹。他想象海辛加会假装无意间把文件夹留在会议室里，这样他就有借口在走出去时打电话给维亚康姆。每个团队都在悄悄地评估对方，寻找暗示它们将会去往何处的线索。
Heisinga sits opposite Redstone. Both men know they need each other. Neither of them can win Paramount alone. But if they don't reach a deal by January 7th, it'll be too late to stop QVC from taking Paramount. Heisinga ends the silence.
Heisinga坐在Redstone对面。两个人都知道他们需要彼此。没有一个人可以独自赢得Paramount。但是如果他们在1月7日之前不能达成交易，就太晚了，QVC将控制Paramount。Heisinga打破了沉默。
Have you reconsidered your position? Redstone shows no emotion. I thought you were reconsidering yours. My position is unchanged. If we did what you ask in Viacom stock fell below $55, we'd have to issue new stock to your stockholders. That would further depress Viacom stock price, triggering more share issues to compensate your stockholders again. It would put Viacom in a death spiral.
你重新考虑了你的立场吗？ Redstone没有表现出任何情感。我以为你正在重新考虑自己的立场。我的立场没有改变。如果我们按照你的要求，Viacom的股票跌破55美元，我们将不得不向你的股东发行新股。这将进一步压低Viacom的股票价格，触发更多的股份发行，以再次补偿你的股东。这会让Viacom陷入死亡螺旋。
Heisinga stares at Redstone. He still can't read the guy. He gives nothing away, not even the nearest twitch. It's like he's car from rock. Then Sumner, we're at an impasse. Heisinga stands. I'm sorry we couldn't work it out. Good luck with Paramount.
Heisinga 盯着 Redstone。他仍然无法读懂这个人。他什么也不露出来，甚至没动一下。就像他是一块石头。然后，Sumner，我们陷入了僵局。Heisinga站起来。对不起，我们无法解决这个问题。祝你在派拉蒙好运。
Heisinga heads to the coat rack and puts on his long black leather coat. His minions follow his lead. Heisinga reaches for the door handle. Goodbye then. And happy holidays. Redstone nods. Yes, you too. The blockbuster team leaves and closes the door behind them.
Heisinga走向衣架，穿上他的长款黑色皮大衣，他的手下们跟着他。Heisinga伸手去拉门把手，再见了，祝节日愉快。Redstone点头道，是的，你也一样。那个大团队离开了，关上了门。
The Viacom executives look at the table. Heisinga has taken his green folder with him. This is no staged exit. It's the real deal. Beyondy turns to Redstone. Should I go after them? Redstone waves his hand dismissively. No. There's a point where the price crosses the line of rationality. What they want takes us beyond that line. I won't move. They won't move. There's no more to say.
威科姆高管们看着桌子。海辛加带着他的绿色文件夹走了。这不是排演的离开。这是实事求是。Beyondy转向雷德斯通。我应该去追他们吗？雷德斯通挥手示意不要。不。当价格超出理性的范围时，就有一个点。他们想要的超出了那条线。我不会动，他们也不会动。没有更多可说的了。
Three months ago, Redstone had Paramount in his grasp. Then, QVC chief Barry Diller barged in and stole the deal. A merger with Blockbuster was his last chance to stage a counter strike. He thinks that it's all over. But the investment bankers tried to engineer the takeover, have other ideas.
三个月前，雷德斯通掌握了派拉蒙的控制权。然后，QVC总裁巴里·迪勒闯入并窃取了这笔交易。与百事达的合并是他发动反击的最后机会。他认为一切都结束了。但是投资银行家试图发起收购，有其他想法。
Christmas Day, 1993. New Jersey. Michael Leavitt pulls his Jeep Cherokee onto the highway with his bulky car phone pressed to his ear. Leavitt is a 35-year-old hot shot at Smith Barney's Shearson. The investment bank advising Viacom on its efforts to buy Blockbuster in Paramount. He spent the morning tracking down Blockbuster President Steve Barard to a golf resort in Arizona.
1993年圣诞日，在新泽西州。迈克尔·利维特开着他的吉普切诺基车进入公路，把他笨重的汽车电话紧贴着他的耳朵。利维特是史密斯巴尼的剪刀手，现年35岁。这家投资银行正在为维亚康姆收购派拉蒙的网络业务Blockbuster提供咨询服务。他整个早上都在追踪Blockbuster的总裁史蒂夫·巴拉德，结果发现他正在亚利桑那的高尔夫度假村里。
Not that Barard's happy about that. Michael, it's Christmas Day. I'm on my first vacation in six years. You better have a good reason to be calling. I do. I've been talking with a Viacom, guys. I think we can resurrect the talks.
不是说Barard对此感到高兴。迈克尔，今天是圣诞节。这是我六年来的第一次假期。你最好有一个很好的理由打电话。我有。我一直在和维亚康姆的人谈话。我认为我们可以重新开始谈判。
Michael, I know how this works. Okay. You haven't spoken to anyone. Your boss is on your back and he's yelling at you to get us back in the room with Viacom so you can reel in your big fat, juicy, 12 million dollar fee. Well we're all here to make money and you're about to let a great opportunity slip away. Come on, what's the harm in talking more? It's a waste of time. Viacom won't budge.
迈克尔，我知道这是怎么回事。好的，你还没有和任何人交谈。你的老板在催促你，让我们重新与维亚康姆回到谈判桌前，以便你可以拿到高达1200万美元的丰厚报酬。我们都来这里是为了赚钱，你却快放过一个好机会了。来吧，再多谈谈有什么损失呢？浪费时间而已。维亚康姆不会妥协的。
Yeah, they will. They need you. Without Blockbuster, they don't get Paramount. You're arguing over small details. You pushed a little too far but I think if you ease back just a bit, they'll meet you in more than half way.
是的，他们会的。他们需要你。没有 Blockbuster，他们无法获得派拉蒙公司。你们在为小细节争吵。你有点过于激进了，但我认为如果你稍微放松一点，他们会与你达成超过一半的共识。
Let's say I buy that. All right, what's the rush? Why call me on Christmas Day? Because I'm Santa delivering the ultimate present and because Viacom's Frank beyond he's spending Christmas at his vacation home in Scotchdale. You know he's only a few miles away from you. You two should have dinner.
咱们假设我买了那件东西。好吧，为什么这么急？为什么要在圣诞节给我打电话？因为我是圣诞老人，正在送最好的礼物，此外维亚康姆公司的弗兰克在他在斯科茨代尔度假的房子里过圣诞节。你知道他离你只有几英里远。你们两个应该一起吃晚饭。
You want me to have Christmas dinner at Frank's? Yeah, he's game if you are. What am I supposed to tell my wife? Take her with you. Come on. What do you say?
你想让我去Frank家吃圣诞晚餐？是的，如果你愿意的话，他很乐意。我应该告诉我妻子什么？带她一起去。来吧。你觉得怎样？
Look, Michael, even if Frank and I restart talks, we only have until January 7th to counter QVC's bid. The idea that we'd agreed to merge Viacom and Blockbuster by then is a total hail Mary. Heh, a hail Mary is better than no play at all. Okay, okay. It's against my better judgment but let's try this.
瞧，迈克尔，即使弗兰克和我重新开始谈判，我们只有到1月7日来反击QVC的投标。我们达成合并维亚康和Blockbuster的协议纯属赌一把。呵呵，赌一把总比没有什么进攻好。好吧，好吧。虽然不是我的最佳判断，但让我们试试这个吧。
After that day, Barard and Beyondy repair trust over plates piled with Christmas ham and agreed to reopen the talks after the holidays. But while Viacom and Blockbuster prepare to try again, QVC chief Barry Diller reassesses his own plans for Paramount.
那一天之后，巴拉德和伯恩迪用堆得满满的圣诞火腿盘子修复了信任，并同意节后重新开始谈判。然而，当维亚康姆和百老汇准备再次尝试时，QVC首席执行官巴里·迪勒对他自己对派拉蒙的计划进行重新评估。
Late December 1993. Off the coast of the Caribbean island of St. Bartz, a bright white super yacht cuts through the blue tropical waters. On the deck, a crew member brings another cocktail to the bald multi-millionaire who's renting it for the holidays.
1993年12月底，在加勒比海圣巴特岛外海，一艘明亮的白色超级游艇从蓝色的热带海水中穿过。在甲板上，一名船员给租赁该游艇度假的光头千万富翁送来另一个鸡尾酒。
You're negrony, Mr. Diller. Can I bring you anything else? Diller doesn't look up from his apple power book laptop. He can't tear himself away from the spreadsheet on the screen. No, that's all.
你好，Diller先生，有什么需要吗？您看起来对电脑屏幕上的电子表格非常着迷，不肯抬头看我。您需要别的什么东西吗？不需要，就这些。
Diller stares at the numbers on the spreadsheet. There are dozens of columns and rows slicing and dicing the financial implications of his plan to buy Paramount. He spent his vacation tweaking numbers and altering formulas on this spreadsheet in an attempt to divine Paramount's true value.
迪勒盯着电子表格上的数字。数十列和行细致地分析他收购派拉蒙计划的财务影响。他在假期里花了很多时间微调这个电子表格的数字和公式，试图洞悉派拉蒙的真实价值。
QVC is offering $10.3 billion for Paramount. But until this moment, the need for speed drove QVC's furious bidding war with Viacom. It's only now that Diller's got time to ask himself if Paramount is really worth it. He wants Paramount. He sees it as the foundation of the media empire he wants to build. But he doesn't want to make a reckless decision either.
QVC提出了103亿美元的价值以兼并派拉蒙。但迄今为止，QVC因追求速度而与维亚康姆展开了激烈的竞标。只有现在迪勒有时间问自己，派拉蒙是否真的值得这么做。他想要派拉蒙，认为它是他想要建立的媒体帝国的基石，但他也不想做出鲁莽的决定。
He was at Fox when Rupert Murdoch overstretched himself and nearly lost everything. He doesn't want to make that mistake. And that's why he's re-examining the numbers. And no matter how he looks at them, the conclusion he reaches is always the same. Paramount is worth $10 billion. QVC is already offering $300 million too much.
当鲁珀特·默多克过度伸张并险些失去一切时，他正在福克斯公司工作。他不想犯那个错误。那就是为什么他正在重新审视数字。无论他如何看待它们，他得出的结论总是一样的：派拉蒙值得100亿美元。QVC已经超出了3000万美元的报价。
He picks up the phone by his side and calls the investment banker advising QVC's bid. It's Barry. Listen, I've run the numbers over and over and Paramount's not worth another cent. I'm sticking to our current bid come hell or high water. What if Viacom bids more? They won't. Viacom's taking on more debt than us to fund its bid. Going higher makes even less sense for them. For them to bid more would be a pure ego move. Maybe that's enough. Ah, come on, redstone's not stupid. If the numbers don't work, he won't go there. And even if he does, I'm not going to outstupid him.
他伸手拿起旁边的电话，给为QVC提供投资建议的投资银行家Barry打了个电话。嗨，Barry，我已经一遍又一遍地计算过了，派拉蒙（Paramount）不值得再多花一分钱。不择手段地坚持我们当前的出价。如果维亚康姆（Viacom）出价更高怎么办？他们不会的。维亚康姆正在承担比我们更多的债务来支持他们的出价，对他们来说更高出价甚至更没有道理。对他们来说更高出价只是出于纯粹的自我心理。但这也许足够了。啊，得了吧，Redstone不傻。如果数字行不通，他就不会去那里。即使他去了，我也不会比他更傻。
Diller hangs up, shuts his laptop, and reaches for his cocktail. He's comfortable with his decision, and convinced that he's done enough, maybe too much, to win Paramount. Besides, word is that Viacom's talks with Blockbuster ended in failure. Redstone's got nothing more to give. Diller sinks into his chair and turns his face to the sun. Content in believing he has nothing to fear. Paramount is his. But the calm waters are about to turn rough.
迪勒挂断电话，关上笔记本电脑，拿起了他的鸡尾酒。他对自己的决定感到满意，并确信他已经做得足够多，或许过多，以赢得派拉蒙。此外，有传言称维亚康姆与百老汇的谈判以失败告终。雷德斯通已无更多可给予。迪勒沉入椅子里，将脸转向阳光。相信自己没有什么可担心的。派拉蒙已经是他的了。但宁静的水面即将变得汹涌。
Hey there, I'm Josh Muccio, host of The Pitch, a show where real-onchpreneur's pitch real tech investors for real money. And this season gets a little saucy. We knew that we were not going to join the same old sauce game. We were going to disrupt $130 billion industry. We're coming after Hines. We meet founders pitching everything from a better ketchup to a solution for one of the biggest problems today. Energy. In the future, the vehicles in Garage is going to be like a giant power plant that could be used to reinforce a power grid, substitute fossil fuel power plants, and allow more renewable energy on the network. This season, 14 founders with 12 ideas big enough to change the world, if the investors invest.
嘿，我是乔什·穆西奥，The Pitch 的主持人。这个节目是真实的创业者在向真正的科技投资者推销他们的项目，以获取真正的资金。而这个季节就更加有趣了。我们知道不能再走老路了，我们要颠覆一个1300亿美元的行业，我们要挑战海恩斯牌子。我们会有创业者展示他们改良过的番茄酱，或是解决当今最大的问题之一——能源。在未来，车库里的车辆就像一个巨大的发电厂一样，可以用来协助电网，取代化石燃料发电站，为网络提供更多的可再生能源。在这个季节里，有14个创始人提出了12个足以改变世界的想法，只要投资者愿意投资。
I would like to invest in this round $300,000. New episodes every Wednesday. See in the pitch room.
我想投资这个轮次的$300,000。每个星期三都会有新的剧集出现。在展示房间里见。
2 a.m. January 7th, 1994. The Carlisle Hotel on the upper east side of Manhattan. Biocom 70-year-old Sumner Redstone emerges from his bathroom in a white bathrobe, fresh from a long hot shower. He pads across his hotel apartment, leaving a trail of wet footprints behind him. He catches himself in the mirror.
1994年1月7日凌晨2点，曼哈顿上东区的卡莱尔酒店。现年70岁的生物科技公司高管桑纳·雷德斯通穿着一件白色浴袍从浴室走出来，刚刚沐浴过。他穿过自己的酒店公寓，留下一串湿湿的脚印。他看到了自己在镜子里的形象。
He feels reinvigorated from his shower, but the dark rings under his eyes tell a different story. The story of how he spent 48 hours in non-stop talks with Blockbuster. Those talks are still grinding on through the dead of night without him, but time is short. Biocom is sweetened its offer for Paramount today, or can seed defeat.
他洗澡后感觉精力充沛，但是他眼圈下的暗环却讲述了一个不同的故事。这个故事是他与Blockbuster进行了48小时不停的谈判。这些谈判仍在继续，即使没有他，而时间很短。今天，Biocom为Paramount的报价提高了，或者种子败北。
But he won't have the money to do that until he buys Blockbuster. Redstone heads to his desk and calls his team. Biocom CEO Frank Biondi steps out of the talks to answer the call. Hey boss, I thought you were getting some sleep. How can I sleep when so much is at stake? So how are the talks going?
但他要买下Blockbuster之前身上没有这笔钱。雷德斯通前往办公桌并打电话给他的团队。生物公司首席执行官Frank Biondi退出谈判以接听电话。嘿老板，我本以为您会去睡一会。这么多事情在变化，我怎么可能睡得着呢？所以谈判怎么样了？
Well, Heisinga is doing his usual tricks. He just did another belly drop on us. He wants another concession before signing. Rage courses through Redstone's body. He's sick of Blockbuster's CEO Wayne Heisinga's negotiating stunts. He used to laugh them off, but now there's a maker-break deadline bearing down. He's still playing games? That's it. No more concessions. If he pulls any more of this garbage telements over and walk out.
呃，海辛加又用他的老把戏了。他刚刚在我们面前又来了一次肚皮落地。他想在签署协议前再得到一个让步。雷德斯通的身体里充满了愤怒。他厌倦了Blockbuster公司CEO韦恩·海辛加的谈判花招。以前他一直会嘲笑这些花招，但现在最后期限即将到来。他还在玩游戏？完了，不再给出更多的让步。如果他再提出任何此类垃圾要求，我们将离开这里。
For real? As for real, he takes the deal as it stands right now or it's over. Redstone hangs up. It's down to Heisinga now. If he doesn't cave, Biocom won't get Blockbuster. No Blockbuster? No money? No money? No new bid for Paramount? No new bid? No Paramount? Everything is at stake. But Heisinga does cave.
真的吗？就真的来说，他要接受当前的交易条件，否则就结束了。雷德斯通挂了电话。现在只有海星可以决定。如果他不屈服，生物科技就无法得到百思买。没有百思买？没有钱？没有钱？没有对派拉蒙的新投标？没有新的投标？没有派拉蒙？一切都岌岌可危。但是海星最终屈服了。
He's not about to miss out on the chance to hitch Blockbuster to Viacom in Paramount. And now that he's unable to squeeze anything more out of Redstone, he stops haggling. Before sunrise, the two sides reach a deal and their lawyers leap into action to hastily draft the contracts that need to be signed.
他不会错过将Blockbuster与Paramount的联结机会。现在他已经无法从Redstone那里得到更多，所以他停止了讨价还价。天亮前，两方达成了协议，他们的律师争相行动，草草起草需要签署的合同。
The all stock deal will see Viacom pay $8.4 billion for Blockbuster. Blockbuster also commits another 1.25 billion in cash to Viacom's fight for Paramount. Viacom uses that money to revise its offer. The new offer reaches Paramount headquarters just minutes before the deadline. By the skin of their teeth, Redstone and Heisinga are back in the race.
全股交易将看到维亚康姆支付84亿美元收购百事达。百事达还承诺向维亚康姆提供12.5亿美元现金，以支持其争夺派拉蒙的努力。维亚康姆利用这笔资金修订了其提供的报价。新报价在截止日期前几分钟抵达派拉蒙总部。在千钧一发之际，雷德斯通和海辛加又重新加入了竞争。
Late evening, January 7th, 1994. Inside a hawker 700 executive jet bound for Fort Lauderdale, Heisinga pops open a bottle of dump perignon as champagne fizz gushes from the bottle. The Blockbuster team cheers. They're all running on fumes after almost 72 hours of round the clock talks. Only the adrenaline high of making the biggest deal of their lives is keeping them going now.
1994年1月7日晚间，一架Hawker 700行政喷气式飞机飞往劳德代尔堡。Heisinga轻松地打开了一瓶Dom Perignon香槟酒，香槟气泡涌出瓶子。Blockbuster团队欢呼雀跃。经过将近72小时的日夜不停谈判，他们已经筋疲力尽。现在，只有完成他们生命中最大的交易所带来的肾上腺素高涨才能让他们坚持下去。
Heisinga addresses the team as the champagne flutes are handed out. It's been a hairy ride, but we got there. We can be proud of the deal we got our stockholders today. Seven years ago, Blockbuster was worth $7 million. Today, we sold it for $8.4 billion. All right, well done. So, a toast to us.
海辛加在敬酒杯被递出时向团队讲话。这是一段曲折的旅程，但我们终于到达了目的地。我们今天为我们的股东完成了一笔交易，我们应该为此感到自豪。七年前，百思买价值700万美元。今天，我们以84亿美元的价格出售了它。好的，干得好。所以，为我们干杯。
Armed with champagne, the team sinks into the plane's soft leather seats. One of the attorneys sits forward. "So how long until the first shareholder lawsuit?" Another executive peers over the back of his seat to reply. "I bet it'll be there waiting for us when we land." But as his team kicks back, Heisinga stares out the window into the dark clouds. A realization's dawning. He's no longer the boss of an independent company. He now answers to Sumner Redstone, an executive notices the solemn look on Heisinga's face. "You okay there, Wayne? Not having second thoughts, are you?" Heisinga forces a smile. "No, no, I'm just tired. The deals are right thing to do. We're locking in the gains for shareholders and making Blockbuster better place to adapt to the future of video." Besides, he knows the deal's done, and it's already too late to walk away.
团队拿着香槟，沉入了飞机柔软的皮座中。其中一位律师向前坐。“那么第一起股东诉讼要多久？”另一个高管从他的座位后面俯身回答。“我打赌我们降落时它已经等待着我们了。”但当他的团队躺在椅子上休息时，海辛格朝着黑云看出了飞机窗外。他意识到，他不再是一个独立公司的老板，他现在要回答萨姆纳·雷德斯通。一个高管注意到海辛格脸上的庄重表情。“你好吗，韦恩？你不是有什么犹豫吧？”海辛格强撑起笑容。“不，不，我只是累了。这些交易是正确的事情。我们正在为股东锁定利润，使得播放器是一个适应视频未来的更好的地方。”此外，他知道这笔交易已经完成了，现在退缩已经太晚了。
January 12, 1994. Paramount headquarters, Manhattan. Paramount's board listens as their financial advisor breaks down Viacom's new offer. Viacom has increased the cash portion of their offer to $6.5 billion. That's one billion more cash than QVC. But it's not all good news. The board members who've been nodding all along look concerned. The markets have reacted badly to Viacom's merger with Blockbuster. Viacom stock price is plunged and that's dragged down the value of the stock portion of its offer. So taken as a whole, Viacom's offering $9.4 billion. Therefore, QVC's bid remains superior at $10.3 billion.
1994年1月12日，在曼哈顿的派拉蒙总部，派拉蒙公司的董事会听取他们的财务顾问解析维亚康姆公司的新报价。维亚康姆将现金部分提高到了65亿美元，比QVC多10亿美元。但并非全都是好消息，一直点头的董事会成员们开始表现出关切。市场对维亚康姆和百事通的合并作出了不良反应，导致维亚康姆的股价下跌，这也拖累了其报价中的股票部分价值。因此，综合来看，维亚康姆提供了94亿美元，而QVC的出价则达到了103亿美元，仍然更加出色。
Paramount chairman Martin Davis absorbs the news without emotion. Viacom's new offer also makes clear that there's no place for him after the buyout. Blockbuster's people will now be getting the jobs once set aside for him and Paramount's top team. Whoever wins, Davis knows he's finished.
派拉蒙主席马丁·戴维斯听到这个消息时没有表现出任何情绪。维亚康姆的新出价也清楚表明，在收购完成后，他将没有任何地方可去。曾一度为他和派拉蒙顶级团队留下的职位，现在将给百事达公司的人员。不论谁赢，戴维斯知道他已经无望了。
He looks at the financial advisors. "Thanks for your assessment. On that evidence, I believe we should continue to recommend QVC's offer to stockholders." Looks like it is a sign. The board murmurs an agreement. There's nothing to debate. The courts have ordered them to accept the highest offer.
他看着财务顾问们说：“感谢你们的评估。基于这个证据，我认为我们应该继续向股东推荐QVC的报价。” 看起来这是一个信号。董事会低声表示同意。没有什么可辩论的了。法院已经命令他们接受最高价。
Davis sits forward in his chair. "I propose we set a deadline for QVC and Viacom to submit their final offers so this auction doesn't drag on. How's the close of business on February 1st sound?" "Yeah, I'd like to answer the answer." The board agrees. Davis feels relief. At least he'll be put out of his misery soon.
戴维斯坐在椅子上向前倾着身子。“我建议我们设定QVC和Viacom提交最终报价的截止日期，以免这场拍卖拖延太久。二月一日下班前截止怎么样？”“是的，我想回答这个问题。”董事会同意了。戴维斯感到松了一口气。至少他很快就能摆脱这种痛苦。
The Paramount board's rejection of Viacom's revised offer is a hammer blow for Redstone. He gambled on Blockbuster, hoping to snatch Paramount back from Barry Diller. But Wall Street's sour reaction to the merger has crippled his plan. Now Viacom's got just 20 days to find a new way to sweeten its offer.
派拉蒙董事会拒绝维亚康姆的修订报价，对雷德斯通来说是个重大打击。他赌注了块状城市，希望从巴里·迪勒那里夺回派拉蒙电影公司。但华尔街对合并的酸反应破坏了他的计划。现在维亚康姆只有20天的时间找到新的方法来增加报价的甜度。
January 16th, 1994 Midtown Manhattan. On the 49th floor of investment bank Smith-Barnie Shearson, Viacom's top executives and advisors are trying to find a way forward. One executive can't stop pacing the room. "We need a Diller killer of an offer. Something QVC can't match." Viacom CEO Frank Beyondy looks up. "Well, I'm all ears if you have an idea. We can only offer a little more cash and extra stock will only further depress our stock price." "What about warrants? We could offer warrants to redeem later for Viacom's stock." Beyondy shakes his head. "Nah, some don't go there. Anything else?" There's no response. Everyone's out of ideas.
1994年1月16日，位于曼哈顿中城的投资银行Smith-Barnie Shearson的第49层，Viacom的高管和顾问们正在试图找到一条前进的道路。一位高管不停地在房间里走来走去。“我们需要一份杀死Diller的报价。QVC办不到的东西。”Viacom的CEO Frank Beyondy抬起了头。“如果你有想法，我全听着。我们只能提供一点点现金，额外的股票只会进一步压低我们的股价。”“那套权证呢？我们可以提供权证以后换回Viacom的股票。”Beyondy摇摇头。“不行，有些人不会接受这个。还有其他的想法吗？”没有回应。每个人都没有更多的主意了。
But then, Michael Levit, the banker whose Christmas Day intervention got Viacom and Blockbuster back into talks, speaks. "We could issue a contingent value right, a collar." The pacing executive stops. "What the heck's a collar?" "It's a guarantee to paramount stockholders. Basically, Viacom promises that its stock will reach a certain price within three years of the buyout.". And if it doesn't, then Viacom has to make paramount stockholders whole by covering the shortfall.
然后，银行家迈克尔·莱维特发言了，正是他在圣诞节时的干预让维亚康姆和百老汇重新开始谈判。 "我们可以发行一种有条件的价值权，即领口。"这位慢慢走过来的高管停下来了。 "领口是什么？" "这是对至高无上的股东的保证。基本上，维亚康姆承诺，其股票在收购后三年内会达到某个价格。"如果达不到这个价格，那么维亚康姆必须通过弥补不足来使至高无上的股东整体受益。
Beyondy points a finger in Levit's direction. How much will that cost? Where's the case scenario? Viacom would have to pay a billion dollars. A billion dollars? Yeah, but if Viacom stock hits or beats the collar price, there's nothing to pay. This way you get to put another billion on the table, even though you don't have the money. Ha, sounds like a high risk gamble to me. I don't think this is going to fly with Sumner.
Beyondy指向Levit的方向，问道：“那要花多少钱？案例是什么？”Viacom将不得不支付十亿美元。十亿美元？是的，但如果Viacom股票涨到或超过保护价，就不用支付任何费用。这样你就可以把另外十亿美元拿出来，即使你没有这些钱。哈，对我来说听起来像是个高风险的赌博。我不认为Sumner会同意。
Levit's boss, investment banker Robert Greenhill, interrupts. Frank, do you want paramount? Yes. Then this is the only option you've got. Without a collar, there's no way to win. You've explored every other option. This is the only way.
Levit的老板、投资银行家罗伯特·格林希尔打断他。弗兰克，你想要楼王电影公司吗？是的。那么这是你现在唯一的选择。没有谈判杠杆，就没有赢面。你已经探索了每一个可能的选项。这是唯一的出路。
Beyondy knows Greenhill's right. Yeah, I know. I know. But how the heck do we sell this to Sumner? Just tell him the truth that this is the only option with legs.
Beyondy知道Greenhill是正确的。是啊，我知道。但我们该怎么把这个卖给Sumner呢？直接告诉他这是唯一可行的选择的真相就好了。
Beyondy reaches for the speakerphone sitting in the center of the meeting room table and calls Redstone. Yes, it's Sumner. Sumner, it's Frank. We've looked at everything twice over and the only option is to offer paramount a collar. It's a... I know what a collar is. Are you certain it's the only way? Yes. Then let's do it. I want to win this.
Beyondy 伸手拿起会议室桌子中央的电话，并呼叫 Redstone。喂，我是 Sumner。Sumner，我是 Frank。我们已经仔细查看了所有内容，唯一的选择是给 Paramount 提供一个限制性条款。这是……我知道限制性条款是什么。你确定这是唯一的办法吗？是的。那就这么办吧。我想赢得这场战斗。
But the Viacom team knows it might still not be enough. Even with the collar and a little more cash, Viacom will only just squeak past QVC's bid. Barry Diller wouldn't have to increase QVC's offer by that much to win. And the Viacom crew are certain he's going to do exactly that. And with the February 1st deadline for final offers closing in, this fight is going to go down to the wire.
但维亚康姆团队知道这可能还不够。即使有这个限制和更多的现金，维亚康姆也只能勉强超过QVC的竞标价格。巴里·迪勒不需要增加QVC的出价太多就可以赢得竞标。而维亚康姆的团队确信他会这么做。随着2月1日的最终出价截止日期逼近，这场竞争将会到最后时刻。
February 1st, 1994. Paramount headquarters, Manhattan. Paramount legal chief Don Orzman watches the second hand on the clock that hangs on his office wall. It's 4.58 pm and QVC and Viacom must submit their final take-over offers by 5. But so far, there's nothing. Orzman stares at the facts machines across the room and mutters to himself. You're both cutting this very close.
1994年2月1日，位于曼哈顿的派拉蒙总部。派拉蒙法律主管唐‧奥兹曼看着挂在办公室墙上的时钟上的秒针。现在是下午4点58分，QVC和维亚康姆必须在5点前提交最终的收购报价。但到目前为止，什么都没有。奥兹曼盯着房间对面的传真机，自言自语地说道：“你们俩太危险了。”
Orzman looks at the binoculars on his desk. He's going to miss birdwatching from this perch 42 stories above Central Park. When the deal's done, both him and Paramount chairman Martin Davis will get fired.
Orzman看着他桌子上的双筒望远镜。他将会错过从这个位于中央公园上方42层的栖息地观察鸟类。当交易完成后，他和派拉蒙公司董事长马丁·戴维斯将会被解雇。
The facts machine earmarked for Viacom's final offer comes to life. Orzman rushes over. He checks the time. It's 4.59 pm. The second facts machine bursts into action. QVC is also submitting a new bid. Orzman waits as the facts machines slowly print the two incoming offers.
维亚康姆最终出价预留的传真机开启了。奥兹曼匆匆赶过去，查看了一下时间，发现是下午4点59分。第二台传真机也开始工作了，因为QVC也要提交新的报价。奥兹曼等待着，看着两个传真机缓慢地打印着两份进来的报价。
Davis centers the room. Are those the new offers? Yes, yes. Orzman scoops up Viacom's offer and starts reading. No extra cash from Viacom. Collar's still there, though. Lots of tweaks to the stock portion, including more protection at Viacom's stock falls after the merger.
戴维斯站在房间中心。这些是新的提议吗？是的，是的。奥兹曼捡起维亚康姆的提议并开始阅读。维亚康姆没有额外的现金。但项圈仍然在那里。对股票部分进行了很多调整，包括在合并后，更多地保护维亚康姆的股票下跌。
Davis moves nearer. What about QVC? Orzman checks QVC's offer. QVC's increase the cash, but still less than Viacom. Stock portion's been paired back. It's rebalancing, but the total value is unchanged. What about a collar is QVC offering one? Orzman hunts for any sign of a collar. He reaches the last page and looks at Davis. There's no collar. We need to check the detail, but these offers are more or less equal in value.
戴维斯向前走了几步。那么QVC呢？奥曼查看了QVC的报价。QVC增加了现金，但仍然不及维亚康姆。股票部分已经减少了。虽然重新平衡，但总价值未变。QVC提供了领口吗？奥曼寻找领口的任何迹象。他翻到最后一页看着戴维斯。没有领口。我们需要检查详情，但这些报价价值更或多或少相等。
The only difference Davis interrupts is the collar. And since QVC doesn't have one, Viacom's bid is now superior. Davis smiles with satisfaction. Davis might be going down, but at least he knows. Dillard is going down with it.
戴维斯打断了他们之间唯一的区别，那就是领子。而由于QVC没有领子，维亚康姆的出价现在更优越。戴维斯满意地微笑着。戴维斯可能会失败，但至少他知道迪拉德也会一同失败。
It's a photo finish between the two rivals. Despite pressure from his partners and the news of Viacom's game-changing deal with Blockbuster, Dillard stuck by his decision not to improve QVC's offer. As a result, both Viacom and QVC's bids are worth just over $10 billion. But with the collar guaranteeing stock price rises within three years for Paramount Stock holders, Viacom is now ahead. And on February 14th, Paramount Stockholders cast their votes and crowned Viacom the victor.
这两个竞争对手之间的比赛有些险象环生。虽然Dillard的合伙人和维亚康姆与Blockbuster达成了具有“改变游戏规则”的交易，但Dillard仍然坚持他的决定，不改善QVC的出价。结果，维亚康姆和QVC的出价都略微超过100亿美元。但由于它的垫圈保证了三年内派拉蒙股票持有者的股价上涨，维亚康姆现在处于领先地位。2月14日，派拉蒙股票持有人投票选出维亚康姆为胜利者。
February 15th, 1994, the morning after Viacom's win. In his office in Viacom's headquarters in Times Square, Sumner Redstone feels another call from a well-wisher. I'm so honored that you made the time to call me.
1994年2月15日，维亚康姆获胜的第二天。在位于时代广场的维亚康姆总部的办公室里，萨姆纳·雷德斯通收到了一位祝福者的来电。你打电话给我，真是太荣幸了。
Redstone smiles as Vice President Al Gore congratulates him on buying Paramount. Yesterday, Redstone was a billionaire cable TV and cinema owner. Now he owns one of Hollywood's greatest movie studios. And he's set to become a true media titan, a culture-shaping power broker on par with Rupert Murdoch and Ted Turner. Yes, it was a hard battle, but nothing great comes easy. You know that. And yes, my people will let you know when I'm next in Washington.
昨天，雷德斯通是亿万富翁的电缆电视和电影业主。现在，他拥有了好莱坞最伟大的电影制片厂之一。他将成为一个真正的媒体巨头，与鲁珀特·默多克和泰德·特纳齐名，成为一个塑造文化的强大势力。是的，这是一场艰苦的战斗，但伟大的事情从来不容易。你知道的。是的，我的人会让你知道我下次去华盛顿的时候。
Redstone hangs up. The phone immediately rings again..
Redstone挂了电话，但立即又响起了铃声。
Mr. Redstone, Barry Deller's on the line.
“Mr. Redstone，Barry Deller打来电话了。”
No, my so-called friend. Put him through. Barry.
不，是我所谓的朋友。接通他。巴里。
Sumner, look, I'm sorry you won. But congratulations all the same.
桑纳，看着你赢了，我很抱歉。但无论如何还是恭喜你。
Thanks. I'm just sorry that you cost me $2 billion. Some friend you are.
谢谢。我只是很抱歉你让我损失了20亿美元。你这样的朋友。
OK, you won, all right? Well, what more do you want? The $2 billion I spent fighting you? Come on, give it a rest. It's done. I'll see you around.
好的，你赢了，行吗？那你还想要什么呢？我已经花了20亿美元来对抗你了。好了，别再继续了，这已经结束了。我们以后再见。
Truth is, no one emerged from the battle for Paramount unscathed. Redstone won, but paid $2 billion more than he originally expected.
事实是，没有人在争夺派拉蒙的战斗中幸免于难。雷德斯通获胜了，但支付了比他最初预期多20亿美元。
Now, Viacom's loaded with debt and he's got to sell Paramount assets like Madison Square Garden to repair the company's balance sheet.
现在，维亚康姆负债累累，他必须出售派拉蒙公司的资产，如麦迪逊广场花园，以修复公司的资产负债表。
Martin Davis thought the Paramount Viacom deal would be the crowning achievement of his career. Instead, he found himself stripped of power and cast aside.
马丁·戴维斯本以为帕拉蒙维亚康交易将成为他职业生涯的巅峰之作，然而他却发现自己被剥夺了权力并被搁置一边。
Wayne Heisinga's regrets about selling Blockbuster kept on growing. Dazzled by the prize of Paramount, he surrendered the video rental chain to Redstone for a fistful of non-voting stock.
韦恩·海辛加一直对出售Blockbuster感到后悔。他被Paramount的奖励迷住了，为了一小撮没有投票权的股票，将视频租赁连锁店卖给了红石公司。
Cable Tycoon John Malone got burned too. His decision to dump QVC to sell his empire to Bell Atlantic, backfired. Two weeks after Redstone got Paramount, Malone's deal with Bell Atlantic unraveled.
有线电视大亨约翰·马龙也受到了打击。他决定将 QVC 抛弃，把他的帝国卖给贝尔大西洋，但结果却适得其反。在雷德斯通收购派拉蒙两周后，马龙与贝尔大西洋的交易崩溃了。
Malone found himself right back where he started. In need of programming to help his cable systems adapt to the multi-channel age, but with his chance to win Paramount. Gone.
马龙发现自己又回到起点，需要编写程序来帮助他的有线电视系统适应多频道时代，但他赢得派拉蒙的机会已经失去了。
But Diller, he lost the most. He swapped Hollywood for QVC with a grand plan to buy Paramount, then lost it after refusing to bid a cent more.
但是迪勒，他失去了最多。他用一个宏伟的计划，将好莱坞换成QVC，想要买下派拉蒙公司，但是因为拒绝再出一个分钱而失去了这次机会。
His launch for Paramount might have caused the downfall of his nemesis, Davis. But that's cold comfort. After all, he didn't get to pull the trigger himself.
他主导了派拉蒙的发展，可能导致了他的敌人戴维斯的垮台。但是这并不能让他感到安慰。毕竟，他没有亲手下手。
But Diller's wasting no time in moving on. Within weeks of losing Paramount, he starts hunting another big game target.
但迪勒没有浪费时间，他开始迅速寻找另一个大目标。在失去派拉蒙几周后，他就开始寻找另一个大型企业。
July 12, 1994. Titor Burrow Airport, New Jersey. Barry Diller steps out of his Gulf Stream jet and heads down the steps to the tarmac.
1994年7月12日，在新泽西州蒂托尔·伯罗机场。巴里·迪勒从他的湾流喷气机上走下来，走下台阶来到停机坪。
He's wearing a tailored suit and feeling good. And that's because he's close to securing a $2 billion deal to take over the broadcast TV network, CBS.
他穿着一套定制的西装，感觉很好。那是因为他即将完成一个价值20亿美元的交易，以接管广播电视网络CBS。
But as he strides toward the airport building, he sees two familiar figures approaching. Ralph and Brian Roberts, the father and son duo that run the cable giant Comcast.
但是当他朝机场建筑走去时，他看到两个熟悉的人物走过来。拉尔夫和布莱恩·罗伯茨，那个运营有线电视巨头康卡斯特的父子二人组。
Diller smiled. If it wasn't for them, he wouldn't even be running QVC. And without their rock-solid backing, he'd never have had a shot at buying Paramount.
迪勒微笑着说，如果不是他们，他可能根本不会经营QVC。如果没有他们坚实的支持，他就不可能有机会购买派拉蒙。
Ralph, Brian! Haha! What a coincidence to cross paths like this.
我好像碰巧和你们遇到了。Ralph啊，Brian啊，哈哈！
Ralph steps forward. There's a letter in his hand.
拉尔夫向前迈了一步，手里握着一封信。
Barry is no coincidence. Ralph gives Diller the letter. Diller eyes it with suspicion.
Barry 不是巧合。Ralph 给了 Diller 信件，Diller 怀疑地看着它。
What is this?
这是什么？
It's a letter informing you that Comcast is making a takeover bid for QVC.
这是一封信，告诉您康卡斯特正在为QVC进行收购要约。
Diller looks at Ralph and Brian. But I'm about to buy CBS.
迪勒看着拉尔夫和布赖恩。但我即将购买CBS。
Barry, we're not interested in CBS. We put you in charge of QVC so you could buy Paramount and make programming for cable systems.
巴里，我们对CBS不感兴趣。我们让你掌管QVC是为了让你购买派拉蒙并为有线电视系统制作节目。
I told you to bid higher for Paramount and you refused. Now you're after CBS. Exactly the kind of company that's going to lose out in the multi-channel age.
我告诉过你要出更高的价去竞标派拉蒙公司，但你拒绝了。现在你又想要收购CBS公司，这正是在多渠道时代会失败的那种公司。
Diller tries to speak, but Ralph cuts him off.
Diller试图开口说话，但是Ralph打断了他。
Also, emerging QVC with CBS will reduce our stake from 15% to 5%. We don't want to be a disgruntled minority investor. So we're buying QVC.
而且，CBS将与新兴的QVC合并，这将会把我们的股份从15%降至5%。我们不想成为一个不满意的少数投资者。因此，我们决定购买QVC。
Brian steps forward. It's not personal, Barry. It's just that our visions don't align. However, we'd love for you to stay on at QVC after we buy it.
布赖恩向前走了几步。这并不是个人问题，巴里。只是我们的愿景不一样。但是，我们很希望在我们买下QVC后你能继续留在这里。
Diller smirks. I think we all know that's not going to happen. My car is waiting.
迪勒嘴角上扬。我想我们都知道那是不可能的。我的车在等着。
If you want to ride with me, you're welcome.
如果你想和我一起乘车，欢迎加入。
Diller leads Ralph and Brian Roberts to his car and spends the journey putting on a brave face. It's another crushing blow.
迪勒引领拉尔夫和布赖恩·罗伯茨上车，始终保持勇敢坚强的表情。这是又一次沉重的打击。
He's lost Paramount. Now he will lose CBS and QVC. His attempt to build his own entertainment empire has failed.
他已经失去了派拉蒙，接下来他将失去CBS和QVC。他建立自己的娱乐帝国的尝试已经失败了。
But as the lights of Manhattan come into view, his spirits lift.
但是当曼哈顿的灯光映入眼帘时，他的情绪一下子变得更加愉快了。
After all, Comcast's takeover offer will turn the 25 million he invested in QVC into 75 million. Maybe this is a chance to regroup and return with a bigger, better plan. And he will.
毕竟，康卡斯特的收购提议将把他在QVC投资的2500万美元变成7500万美元。也许这是重新聚集力量，回来制定一个更大、更好的计划的机会。而他一定会这么做。
A year later, Diller reunites with John Malone to take over QVC rival HSN. He then uses HSN to build IAC, a vast internet conglomerate with stakes in Expedia, match.com, and more.
一年后，迪勒与约翰·马龙重聚，接管 QVC 的竞争对手 HSN。他随后利用 HSN，建立了一个庞大的互联网企业集团 IAC，持有 Expedia、match.com 等公司的股份。
But even as he builds IAC into a multi-billion dollar galaive and amasses a personal fortune of more than four billion dollars, you will always be haunted by one thing.
即使他将IAC建设成了一个价值数十亿美元的企业，个人财富累计也超过了40亿美元，但他始终会被一件事困扰着。
But missed opportunity to buy Paramount.
但是错过了买下帕拉蒙的机会。
Next time on Business Wars, we're speaking with Journalist and Podcast host Matthew Bellany to find out if Paramount Pictures is still the shiny object it once was.
下一集的商业战争节目中，我们将与记者和播客主持人马修·贝兰尼进行交谈，看看派拉蒙影片公司是否还像过去那样光鲜夺目。如果必要，我们会作出改写。
Plus a primetime conversation with former Viacom exec Doug Herzog on the rise and decline of Cable TV.
再加上一次重要的晚间对话，与前维亚康姆高管道格·赫尔佐格讨论有线电视崛起与衰落。
Today Prime Members, you can binge every episode of Business Wars ad-free on Amazon Music. Download the Amazon Music app today.
今天Prime会员，您可以在亚马逊音乐上畅享《商业战争》每一集的无广告播放。赶快下载亚马逊音乐应用程序吧！
Or you can listen ad-free with Wondery Plus in Apple Podcasts.
你也可以在苹果播客中使用无广告的Wondery Plus。
Before you go, tell us about yourself by completing a short survey at Wondery.com-survey.
在你走之前，在Wondery.com-survey完成一个短调查告诉我们关于你自己。
From Wondery, this is episode four of the Battle for Paramount Pictures for Business Wars.
来自Wondery的，这是Business Wars中“为Paramount Pictures而战”第四集。让我们开始吧。
A quick note about recreations you've been hearing. In most cases, we can't know exactly what was said. There seems to be dramatizations, but they're based on historical research.
关于你们所听到的再现，我想简单提一下。在大部分情况下，我们无法确切知道当时的话语。似乎有些是夸张的再现，但它们是基于历史研究的。
If you'd like to read more about Comcast, we recommend an incredible dream. Ralph Roberts and the Story of Comcast by William Novak.
如果您想了解更多关于康卡斯特的内容，我们推荐一本令人难以置信的书，叫做《康卡斯特的故事：拉尔夫·罗伯茨与威廉·诺瓦克》。
I'm your host David Brown, Tristan Donovan wrote this story. Karen Lo is our senior producer and editor. Edited and produced by Emily Frost. Sound designed by Jason Freeman. Our producer is Dave Schilling.
我是您的主持人大卫·布朗，这个故事由特里斯坦·多诺万撰写。凯伦·罗是我们的高级制片人和编辑。Emily Frost进行了编辑和制作，Jason Freeman进行了声音设计。我们的制片人是戴夫·希林。
Our executive producers are Jenny Lauer Beckman and Marshall Lui, created by Ernan Lopez for Wondery.
我们的执行制片人是珍妮·劳尔·贝克曼和马歇尔·刘，由Ernan Lopez为Wondery创作。