雅虎收购BrightRoll中英双语.doc

Yahoo Buys Digital Ad Service BrightRoll for $640M
雅虎6.4亿美元收购视频广告服务商BrightRoll
Yahoo is buying digital video advertising service BrightRoll for $640 million in the Internet company's latest attempt to boost its revenue after years filled mostly with financial futility.
雅虎以6.4亿美元收购视频广告服务商BrightRoll，希望提高收益，改善近几年来增长放缓的情况。
The acquisition announced Tuesday marks Yahoo's first major purchase since reaping a $9.4 billion windfall in September by selling part of its stake in a rapidly rising Internet star, Chinese e-commerce service Alibaba Group Holding Ltd.
周二的一份声明显示，此次的收购金额来自雅虎九月时出售中国电商巨擘阿里巴巴集团的股份所得资金，共94亿美元。
Yahoo Inc. has promised to distribute at least half of the $6.3 billion in after-tax proceeds from the Alibaba stake sale to its shareholders. That gives CEO Marissa Mayer the option of spending the rest on acquisitions that could enable the Sunnyvale, California, company to recover some of the ground that it has lost to rivals Google Inc. and Facebook Inc. in the booming online ad market.
雅虎公司曾承诺，会从出售阿里巴巴股份所得的税后收益中，回馈6.3亿美元给股东。因此，雅虎CEO玛丽莎·梅耶尔可以充分利用剩下的收益，投放至位于加利福尼亚州森尼维耳市的雅虎总部，收复其于在线广告市场上，同对手Google公司以及Facebook公司竞争中的失地。
BrightRoll, based in San Francisco, helps to automatically place ads in videos displayed on personal computers and mobile devices. Since its founding in 2006, it has built relationships with most of the biggest advertisers in the U.S., helping the service generate more than $100 million in annual revenue, according to Yahoo.
BrightRoll总部设于美国旧金山，是一家提供视频广告服务的公司。它成立于2006年，现已与美国大多数的大广告商建立了合作关系。BrightRoll帮助其合作伙伴，包括雅虎在内，取得超过1亿美元的年收益。
That makes the BrightRoll deal look quite different from the only larger acquisition that Yahoo has made since hiring Mayer as its CEO in July 2012. Mayer bought online blogging service Tumblr for $1.1 billion last year, even though that New York company hadn't yet proven it could make money.
因此，这次对BrightRoll的收购显得更加瞩目，这是自2012年7月梅耶尔上任以来，雅虎公司的又一次大型收购行动。梅尔去年以11亿收购了在线博客网站Tumblr，但是纽约公司尚未能证明此举已带来实际收益。
In contrast, BrightRoll already is profitable, according to Yahoo. Meanwhile, Tumblr isn't expected to bring in $100 million in annual revenue until next year, at the earliest.
相反，雅虎表示，Brightroll目前已经盈利。同时雅虎也表示，最早到明年，Tumblr 年收益也很难超过1亿美元。
"Acquiring BrightRoll will dramatically strengthen Yahoo's video advertising platform," Mayer predicted in a Tuesday blog post.
梅耶尔周二在博客中表示，“收购BrightRoll可以大大提高雅虎在视频广告业务的竞争力。”
Investors didn't seem to be as enthusiastic about the deal. Yahoo's stock dipped 3 cents to $49.02 in extended trading.
但投资者似乎并不看好雅虎此次收购。在延长交易中，雅虎股价为49.02美元，下跌了三个百分点。
If Mayer is right, BrightRoll could help Yahoo reverse a long-running decline in display advertising — a category consisting of video pitches and other marketing with a visual element. Through the first nine months of this year, Yahoo's display advertising revenue had declined 4 percent from last year to $1.2 billion after subtracting commissions.
如果梅耶尔判断正确，BrightRoll 将可改善雅虎广告业务长期疲软的状态。今年一到九月，除去流量获得成本的收入后，雅虎广告业务收入仅为12亿美元，下滑了4%。
Meanwhile, ad revenue at Google and Facebook has been steadily rising by 20 percent or more in most quarters as marketers pour money into digital campaigns to connect with consumers spending more time gazing into screens on PCs and mobile devices.
与此同时，随着人们在个人电脑及移动设备上花费的时间越来越长，为加强与客户之间的联系，市场营销者在数字营销宣传活动上投入更多资金，Google和Facebook的广告收入随之平稳增长达20%甚至更高。
Yahoo's share of the worldwide ad market now stands at about 2.4 percent, down from 3.9 percent in 2011, according to the research firm eMarketer. Facebook's share has climbed from 3.6 percent in 2011 to a projected 8 percent this year while Google has held on to a 32 percent share of a much larger market.
根据eMarketer的调查报告显示，雅虎在全球广告市场所占份额从2011年的3.9%降至今年的2.4%。Facebook所占份额则有望从2011年的3.6%攀升至今年的8%，Google在市场上保持32%乃至更高的份额。
"This plugs a hole for (Yahoo)," said Outsell analyst Randy Giusto. "They obviously needed to do something."
分析师兰迪•朱斯托指出，“这为雅虎提供了上位的机会，他们该做点什么了。”
Mayer is under more pressure to get Yahoo rolling in the right direction now that the company has brought in more money from its recent sale of Alibaba stock. What's more, Yahoo still owns 384 million shares of Alibaba stock currently worth $44 billion. The Alibaba holdings are the main reason that Yahoo's stock has been hovering around its highest levels in more than 14 years.
为获得更多资金，雅虎已出售了部分阿里巴巴的股份，因此，梅耶尔面临的压力更大了。因为单是雅虎手头上依然持有的3.84亿阿里巴巴集团的股份，市值就达440亿。而雅虎公司股价能长居高位达14年正是它因为持有阿里巴巴集团的股份。

Activist shareholder Starboard Value LP issued a challenge to Mayer in September in a letter critical of the more than 30 acquisitions that she had previously made for a total of about $1.6 billion. Those acquisitions seemed to make little financial sense, according to Starboard, which urged Mayer to consider buying rival AOL Inc. as a way to save money and bring in more ad revenue.
激进投资机构Starboard Value LP（以下简称Starboard）九月时致信梅耶尔，对雅虎的收购战略提出了批评,声称梅耶尔在过去的30多次收购中花费了约13亿美元，但至今仍未获明显回报。Starboard要求梅耶尔与竞争对手AOL进行合并，从而为公司节约成本并带来更多的广告收益。
Yahoo so far hasn't given any indication that it's interested in joining forces with AOL, which currently has a market value of about $3.5 billion.
目前，雅虎并未表示将与AOL进行合作，而AOL市值约为350亿美元。
Mayer has said that Yahoo is considering ways to minimize taxes on future sales of its Alibaba stock, a step that Starboard had also implored the company to consider.
梅耶尔曾表示会想办法减少出售阿里巴巴集团的股份，而这也是Starboard对雅虎提出的建议之一。
Starboard didn't immediately respond to requests for comment about the BrightRoll acquisition
Starboard并没有对雅虎收购BrightRoll一举作出即时的回应。