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  3. The most noticeable trend among today’s media companies is vertical integration—an attempt to control several related aspects of

The most noticeable trend among today’s media companies is vertical integration—an attempt to control several related aspects of

admin2012-07-17  30
问题     The most noticeable trend among today’s media companies is vertical integration—an attempt to control several related aspects of the media business at once, each part helping the other. Besides publishing magazines and books, Time Warner, for example, owns Home Box Office (HBO), Warner movie studios, various cable TV systems throughout the United States and CNN as well. The Japanese company Matsushita owns MCA Records and Universal Studios and manufactures broadcast production equipment.
    To describe the financial status of today’s media is also to talk about acquisitions. The media are buying and selling each other in unprecedented numbers and forming media groups to position themselves in the marketplace to maintain and increase their profits. In 1986, the first time a broadcast network had been sold, two networks were sold that year—ABC and NBC.
    Media acquisitions have skyrocketed since 1980 for two reasons. The first is that most big corporations today are publicly traded companies, which means that their stock is traded on one of the nation’s stock exchanges. This makes acquisitions relatively easy.
    A media company that wants to buy a publicly owned company can buy that company’s stock when the stock becomes available. The open availability of stock—these companies means that anybody with enough money can invest in the American media industries, which is exactly how Rupert Murdoch joined the media business.
    The second reason for the increase in media alliances is that beginning in 1980, the Federal Communications Commission (FCC) gradually deregulated the broadcast media. Before 1980, for example, the FCC allowed one company to own only five TV stations, five AM radio stations, and five FM radio stations; companies also were required to hold onto a station for three years before the station could be sold. The post-1980 FCC eliminated the three-year rule and raised the number of broadcast holdings allowed for one owner. This trend of media acquisitions is continuing throughout the 1990s, as changing technology expands the market for media products.
    The issue of media ownership is important. If only a few corporations direct the media industries in this country, the outlets for differing political viewpoints and innovative ideas could be limited.
According to the passage, what makes acquisitions easier?
选项 A、The changing technology employed by the media.
B、The media’s increasing profits in the marketplace.
C、The ever tougher regulations of the FCC on the media since 1980.
D、The availability of the media’s stocks on stock exchanges.
答案D
解析 本题问按照文章内容，是什么使得兼并变得容易了。根据原文第三段，传媒公司的合并自1980年以来一直急剧增加的原因在于：多数大公司今天都可以公开交易，意味着它们的股票可以在某个证券交易所交易，这使得兼并变得相对容易了。另外，文章第四段也指出，如果一家传媒公司想购买一家上市公司，当后者的股票上市并可交易后，它可以购买其股票，这些公司股票的公开发行意味着谁有钱谁就可以投资购买美国的传媒公司，这就是为什么Rupert Murdoch能进军传媒业的原因。因此，本题的正确答案应是D“因为人们可以在证券交易所买到传媒公司的股票”。
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