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原文:
Blockbuster IPO mulled
July 22, 1998: 7:06 p.m. ET
Viacom confirms potential IPO of Blockbuster unit, sees $437M charge
NEW YORK (CNNfn) - Viacom Inc. may sell a portion of its Blockbuster Entertainment subsidiary to the public within the next 14 months, top officials confirmed Wednesday.
Separately, the Manhattan-based media conglomerate said the video rental unit will take a $437-million charge in the second quarter to reflect changes in the way the company accounts for video rental transactions.
In a presentation to Wall Street analysts Wednesday, Viacom Chairman Sumner Redstone said he is considering a number of options for Blockbuster including an initial public offering or a spin-off to shareholders.
The remarks represented the strongest indications to date that Viacom will heed investors' concerns regarding the once-troubled unit, which was purchased as part of its 1994 acquisition of Paramount Studios.
"We understand that the real market value of Blockbuster may never be fully realized as a wholly owned part of Viacom," Redstone said through a spokesman.
"Some have suggested that we spin off Blockbuster, which as many of you know becomes an option beginning in the fourth quarter of 1999. Others have suggested the notion of an initial public offering carve-out prior to the spin-off."
"With respect to the future, what I can tell you now is we are aware of and considering these and all of our options," Redstone said.
Due to tax implications, Viacom is restricted from selling Blockbuster before September 1999 -- the fifth anniversary of the closing of the acquisition.
But Viacom's investors have suggested that as much as 10 percent of Blockbuster could be carved out through an IPO prior to September 1999.
"It's a very smart move particularly if you buy into the premise that it's actually fixed," said Stuart Rossmiller, analyst at Deutsche Bank Securities.
Meanwhile Redstone -- who has repeatedly stated in the past that Blockbuster is "fixed" - told analysts Viacom will record the $437 million charge as a one-time, non-cash item in the second quarter of 1998.
The charge relates to its innovative "revenue-sharing" program, under which Blockbuster obtains video releases with the financial help of the major Hollywood studios rather than outright purchasing the tapes. The program has allowed the chain to stock more copies of new releases in its stores and has widely been attributed for much of the turnaround.
"The consumer has responded by renting more and renting more often," said Blockbuster Chairman John Antioco, who also participated on the conference call.
But because Blockbuster now expects to purchase about 90 percent of its rental units under the revenue-sharing program in the second half of 1998, Viacom needs to take the charge to revise its accounting.
Previously, Blockbuster purchased tapes for a fixed price, which was amortized over a period of six to 36 months. Under the new method, the nominal up-front amount Blockbuster now pays to the studios will be amortized on an accelerated basis over three months. Hollywood studios' share of revenue will be expensed by Blockbuster as revenue is recognized.
Yet while the accounting adjustment will result in lower second-quarter profits, Viacom added the Blockbuster is making gains in membership and frequency of visits. The increased volume is resulting in higher numbers of rentals and revenue.
Improvements at Blockbuster has led to a nearly 13.3 percent increase in worldwide same-store rental revenues in the second quarter ended June 30, versus a 3-percent decline in the same year-earlier period.
In addition, Blockbuster said domestic same-store rental transactions rose 16 percent in the 1998 second quarter. The company also reported that same-store active memberships increased 7 percent.
-- by staff writer Robert Liu
==================================================================
巨型 炸弹IPO 研磨
1998 年7月22 日,: 下午7:06 东部时间
Viacom 证实潜力IPO 巨型炸弹单位, 看 $437M 充电
纽约(CNNfn) - Viacom Inc. 也许卖它的巨型炸弹娱乐辅助者的部份对公众在下14 个月内, 高级官员星期三证实。
分开地, 曼哈顿基于媒介聚成团认为录影出租单位将采取 $437-million 充电在第二季度反射变化在这个方式上公司帐户为录 影出租交易。
在一个介绍对华尔街分析员星期三, Viacom 主席 Sumner Redstone 说他正在考虑一定数量的选择为巨型炸弹包括一 个最初公开上市或一个副产品对股东。
陈述迄今代表最坚强的征 兆Viacom 将注意投资者的关心关於一旦混乱的单位, 被收购作为 Paramount 演播室的它的1994 年一部分承购。
" 我们了解巨型炸弹的真 正的市场价值也许充分地从未被体会作为Viacom 的一完全拥有的部 分, " Redstone 说经由发言人。
" 一些建议我们转动巨型炸弹, 和一 样多你知道成为选择起点在第四季度1999 年。其他人建议概念一个 最初公开上市雕刻在这个副产品之前。"
" 出于对未来, 什么的尊敬我能告诉你现在是我们是明白 和考虑这些和所有我们的选择, " Redstone 说。
由于税涵义 , Viacom 是仅限于的从卖巨型炸弹在1999 年之前9月-- 第五周年 关闭承购。
但Viacom 的投资者令人想到尽量巨型炸弹的百分之10 能 被雕刻经由一IPO 在1999 年之前9月。
" 这是非常聪明移动特别 如果你买入这个前提它实际上是固定的, " 说斯图尔特 Rossmiller, 分析员于Deutsche 银行证券。
同时Redstone -- 谁一再 陈述在过去巨型炸弹" 被修理" - 被告诉的分析员Viacom 将记录$437 百万充电作为一个一次性, 非现金项目在第二季度 1998 年。
充电与它创新关系到" 收支分享" 节目, 在之下巨型炸弹 获得录影发行在财政帮助下主要好莱坞演播室而不是彻底收购磁带 。节目允许这个链子库存新发行的更多拷贝在它的商店和广泛归因 于为许多翻身仗。
" 这个消费者由租赁反应越来越经常 , " Antioco 说巨型炸弹主席约翰, 并且参与在电话会议。
但因 为巨型炸弹现在准备收购大约它的出租单位的百分之90 在收支分享 的节目之下在第二个一半1998 年, Viacom 需要采取充电校正它的 会计学。
早先, 巨型炸弹收购磁带为一个固定价格, 被折旧在六个 到36 月中。在新方法之下, 有名无实在最前面数额巨型炸弹现在 支付对演播室将被折旧根据一个加速的依据三个月。好莱坞收支演 播室的份额是expensed 由Blockbuster 如同收支被认可。
当会计学调整导致比较低的第二季度赢利, Viacom 增加 巨型炸弹正在做获取在参观会员资格和频率。增加的容量是造成租 务和收支比较高的数字。
改善于巨型炸弹导致一几乎13.3 % 在全世界的 增量同样存放出租收支在第二季度结束6月30 日, 对一3 百分之下 降在同年比较早期的期间。
另外, 说国内同样存放出租交易的巨 型炸弹上升百分之16 在1998 第二季度。这个公司并且报告那同样 存放活跃会员资格增加百分之7 。
-- 由职员作家罗伯特刘
===================================================================
================================================================
原文:
Blockbuster IPO mulled
July 22, 1998: 7:06 p.m. ET
Viacom confirms potential IPO of Blockbuster unit, sees $437M charge
NEW YORK (CNNfn) - Viacom Inc. may sell a portion of its Blockbuster Entertainment subsidiary to the public within the next 14 months, top officials confirmed Wednesday.
Separately, the Manhattan-based media conglomerate said the video rental unit will take a $437-million charge in the second quarter to reflect changes in the way the company accounts for video rental transactions.
In a presentation to Wall Street analysts Wednesday, Viacom Chairman Sumner Redstone said he is considering a number of options for Blockbuster including an initial public offering or a spin-off to shareholders.
The remarks represented the strongest indications to date that Viacom will heed investors' concerns regarding the once-troubled unit, which was purchased as part of its 1994 acquisition of Paramount Studios.
"We understand that the real market value of Blockbuster may never be fully realized as a wholly owned part of Viacom," Redstone said through a spokesman.
"Some have suggested that we spin off Blockbuster, which as many of you know becomes an option beginning in the fourth quarter of 1999. Others have suggested the notion of an initial public offering carve-out prior to the spin-off."
"With respect to the future, what I can tell you now is we are aware of and considering these and all of our options," Redstone said.
Due to tax implications, Viacom is restricted from selling Blockbuster before September 1999 -- the fifth anniversary of the closing of the acquisition.
But Viacom's investors have suggested that as much as 10 percent of Blockbuster could be carved out through an IPO prior to September 1999.
"It's a very smart move particularly if you buy into the premise that it's actually fixed," said Stuart Rossmiller, analyst at Deutsche Bank Securities.
Meanwhile Redstone -- who has repeatedly stated in the past that Blockbuster is "fixed" - told analysts Viacom will record the $437 million charge as a one-time, non-cash item in the second quarter of 1998.
The charge relates to its innovative "revenue-sharing" program, under which Blockbuster obtains video releases with the financial help of the major Hollywood studios rather than outright purchasing the tapes. The program has allowed the chain to stock more copies of new releases in its stores and has widely been attributed for much of the turnaround.
"The consumer has responded by renting more and renting more often," said Blockbuster Chairman John Antioco, who also participated on the conference call.
But because Blockbuster now expects to purchase about 90 percent of its rental units under the revenue-sharing program in the second half of 1998, Viacom needs to take the charge to revise its accounting.
Previously, Blockbuster purchased tapes for a fixed price, which was amortized over a period of six to 36 months. Under the new method, the nominal up-front amount Blockbuster now pays to the studios will be amortized on an accelerated basis over three months. Hollywood studios' share of revenue will be expensed by Blockbuster as revenue is recognized.
Yet while the accounting adjustment will result in lower second-quarter profits, Viacom added the Blockbuster is making gains in membership and frequency of visits. The increased volume is resulting in higher numbers of rentals and revenue.
Improvements at Blockbuster has led to a nearly 13.3 percent increase in worldwide same-store rental revenues in the second quarter ended June 30, versus a 3-percent decline in the same year-earlier period.
In addition, Blockbuster said domestic same-store rental transactions rose 16 percent in the 1998 second quarter. The company also reported that same-store active memberships increased 7 percent.
-- by staff writer Robert Liu
==================================================================
巨型 炸弹IPO 研磨
1998 年7月22 日,: 下午7:06 东部时间
Viacom 证实潜力IPO 巨型炸弹单位, 看 $437M 充电
纽约(CNNfn) - Viacom Inc. 也许卖它的巨型炸弹娱乐辅助者的部份对公众在下14 个月内, 高级官员星期三证实。
分开地, 曼哈顿基于媒介聚成团认为录影出租单位将采取 $437-million 充电在第二季度反射变化在这个方式上公司帐户为录 影出租交易。
在一个介绍对华尔街分析员星期三, Viacom 主席 Sumner Redstone 说他正在考虑一定数量的选择为巨型炸弹包括一 个最初公开上市或一个副产品对股东。
陈述迄今代表最坚强的征 兆Viacom 将注意投资者的关心关於一旦混乱的单位, 被收购作为 Paramount 演播室的它的1994 年一部分承购。
" 我们了解巨型炸弹的真 正的市场价值也许充分地从未被体会作为Viacom 的一完全拥有的部 分, " Redstone 说经由发言人。
" 一些建议我们转动巨型炸弹, 和一 样多你知道成为选择起点在第四季度1999 年。其他人建议概念一个 最初公开上市雕刻在这个副产品之前。"
" 出于对未来, 什么的尊敬我能告诉你现在是我们是明白 和考虑这些和所有我们的选择, " Redstone 说。
由于税涵义 , Viacom 是仅限于的从卖巨型炸弹在1999 年之前9月-- 第五周年 关闭承购。
但Viacom 的投资者令人想到尽量巨型炸弹的百分之10 能 被雕刻经由一IPO 在1999 年之前9月。
" 这是非常聪明移动特别 如果你买入这个前提它实际上是固定的, " 说斯图尔特 Rossmiller, 分析员于Deutsche 银行证券。
同时Redstone -- 谁一再 陈述在过去巨型炸弹" 被修理" - 被告诉的分析员Viacom 将记录$437 百万充电作为一个一次性, 非现金项目在第二季度 1998 年。
充电与它创新关系到" 收支分享" 节目, 在之下巨型炸弹 获得录影发行在财政帮助下主要好莱坞演播室而不是彻底收购磁带 。节目允许这个链子库存新发行的更多拷贝在它的商店和广泛归因 于为许多翻身仗。
" 这个消费者由租赁反应越来越经常 , " Antioco 说巨型炸弹主席约翰, 并且参与在电话会议。
但因 为巨型炸弹现在准备收购大约它的出租单位的百分之90 在收支分享 的节目之下在第二个一半1998 年, Viacom 需要采取充电校正它的 会计学。
早先, 巨型炸弹收购磁带为一个固定价格, 被折旧在六个 到36 月中。在新方法之下, 有名无实在最前面数额巨型炸弹现在 支付对演播室将被折旧根据一个加速的依据三个月。好莱坞收支演 播室的份额是expensed 由Blockbuster 如同收支被认可。
当会计学调整导致比较低的第二季度赢利, Viacom 增加 巨型炸弹正在做获取在参观会员资格和频率。增加的容量是造成租 务和收支比较高的数字。
改善于巨型炸弹导致一几乎13.3 % 在全世界的 增量同样存放出租收支在第二季度结束6月30 日, 对一3 百分之下 降在同年比较早期的期间。
另外, 说国内同样存放出租交易的巨 型炸弹上升百分之16 在1998 第二季度。这个公司并且报告那同样 存放活跃会员资格增加百分之7 。
-- 由职员作家罗伯特刘
===================================================================
