作者:
Mark Robichaux 出版社: Wiley 副标题: John Malone and the Rise of the Modern Cable Business 出版年: 2005-3-9 页数: 338 定价: GBP 15.99 装帧: Paperback ISBN: 9780471706373
An inside look at a cable titan and his industry John Malone, hailed as one of the great unsung heroes of our age by some and reviled by others as a ruthless robber baron, is revealed as a bit of both in Cable Cowboy. For more than twenty--five years, Malone has dominated the cable television industry, shaping the world of entertainment and communications, first with his cable ...
An inside look at a cable titan and his industry John Malone, hailed as one of the great unsung heroes of our age by some and reviled by others as a ruthless robber baron, is revealed as a bit of both in Cable Cowboy. For more than twenty--five years, Malone has dominated the cable television industry, shaping the world of entertainment and communications, first with his cable company TCI and later with Liberty Media. Written with Malone's unprecedented cooperation, the engaging narrative brings this controversial capitalist and businessman to life. Cable Cowboy is at once a penetrating portrait of Malone's complex persona, and a captivating history of the cable TV industry. Told in a lively style with exclusive details, the book shows how an unassuming copper strand started as a backwoods antenna service and became the digital nervous system of the U.S., an evolution that gave U.S. consumers the fastest route to the Internet. Cable Cowboy reveals the forces that propelled this pioneer to such great heights, and captures the immovable conviction and quicksilver mind that have defined John Malone throughout his career.
Cable operators could gradually write off the cost of their systems over a number of years, allowing them to reduce the leftover profits they reported as earnings and thereby sheltering a healthy flow of cash from taxation. And once they had written off most of the value of a cable system’s assets, they could sell it to a new owner, who could begin the tax-eluding depreciation cycle all over again. (查看原文)
Cable TV systems, to every new owner’s delight, generated bundles of cash from installation charges, $100 to $300 a customer in the 1970s, and monthly services fees of $5 to $20. Most of the money was plowed back into the companies, with hardly anything going to pay dividends to shareholders. This high cash flow could service an immense amount of debt, which was used to buy more systems. So the actual value of the acquired systems was always growing. Moreover, the companies paid hardly any taxes because of the high depreciation on the equipment. The average cable system enjoyed a profit margin of 57 percent, far fatter than most businesses. (查看原文)
3 有用 鸡汤陆 2022-01-03 00:38:22
我一直比较迷John Malone这个人物，也对于书中简单提到的另一个人Barry Diller有不少兴趣。美国的cable industry有点像曾经的石油行业，监管反应过来之前，的确是遍地机会，纯纯的资本主义。John Malone从一家深入债务泥潭的公司开始做起，最后成功成为cable industry的龙头。Murdoch, Bill Gates等人也都神奇得有不少对手戏，很精彩。 给我的... 我一直比较迷John Malone这个人物，也对于书中简单提到的另一个人Barry Diller有不少兴趣。美国的cable industry有点像曾经的石油行业，监管反应过来之前，的确是遍地机会，纯纯的资本主义。John Malone从一家深入债务泥潭的公司开始做起，最后成功成为cable industry的龙头。Murdoch, Bill Gates等人也都神奇得有不少对手戏，很精彩。 给我的一个take away是，找到一个足够长的赛道，持续足够多的投入（特别是对于行业合作伙伴的人的投入），拥有一定意义的财技（这样不用从零到一去build，且能够较快有规模效应）。千万不要把自己仅仅局限在一个中产阶级的生活里，dream big。去别人没有看到机会的地方。 (展开)
3 有用 Mr. L 2017-09-18 03:57:54
被低估的好书。充分反应一句话：你不需要知道所有的企业来做好的投资。哪怕仅懂一个领域，深挖透了也可以在长期取得远好于市场的表现。当然，对单一领域的深耕也会造成即使分散投资依然无法应对该领域的系统性风险，这点在互联网泡沫破灭时尤为明显。
0 有用 庄常飞 2016-02-27 19:38:59
3.5星，写早期TCI和有线电视行业非常精彩，后面写得很杂很乱，如果对当时背景和媒体行业的宏观变迁没有了解读起来会很艰辛
2 有用 Stephen Zhang 2021-09-21 22:03:22
从美国带回的一本老书，可能是近期看过的最精彩的商业传记。最初是为了理解cord cutting和流媒体，先去看下当年cable是如何起飞。后来发现虽然讲的是二三十年前的事，却能在很多现在进行时的其他事情上找到影子，比如合纵连横和反垄断，甚至可以在TCI和Liberty中找到SPAC的影子。
0 有用 奔得很辛苦 2015-09-18 22:02:48
两天里赶完了这本书。看的时候不停感叹，这人太厉害了，他的大脑无论放到哪个行业都会是显示出无边际的价值。先于华尔街意识到现金流的重要性，对于三网融合的前瞻性，还有早期拯救TCI于破产边缘的广大全局观。其实印象最深刻的，还是他为人做事的强硬和不妥协。当你强硬的时候，别人就软了。他的对手盖茨和Comcast的二代领导人就是如此。