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微软市值 4460 亿美元 = 微软 + Yahoo!

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它终于浮出水面了。微软已提出以每股31美元(公告前为19美元以上)的报价,收购搜索门户雅虎,据报道总金额为446亿美元。这并非敌意收购——尽管雅虎执行董事会正在考虑此类选项——但也绝非友好交易。让我回到去年提出的那个问题:微软是否应该收购雅虎?

在技术和业务板块,即时通讯、电子邮件和搜索领域将存在一定重叠。然而,从财务角度看,此次收购可能成为挽救该门户网站业绩下滑的关键举措。不妨看看市场对此笔竞购的反应:

雅虎股票在上周四收盘时每股为19.18美元。在微软宣布收购后,股价一度飙升至29.83美元——涨幅达55%。看来人们很高兴看到雅虎将获得支持。不过,微软以每股31美元的62%溢价收购雅虎,确实对该公司股价造成了一定冲击,目前股价已下跌6.2%。

这将如何影响两家公司的最终业绩?微软声称,此举将帮助其每年节省高达 10 亿美元。ComScore提供了美国和国际市场的份额数据:

Market Share

在美国,雅虎网站的总浏览量以7%的份额领先,其次是Google(5%)和微软(4%)。MSFTYHOO的联合网络属性将这一份额提升至11%,即513亿次页面浏览量。在全球范围内,Google以8%的份额(1660亿次PV)领先,雅虎为5%(1020亿次PV),微软为4%(759亿次PV)。两者的联合网络属性将把总份额提升至9%(1800亿次PV),从而使其超越Google成为第一。

Stocks

这场看似敌意的微软收购,是对 Google在搜索市场主导地位的回应。尽管整体利润增长了 79%,但其在在线广告领域已出现 2.45 亿美元的亏损。收购雅虎可为该部门注入活力,甚至帮助其挽回部分损失。鉴于这家雷德蒙德巨头拥有充裕的现金储备(上一财年总营收约 400 多亿美元),它完全有能力以溢价收购雅虎。而且理由非常充分。

这里的关键问题是——这对AdSense发布商意味着什么? 其实影响不大。甚至可能产生积极效果。微软和雅虎的广告业务主要面向高端广告交易(即横幅广告和其他大型活动)。Google AdSense则更侧重于按点击付费(PPC)。当然,也有雅虎YPNMSN adCenter,但一旦这两个部门合并,按点击付费的买家将把预算集中在两个主要平台之间,而非目前的三个。本质上,Google AdWords将获得总预算中更大的份额,并可能推动更高的AdSense CPM表现。

此外,新的雅虎也可能将重点放在扩展其 PCC 和网络计划上,这或许会加速亚洲出版商的加入。反过来,这将给 Google 施加压力,促使其为 AdSense 出版商网络提供更多留存的理由。这可能通过扩大 AdSense 计划或提高 PPC 收入分成比例来实现(该百分比份额 Google 从未公开披露)。

Frequently Asked Questions

How much is Microsoft paying per share for Yahoo?
Microsoft is paying $31 per share for Yahoo.
What was Yahoo's stock price before the Microsoft bid?
Yahoo's stock was at $19.18 a share on the Thursday before the announcement.
How much does Microsoft claim it will save annually from the acquisition?
Microsoft claims it will help them save up to $1 billion a year.
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Written by
Abe Olandres

Abe Olandres

Editor-in-chief

Abe is the founder and Editor-in-Chief of YugaTech with over 20 years of experience in the technology industry. He is one of the pioneers of blogging in the country and is considered by many as the Father of Tech Blogging in the Philippines.

View all posts by Abe Olandres →

30 Comments

DE
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CG
cgreality · 17 years ago

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BR
Brurce · 17 years ago

Да уж, хорошо написано

Reply
AR
arsite · 18 years ago

Очень интересное наблюдение, спорное и в то же время вполне вероятное.

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MI
Miguel · 18 years ago

If Caterina Fake doesn’t stick around MSFT-Y!, I hope she sets up a Pinay Startup in the Philippines! Who knows how much Y! stock she has that she can sell…

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OT
otoymreyes · 18 years ago

this is will be an acid test for Google ..

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JH
jhay · 18 years ago

At least there’s something new going in the internet world. Hopefully, this new competition will do some good for Google.

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EN
entrepreneur opportunity · 18 years ago

I guess it’s good news if ever Yahoo! will sell to Microsoft but still Google monopolize the search engine market even if Microsoft and Yahoo! merge. Their PPC is still way behind on Google’s.

Pero Yahoo! might be aggressive on PPC this time and hopefully will include the asian market. Google might have more quality publishers because those who doesn’t perform well on Google might migrate to Yahoo and advertisers on Google will have more confidence and spend more.

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EL
ElectronicsLabdotPH · 18 years ago

I think yahoo would take the offer. Medyo mahina na kasi ang search engine nila.

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JE
Jeffrey · 18 years ago

BrianB,

You’re so correct!

In every Windows OS, there is IE, Yahoo will now be the homepage of IE.

Windows Media will have the logo and link of Yahoo!

The desktop of Windows OS will have the logo and link of Yahoo!

Google, don’t be too harsh on paid text links!

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NO
Noemi Dado · 18 years ago

I welcome this healthy competition!

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BR
BrianB · 18 years ago

To Google:

Remember Netscape.

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JE
Jeffrey · 18 years ago

This is good so that Google would not monopolize the search engine which they already are in now.

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MA
marhgil · 18 years ago

Will Yahoo accept the offer? That is the question. I think they will, and MicroHoo will be born. Finally, a real competition for Google.

Reply

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