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Who's afraid of AOL Time Warner?

机译：谁怕AOL时代华纳？

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Only six months ago, the merger of AOL and Time Warner was reshaping the media industry, for two main reasons. First, because of its size: it was more than twice as big as its nearest rival, Viacom, and everybody else was scared of being trampled under the sheer weight of the new group. And second, because AOL Time Warner seemed to be redefining the nature of media itself, through its fusion of old and new. At that time, most activities of other big media groups―whether News Corp's obsession with snapping up Di-recTV, a satellite broadcaster (which, for now, it has failed to do), or the attempts by Vivendi Universal, a French media giant, to secure distribution in America (which it has done)梒ould be explained by their need to stand up to AOL Time Warner. Today, however, things look a little different. Having spent last year promising miracles, the group is this year learning the virtues of modesty. Earlier this month, when explaining a one-off charge of $40 billion-6o billion that he attributed to new accounting rules, Richard Parsons, who will take over from Jerry Levin as chief executive in May, struck a studiously cautious note. Sprinkling his speech with such words as "conservative" and "prudent", he said that revenues for 2001 would reach $38 billion, only 5% up on 2000 and less than previously forecast. Last year, he said, "we got no credit for our achievements because of the high expectations we ourselves created." This year, "we will not overpromise, and we will deliver."
机译：仅六个月前，美国在线（AOL）和时代华纳（Time Warner）的合并重塑了媒体行业，其主要原因有两个。首先，由于规模大：它的规模是其最接近的竞争对手维亚康姆的两倍多，其他人都害怕在新集团的巨大重量下被践踏。其次，因为美国在线时代华纳似乎正在通过融合新旧媒体来重新定义媒体本身的本质。当时，其他大型媒体集团的大多数活动是新闻集团对抢购卫星广播公司Di-recTV的痴迷（到目前为止，它一直没有做到），还是法国媒体巨头Vivendi Universal的尝试，以确保其在美国的分销（已做到），这是因为他们需要坚守AOL时代华纳。但是，今天情况看起来有些不同。该组织去年度过了充满希望的奇迹，今年正在学习谦虚的美德。本月早些时候，理查德·帕森斯（Richard Parsons）在解释他归因于新会计准则的一笔400亿至020亿美元的一次性费用时，将谨慎地谨慎地出手。理查德·帕森斯将于5月从杰里·莱文（Jerry Levin）接任首席执行官。他在讲话中充斥着“保守”和“谨慎”之类的话，他说，2001年的收入将达到380亿美元，仅比2000年增长5％，比以前的预测还少。他说，去年，“由于我们自己创造了很高的期望，我们的成就没有得到赞扬。”今年，“我们不会过度承诺，​​我们将实现目标。”

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