Since the bubble burst, Softbank has reinvented itself at least twice, first as a fixed-line telecoms and broadband firm, and now that scheme has lost its shine, as a mobile-phone operator.

在互联网泡沫破灭之后，软银经历了两次转型，第一次是转型为一家固定电话和宽带服务商，而现在这一行业风光不再，软银又转型成了一家移动电话运营商。

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Telesp, a Brazilian fixed-line operator in which Telefónica holds an 88% stake, is losing business as people switch to mobile phones.

巴西的一家固定电话运营商——Telesp公司（西班牙电信持有其88%的股份）由于人们转用移动电话而没了生意。

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In November Vivendi snatched GVT, a small Brazilian fixed-line telecoms operator, away from Telefónica, Spain’s former monopoly, which had offered to buy it.

11月，威望迪从西班牙前垄断企业Telefónica手中夺得一家巴西小型固定电话通讯运营公司GVT,Telefónica已提出报价购买GVT。

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For Telefonica of Spain and France Telecom , that means more regulatory headaches, but for BT Group, which sold its cellphone division to its Spanish rival in 2005, being a purely fixed line operator suddenly seems much more attractive.

FORBES: BT Stands Out

"It's the dominant fixed-line operator because it had a monopoly until recently, " he says.

CNN: Cell-Phones On the Line

His second-largest holding, Carso Global Telecom, which controls ubiquitous fixed-line operator Telmex, has jumped 15% in that time.

FORBES: Magazine Article