Piper Sandler将奈飞的目标价从140美元下调至103美元，重申"增持"评级。(格隆汇) ...

Core Insights - Netflix has shown strong growth in 2025, surpassing 325 million paid memberships and achieving 18% revenue growth, but investors are concerned about its high spending plans for 2026 and the acquisition of Warner Bros. [2][3] Financial Performance - In Q4 2025, Netflix reported 18% revenue growth, an operating margin of 25%, and a 30% increase in operating income [3] - The company’s stock fell by approximately 5% in after-market trading following the earnings report, indicating investor skepticism [3] Acquisition Plans - Netflix intends to acquire Warner Bros. for $72 billion, valuing the assets at $27.75 per share, and has shifted its bid to an all-cash offer to facilitate shareholder approval [5][6] - To finance the acquisition, Netflix has arranged $42.2 billion in bridge loans and is pausing share buybacks to manage cash flow [8] Content Spending - Netflix spent about $18 billion on programming in 2025 and plans to increase this budget by 10% in 2026, raising concerns among investors about the sustainability of such high spending [10] - The proposed acquisition price for Warner Bros. is four times the total content spending of Netflix in 2025, leading to questions about the strategic allocation of resources [11]

智通财经1月23日电，奈飞联席首席执行官Greg Peters接受媒体采访时表示，公司收购华纳兄弟旗下电 影和电视工作室的提议有望获得后者股东的支持。他补充说，派拉蒙的竞标方案"根本经不起推 敲"，"如果没有拉里·埃里森独立为交易提供融资支持，派拉蒙根本不可能完成这个项目"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：智通财经） ...

Jan 23 (Reuters) - Netflix (NFLX) co-chief executive Greg Peters said the company is on track to win the ​backing of Warner Bros Discovery (WBD) shareholders for its $82.7 ‌billion offer for the company's film and television studios, adding that Paramount's (PSKY) rival ‌bid "doesn't pass the sniff test", the Financial Times reported on Friday. In an interview with the FT, Peters said only a "very small" number of WBD shares had been tendered in support ⁠of Paramount's hostile $108 ‌billion offer for the ...

Core Viewpoint - Netflix is on track to secure the support of Warner Bros Discovery shareholders for its $82.7 billion acquisition offer for the company's film and television studios [1] Group 1 - Netflix co-chief executive Greg Peters expressed confidence in winning shareholder backing for the acquisition [1] - The acquisition is valued at $82.7 billion, indicating a significant investment in expanding Netflix's content production capabilities [1]

日前，好莱坞演员马特·达蒙与本·阿弗莱克为宣传新片《全信没收》（The Rip），做客乔·罗根的播客节 目。在历时近两个半小时的访谈中，两人不仅大秀彼此携手走过45年的兄弟情，还谈及取消文化、AI 对电影行业的影响等时下的热门话题。其中，引发外界最多反响乃至媒体纷纷转载报道的，还是关于流 媒体平台如何改变电影叙事结构的讨论。 "剧情重复三到四遍"成流媒体作品新常态 《全信没收》是马特·达蒙与本·阿弗莱克第十部共同出演的电影，讲述一群迈阿密警察在一间废弃的藏 身屋内发现数千万现钞，从而彼此之间产生了信任危机。该片的制作成本大约1亿美元，由Netflix出资 制作，已于1月16日在该平台上线。有意思的是，马特·达蒙并没有"拿人手软"，他在乔·罗根的播客节目 里揭露Netflix倡导的降智的拍摄模板，批评流媒体平台"开始侵蚀我们讲故事的方式"。 马特·达蒙（左）与本·阿弗莱克在《全信没收》中。 狗屁事也能吸引观众"。但在马特·达蒙看来，《混沌少年时》只是例外，而常态就是大部分流媒体出品 的作品都吸纳了他们的"建议"。 《混沌少年时》是去年Netflix出品的最成功的剧集之一。 "我们所学到的拍动作片的标准方式通常是 ...

Investment Rating - The report maintains a "Buy" rating for Netflix (NFLX.US) with a target price of $103 [6][20]. Core Insights - Netflix's Q4 2025 performance met expectations, with total revenue of $12.051 billion, representing an 18% year-over-year increase, driven by subscriber growth, price increases, and advertising revenue [2][10]. - The company ended the quarter with over 325 million subscribers, serving approximately 1 billion users [2]. - The acquisition of Warner Bros. Discovery (WBD) has transitioned to an all-cash deal, with potential synergies expected in content and subscriber offerings [3][4]. Financial Performance Summary - Q4 2025 operating profit increased by 30% to $2.957 billion, slightly exceeding market expectations, with an operating margin of 24.5% [2][10]. - Net profit for Q4 2025 was $2.419 billion, reflecting a 29% year-over-year increase, with a net profit margin of 20.1% [2][10]. - Content cash expenditure for Q4 2025 was $5.1 billion, up 11% year-over-year, with a net content asset value of $33 billion at the end of the quarter [2][13]. Acquisition Progress - The acquisition of WBD is valued at $82.7 billion, with WBD shareholders set to receive $27.75 in cash per share [3]. - Expected synergies from the acquisition include enhanced content library, expansion of subscription offerings, and cost savings of approximately $2-3 billion annually starting in the third year post-acquisition [3][4]. Guidance Update - For 2026, Netflix projects revenue between $50.738 billion and $51.7 billion, a year-over-year increase of 12%-14%, with advertising revenue expected to double [4][19]. - The company anticipates a free cash flow of $11 billion for 2026, a 9% increase year-over-year [4][19]. Valuation - The report adjusts the 2026 revenue and net profit forecasts down by 4% and 3% respectively, based on a 10-year DCF model [4][20]. - The target price of $103 corresponds to a price-to-earnings ratio of 36.5x for 2026E and 32.4x for 2027E [4][20].

"这是一场反映了Netflix正在全面优化业务的电话会议，也是一份以'视频内容+'为逻辑基底的泛娱乐内容产业投资与布局指引" 就在Netflix传出将对华纳兄弟探索公司（WBD）的收购报价调整为每股27.75美元全现金交易模式后不久，该公司发布了2025年第四季度财报，报告显 示，营收与净利润双双超过华尔街分析师预期。 在致股东的季度信中，Netflix高管表示2025年全年营收增长16%，经营利润达29.5%；第四季度营收增长18%，第四季度净利润为 24.2 亿美元。 同时，信中还透露本季度付费用户规模突破3.25亿——虽然Netflix一年前停止公布季度订阅用户总数，并表示更关注用户参与度、内容影响力等深层指 标。（2025 年下半年总观看时长比 2024 年同期增长了 2%，品牌原创内容观看时长增长了 9%） 据悉，Netflix近期在内容与体验层面动作频繁，正持续拓展其全球娱乐生态的边界： 除了先后开设三家线下IP体验店，在内容储备上，平台近期先后与索尼影业、派拉蒙影业达成重要授权合作：不仅与索尼签署了首个全球付费观影协议， 并将合作范围从动画延伸至真人电影；同时还引入多部派拉蒙旗下此前未在全球播出 ...

Netflix (NASDAQ:NFLX), global streaming TV and film provider, closed Thursday at $83.54, down 2.13%. The stock moved lower as investors continued reacting to a Q4 2025 earnings beat overshadowed by cautious 2026 guidance and Warner Bros. Discovery (NASDAQ:WBD) deal uncertainty, and they are watching subscriber growth, margins, and capital-allocation risks next.Trading volume reached 67 million shares, coming in about 46% above compared with its three-month average of 46 million shares. Netflix IPO'd in 2002 ...

When it comes to storytelling, Netflix (NFLX) stands in a league of its own. On Tuesday, Jan. 20, the streaming giant reported strong fourth-quarter 2025 results, keeping investors engaged in more than just its hit shows and movies. The biggest takeaway from the earnings report was scale. Netflix now boasts 325 million paid subscribers and a global audience approaching 1 billion viewers, marking a fresh milestone for the company. Looking to 2026, management aims to expand both the breadth and quality of i ...