来源：环球网 据多家外媒报道，流媒体巨头网飞（Netflix）12月5日宣布，将以每股27.75美元的交易收购华纳兄弟探 索公司的核心业务（制片厂业务、HBO、HBO Max），涉及的整体企业价值827亿美元，其中股权价值 720亿美元。 派拉蒙对华纳兄弟探索公司发起估值1080亿美元的敌意收购，旨在阻止网飞交易 派拉蒙天舞的全现金收购方案涉及的整体企业价值为1084亿美元，其中股权价值779亿美元。派拉蒙天 舞表示，网飞的收购方案采用了一种"波动较大且结构复杂"的方式，每股27.75美元的交易由23.35美元 现金和4.5美元股票组成，具体价格取决于市场波动幅度以及网飞未来的业绩表现。 不过，这件事又有了新的变数。 为阻止网飞收购，当地时间本周一，派拉蒙天舞（Paramount Skydance）宣布，已启动全现金收购要 约，拟以每股30美元的价格收购华纳兄弟探索公司所有已发行股份。此次拟收购的资产包括华纳兄弟探 索公司的全部业务，以及其旗下拥有的CNN、TBS、TNT等电视频道的电视业务。 网飞对华纳的收购预计需要12至18个月，而派拉蒙天舞表示，他们将在12个月内完成收购。 派拉蒙天舞宣布将敌意收购时还 ...

Group 1: Acquisition Overview - Paramount Skydance Corp. has launched a hostile $108 billion bid for Warner Bros Discovery Inc., backed by financing from Jared Kushner's Affinity Partners and Middle Eastern sovereign wealth funds [1][5] - The aggressive move aims to derail a rival acquisition by Netflix, sparking a high-stakes media battle that could create a risky corporate "monolith" [2][3] Group 2: Financial Implications - The bidding war centers on control of WBD's extensive intellectual property library, including HBO and DC Entertainment, with Netflix's offer valued at approximately $83 billion in enterprise value [3] - Analysts have expressed concerns over the financials, with John Colley criticizing Netflix's bid as "expensive," noting a 121% premium above the share price and a record $5.8 billion break fee [3][4] Group 3: Regulatory and Ethical Concerns - Both suitors face intense scrutiny from the Justice Department regarding anti-competitive risks and the complex web of foreign financing associated with Paramount's bid [7] - The involvement of President Trump's family interests in the regulatory spotlight raises concerns about potential conflicts of interest and the integrity of the deal clearance process [5][6][7] Group 4: Market Performance - PSKY shares rose 9.02% to $14.57 on Monday, with an additional 1.24% increase in after-hours trading [8] - NFLX shares dropped 3.44% to $96.79 on Monday, although it has seen an 8.59% increase year-to-date [8]

Core Insights - Jared Kushner's private equity fund Affinity Partners is involved in Paramount's hostile takeover bid for Warner Bros Discovery, which is valued at $108 billion [3][4][9] - Paramount's bid of $30 per share exceeds Netflix's offer of $27.75 per share, with Paramount seeking the entirety of Warner Bros, while Netflix is focused on the studios and streaming business [9] Group 1: Involvement and Implications - The involvement of Jared Kushner is significant due to his relationship with Donald Trump, who has raised antitrust concerns regarding the Netflix-Warner Bros deal and stated he will personally oversee these issues [2][4][9] - Paramount's press release did not disclose Affinity's participation in the bid, raising questions about transparency [4][9] Group 2: Investor Composition - The consortium backing Paramount's bid includes notable investors such as Abu Dhabi's L'imad Holding Company, Saudi Arabia's Public Investment Fund (PIF), and the Qatar Investment Authority (QIA), with financial backing from Bank of America, Citigroup, and Apollo Global Management [7] - China's Tencent, which was initially part of Paramount's bid, has withdrawn from the deal [7] Group 3: Governance and Strategy - Participants in the bid have agreed to forgo governance rights associated with their non-voting equity investments, which may help mitigate government scrutiny [6] - Paramount is led by David Ellison, whose family ties to Donald Trump have been noted, although the President has downplayed concerns regarding these connections [8]

Core Insights - Netflix has announced a significant acquisition bid of $82.7 billion for Warner Bros. Discovery, which includes its film and television studios, HBO Max, and HBO, aiming to combine its entertainment service with Warner Bros.' iconic stories [1][3] - The company reassured its 301.6 million global subscribers that there will be no immediate changes to their service, and both streaming platforms will continue to operate separately until the deal is finalized [2][4] Acquisition Details - Netflix's offer consists of $27.75 in cash and stock, while Paramount Skydance Corp has made a competing bid of $108.4 billion, including debt, at $30 per share for a full acquisition of Warner Bros. Discovery [5][6] - Paramount's bid is for the entire Warner Bros. entity, whereas Netflix is specifically interested in the Hollywood studios, HBO, and the streaming business [6] Financial Implications - If Warner Bros. breaks its current agreement with Netflix, it will incur a $2.8 billion fee, while Netflix has committed to paying $5.8 billion if the deal does not proceed or fails to receive regulatory approval [7] Market Reactions - Reports indicate that Warner Bros. may reconsider the Netflix sale if offered around $33 per share, suggesting potential negotiations ahead [8]

搜狐娱乐讯 在上周流媒体巨头Netflix官宣与华纳兄弟达成收购合议、开始收购进程后，派拉蒙突然宣布开始对华纳兄弟探索已发行股份以每股30美元价格 实行全现金要约收购，等同企业价值1084亿美元，即试图以更高价格直接跟股东交易。 此极富攻击力的举动自然是为了从Netflix手中抢夺华纳，此前竞标失败的派拉蒙会做计划恶意收购被媒体形容为"预料之中"，已有风声。 另据媒体消息，Netflix预期在12至18个月内完成收购，但知情人士称，反垄断审查可能让进程拖长。按美国《华尔街日报》说法，司法部预计将调查这笔收 购，已开始考虑收购将如何巩固网飞在业内的统治地位。一些白宫官员也对收购表达担忧。 《华尔街日报》称，网飞与HBO Max流媒体平台在美国订阅流媒体市场的合计份额约为30%，而美国司法部自2023年起规定，如果直接竞争对手经合并后 市场份额超过30%，合并被推定为非法。司法部一般需经由调查决定是否干预收购，调查至少历时10个月。 ...

Paramount, run by David Ellison, said it will offer $30 per share for Warner Bros. Discovery, Inc. and slammed the $27.75-per-share Netflix deal as offering "inferior and uncertain value."Read more: https://t.co/bgRRLuYCqc https://t.co/05Nd3rziaD ...

Group 1: Market Overview - Investors are cautious ahead of the Federal Reserve's interest rate decision, with expectations of a 25 basis point cut, but concerns remain about potential hawkish signals due to missing key economic data [1] - Major U.S. stock indices closed lower, with the Dow Jones down 0.45%, S&P 500 down 0.35%, and Nasdaq down 0.14% [1] - Most popular chip stocks rose, influenced by AI data center investment trends and storage chip supply shortages, with Micron Technology up over 4% and Broadcom up nearly 2.8% [1] Group 2: Commodity Prices - International oil prices fell as investors took profits after reaching a three-week high, with light crude oil futures closing at $58.88 per barrel, down 2%, and Brent crude at $62.49 per barrel, down 1.98% [3] - Gold prices also declined as the market had already priced in the expected 25 basis point rate cut, with February gold futures closing at $4217.7 per ounce, down 0.60% [5] Group 3: Corporate Actions - Paramount Global launched a hostile takeover bid for Warner Bros. Discovery, offering $30 per share in cash, totaling $108.4 billion, which is significantly higher than Netflix's acquisition agreement [7] - The bid has the backing of Oracle co-founder Larry Ellison and his family, with Paramount hiring financial institutions like Bank of America and Citigroup for financing [7] - Following the announcement, Paramount's stock surged over 9%, while Warner Bros. Discovery rose 4.41%, and Netflix's stock fell 3.44% [7] Group 4: European Market Dynamics - European Central Bank officials' hawkish comments raised speculation about potential interest rate hikes next year, leading to mixed performance in European stock indices [9] - The UK stock market fell 0.23%, while France's market dipped 0.08%, and Germany's market saw a slight increase of 0.07% [9]

Core Viewpoint - Larry Ellison's son, David Ellison, initiated a $108 billion hostile takeover bid for Warner Bros. Discovery (WBD) shortly after Netflix announced a $72 billion acquisition of WBD, indicating a highly competitive landscape in the media and entertainment industry [1][2]. Group 1: Acquisition Details - David Ellison's bid for WBD is characterized as one of the most audacious hostile takeovers in history, with Paramount's market value at approximately $12 billion, significantly lower than WBD's [3]. - The financing structure for the bid includes $12 billion from the Ellison family, with the remaining $24 billion sourced from Middle Eastern sovereign wealth funds and U.S. private equity firms, raising concerns about national security reviews [3][6]. - Paramount submitted six acquisition proposals to WBD over a 12-week period, but ultimately lost to Netflix's offer [5]. Group 2: Strategic Moves and Reactions - David Ellison sent a personal message to WBD CEO David Zaslav, expressing admiration and a desire to partner, but this was too late as WBD's board had already decided to accept Netflix's offer [2]. - Paramount's management felt they were being manipulated during negotiations, as WBD consistently found reasons to dismiss their offers [4]. - The involvement of Jared Kushner's investment firm in the financing of the bid has raised concerns about potential political influences on the acquisition process [6][7]. Group 3: Industry Implications - The competition between Paramount and Netflix for WBD's assets highlights the intense rivalry in the media sector, with both companies facing potential antitrust scrutiny [6]. - The outcome of this acquisition battle could set significant precedents for future media mergers and acquisitions, particularly regarding the influence of political figures and the scrutiny of financing sources [6][7].

Core Viewpoint - Paramount has initiated a hostile takeover bid for Warner Bros. Discovery, offering $30 per share in cash, totaling approximately $108.4 billion, which is positioned as a more attractive option for shareholders compared to a recent deal with Netflix [1] Group 1: Acquisition Details - Paramount's offer is presented as a full cash acquisition of all shares of Warner Bros. Discovery [1] - The total value of the acquisition bid amounts to $108.4 billion, equivalent to approximately 76 billion RMB [1] - Paramount claims that its offer provides an additional $18 billion in cash compared to the deal proposed by Netflix [1] Group 2: Warner Bros. Discovery Assets - Warner Bros. Discovery owns several major television channels, including CNN, TBS, and HGTV, as well as the HBO Max streaming service [1] - The acquisition would consolidate Paramount's position in the entertainment industry by integrating Warner's extensive media assets [1] Group 3: Competitive Positioning - Paramount argues that its offer is more appealing to shareholders than the recent agreement with Netflix, suggesting a stronger likelihood of passing regulatory scrutiny [1] - The competitive landscape in the entertainment sector is intensifying, with major players like Paramount and Netflix vying for dominance [1]

谁将最终获得华纳兄弟探索频道(WBD.US)的资产? 作为拥有好莱坞规模最大、历史最悠久的电影制片厂之一，该公司的并购很可能在未来几十年内对娱乐 行业产生深远影响。12月5日，华纳兄弟探索宣布，全球领先的流媒体平台奈飞(NFLX.US)已同意以827 亿美元(含债务)的价格收购其流媒体和制片厂资产。三天后，派拉蒙天舞(PSKY.US)对华纳兄弟发起敌 意收购，收购要约对华纳兄弟的估值高达1084亿美元。不管谁成功，交易均需获得监管部门的批准。 为什么华纳兄弟探索会成为待售对象? 流媒体改变了电影和电视节目的发行方式，通过蚕食有线电视订阅费、广告费以及电影票房收入，给传 统媒体公司带来了压力。华纳兄弟探索在首席执行官大卫·扎斯拉夫的领导下，苦苦挣扎于如何打造自 己的在线内容，最终在2022年与探索频道(一家提供相对低成本的非剧本类和生活方式类节目的公司)达 成合并。 然而，股价随后下跌。今年6月，华纳兄弟探索宣布了一项分拆计划，将公司拆分为两家业务部门，一 家专注于有线电视，另一家专注于流媒体和电影制片厂。知情人士透露，扎斯拉夫认为，一旦流媒体和 电影制片厂业务从负债累累的有线电视网络中剥离出来，公司就能获得丰 ...