美国总统特朗普称，华纳兄弟探索公司（Warner Bros． Discovery，WBD）旗下的品牌CNN"应该被出 售"，正值华纳兄弟探索公司权衡派拉蒙全球（PARA）每股30美元的敌意收购要约与其已与奈飞 （NFLX）达成的协议。 美国总统特朗普称，华纳兄弟探索公司（Warner Bros． Discovery，WBD）旗下的品牌CNN"应该被出 售"，正值华纳兄弟探索公司权衡派拉蒙全球（PARA）每股30美元的敌意收购要约与其已与奈飞 （NFLX）达成的协议。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

智通财经APP获悉，三家中东基金已承诺出资240亿美元，为派拉蒙天舞(PSKY.US)收购华纳兄弟探索 (WBD.US)提供首批"弹药";但这只是账面数字。由于它们与幕后私募财团长期"交叉输血"，资金仍可能 通过基金夹层继续流入，实际总敞口料高于240亿美元。 例如阿波罗全球管理公司(APO.US)就是参与为派拉蒙收购要约提供高达540亿美元融资的机构之一。阿 布扎比的穆巴达拉投资公司(Mubadala Investment Co.)长期以来一直与阿波罗保持着合作关系，同时沙 特主权财富基金(PIF)的风险投资部门也曾在阿波罗管理的基金中进行过投资。 据了解，截至2025年12月11日，华纳兄弟探索的收购案正演变成一场激烈的竞购战：奈飞(NFLX.US)已 于12月5日与华纳兄弟董事会达成初步协议，计划以约827亿美元收购华纳兄弟的电影电视工作室和流媒 体业务HBO Max，并剥离有线电视频道。 沙特主权财富基金还联合卡塔尔投资局以及阿布扎比的卢纳特(Lunate)，共同向Affinity Partners注资数 十亿美元。值得一提的是，贾里德·库什纳旗下的公司与穆巴达拉存在关联，此前二者曾共同对一家总 部位 ...

Whether or not Netflix ends up being allowed to buy Warner Bros. Discovery, the drama that's unfolded so far speaks volumes.If there was any lingering doubt that the fragmented streaming market is consolidating, it was just wiped away. Late last week, industry-leading Netflix (NFLX 4.28%) made the winning bid for Warner Bros. Discovery's (WBD +4.49%) streaming platforms and studio, beating out Paramount Skydance (PSKY +0.55%) and Comcast (CMCSA +2.95%) for the prized HBO and HBO Max brands.Paramount isn't s ...

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is one of the stocks Jim Cramer recently commented on. During the episode, Cramer noted that he has always been a “believer in CEO David Zaslav,” as he stated: “Third, let’s talk Warner Brothers Discovery. I’ve always been a believer in CEO David Zaslav… When he got handed the Warner Brothers portfolio from AT&T loaded with debt, he did his best to get that pile of debt down while cutting costs, creating some very good lasting properties. He turned it into the num ...

President Donald Trump signaled he’ll oppose a Warner Bros. Discovery Inc. deal that doesn’t include new ownership of CNN, a potential wrinkle for the bid from Netflix Inc.“I think any deal should — it should be guaranteed and certain that CNN is part of it or sold separately,” Trump said during a meeting with business leaders Wednesday at the White House. “I don’t think the people that are running that company right now and running CNN, which is a very dishonest group of people, I don’t think that should b ...

Netflix, a company that built its business on junk bonds, is looking to borrow heavily again. The streaming company once known as “Debtflix,” before it started generating heavy cash flow, is looking to add tens of billions of dollars of debt to finance its planned $72 billion acquisition of most of Warner Bros. Discovery Inc. But Netflix Inc. has a stronger balance sheet than it did before the pandemic, which will probably allow the company to boost the price it pays in any bidding war that emerges, while r ...

Core Insights - Warner Bros. Discovery (WBD) is currently engaged in a significant merger battle, with Netflix proposing an $82.7 billion acquisition and Paramount's Oracle-backed bid of approximately $108.4 billion in cash [1][2] - Tencent has withdrawn from the bidding process for WBD to avoid U.S. national security scrutiny, despite previously committing $1 billion to support Paramount's acquisition [2][3] Group 1: Acquisition Details - Paramount's cash offer is set at $30 per share, totaling over $100 billion, while Netflix's offer primarily involves stock [2] - The involvement of foreign sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar in the Paramount bid is noted, as they agreed to relinquish management rights to avoid additional scrutiny [2][3] Group 2: Political and Regulatory Context - The acquisition of WBD by a Chinese tech giant like Tencent would raise significant political concerns in the U.S., particularly regarding media ownership and national security [3][4] - The urgency of the bidding war is emphasized, as Paramount must demonstrate a more stable and quicker transaction to WBD shareholders compared to Netflix's offer [3][16] Group 3: Tencent's Historical Involvement - Tencent has been a strategic shareholder in Skydance Media for seven years, initially investing over $100 million for a 5-10% stake [4][6] - Tencent's previous involvement in projects like "Terminator: Dark Fate" and its eventual withdrawal from "Top Gun: Maverick" due to concerns over U.S.-China relations illustrate the complexities of its investment strategy [6][8] Group 4: Broader Industry Implications - The competition for WBD highlights the increasing influence of Middle Eastern capital in the entertainment industry, as they seek to reshape global cultural narratives [12][14] - The ongoing battle between WBD, Paramount, and Netflix may extend into the next year, with WBD shareholders facing a tight deadline to respond to Paramount's hostile takeover bid [16]

Core Viewpoint - Pier Silvio Berlusconi, CEO of MFE-MediaForEurope, expressed a preference for Paramount's Skydance over Netflix as a potential buyer for Warner Bros Discovery, highlighting strategic considerations in the media landscape [1] Group 1: Company Insights - MFE-MediaForEurope is actively evaluating potential buyers for Warner Bros Discovery, indicating a strategic shift in the media industry [1] - The preference for Skydance suggests a belief in the potential for better alignment in content strategy and market positioning compared to Netflix [1] Group 2: Industry Context - The media industry is experiencing significant consolidation, with major players like MFE-MediaForEurope and Warner Bros Discovery navigating potential acquisitions [1] - The choice of buyer reflects broader trends in the industry, where content creation and distribution strategies are increasingly critical for success [1]

划重点 ① 奈飞斥资 720 亿美元收购华纳兄弟（WBD），标志着流媒体行业进入利润整合与寡头垄断时 代。这笔交易的核心逻辑是奈飞以全球分发规模，彻底解决自身的 IP 软肋，一举纳入 DC 宇 宙、哈利·波特等 HBO 稀缺资产。 ② 此次交易结构设计复杂，通过"分拆+收购"隔离了华纳的夕阳业务，实现了税务优化。然 而，奈飞背负的 590 亿美元新债，财务风险巨大。同时，反垄断审查和派拉蒙的敌意搅局增加 了外部不确定性。奈飞算法文化与 HBO 创作自主性的冲突是根本矛盾，任何妥协都可能导致奈 飞重蹈科技公司收购传统媒体失败的覆辙。 ③ 若整合成功，奈飞将实现内容协同效应，巩固定价权，并加速 IP 变现。然而，高回报伴随高 风险。投资者必须紧盯自由现金流（FCF）兑现和 HBO 领导层的稳定性，这是评估奈飞能否避 免历史诅咒的关键。这场科技巨头对好莱坞权力核心的攫取，要么助力奈飞登顶全球娱乐之 巅，要么使其承受沉重债务。 RockFlow 本文共3480字， 阅读需约13分钟 想进群看深度投研？现在就行动！ 点赞＋推荐＋评论本文，截图发给 Fafa（微信：rockflowfafa），马上开通 RockFlow ...

分组1 - Colette Kress, CFO of Nvidia, indicated that geopolitical issues and competition in China are impacting the company's data center revenue outlook, with no revenue from China assumed in Q4 [1][6] - Nvidia's inventory increased by 32% and supply commitments rose by 63% sequentially, positioning for demand outside of China [1] - The U.S. government will receive a 25% revenue cut from Nvidia's H200 AI chip sales to approved customers in China, as announced by President Trump [5] 分组2 - Michelle Chang of Zoom emphasized a shift towards an AI-first strategy, focusing on enhancing workplace collaboration and developing new AI products [2] - Zoom's free cash flow margin reached 50%, aided by one-time improvements, but sustained progress is uncertain [3] - Enterprise net dollar expansion remains at 98%, with a goal to exceed 100% in the future [3] 分组3 - Virgin Galactic reported only $400,000 in revenue but is transitioning to a scalable operating model, with operating expenses down to $67 million [7][8] - The company aims for approximately $450 million in annual revenue and $100 million in adjusted EBITDA from two ships flying 125 missions a year [8] - Engineering milestones, such as a new oxidizer tank, are expected to enhance operational efficiency and reduce downtime [8] 分组4 - Bark's CFO highlighted a shift towards higher-value customers and improved retention, with marketing costs decreasing due to lower acquisition costs [9][10] - The company plans to increase margins through sourcing changes and a price increase in 2026 [10] 分组5 - Warner Bros. Discovery's CFO noted a strategic shift away from costly NBA rights to a standalone sports streaming app, expecting significant financial benefits [11][12] - HBO Max is projected to generate over $1.3 billion in EBITDA this year, with a target of 150 million streaming subscribers by 2026 [12] 分组6 - Texas Roadhouse is preparing for approximately 7% commodity inflation in 2026, with labor inflation expected to be around 3% to 4% [13][14] - The company plans to invest approximately $400 million in capital expenditures in 2026, focusing on new units and franchise acquisitions [14][15] 分组7 - DoorDash's CFO indicated that 2026 will be a year of heavy reinvestment while still achieving modest margin expansion [16][17] - The acquisition of Deliveroo is performing well, contributing approximately $200 million to EBITDA, with growth exceeding expectations [18] 分组8 - Vertex Pharmaceuticals is prioritizing capital investment in innovation and expansion, particularly in its kidney portfolio [19][20] - The company is focused on building a durable pain franchise while managing operating expenses and external uncertainties [20]