- Kevin Dietsch/Getty Images With a shareholder vote likely on the horizon, Paramount Skydance PSKY is unrelenting in its hostile tender offer to woo Warner Bros Discovery (WBD) WBD investors away from rival bidder Netflix NFLX. The question now is how impatient large WBD investors will become with the board, especially considering Paramount offered them more for the WBD shares they recently purchased after Netflix announced its bid. Most Read from MarketWatch In normal times, a corporate board focuse ...

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 收购进展显著影响WBD股价波动。受派拉蒙加码消息刺激，2026年2月10日股价收盘上涨2.17%至27.8 美元，成交额达9.78亿美元。截至最新交易日(2026年2月12日)，股价收于28.11美元，单日涨幅0.43%， 近5日累计上涨5.04%；成交额波动较大，反映市场对收购敏感度。 经济观察网近期，华纳兄弟探索(WBD)成为并购竞标焦点。派拉蒙于2026年2月11日修订收购方案，虽 未提高每股30美元的现金报价，但新增每股0.25美元的"交易等待费"(自2027年起每季度支付约6.5亿美 元)，并承诺承担华纳若终止与Netflix交易所需的28亿美元解约费，以增强报价吸引力。华纳董事会目 前仍支持Netflix的现金收购计划(企业价值约827亿美元)，但该交易正面临美国司法部反垄断调查，调查 于2026年2月8日启动，重点关注可能存在的排他性行为。同时，公司计划于2026年年中分拆业务为两个 独立上市公司，以提升资产灵活性。 ...

Core Viewpoint - Paramount Skydance is actively seeking activist investors to challenge Warner Bros. Discovery's (WBD) sale of its studio and streaming service to Netflix, arguing that its offer of $30 per share is superior to Netflix's $27.75 bid [1][2][5]. Group 1: Activist Investor Involvement - Ancora Holdings has acquired a $200 million stake in WBD, aiming to persuade the board to reconsider the Netflix deal [2]. - Ancora believes the Netflix-WBD deal presents inferior value and significant regulatory risks compared to the Paramount offer [5]. - A major activist investor has received multiple inquiries from bankers to take a stake and vote against the Netflix deal, but has opted not to participate due to the challenges of activist campaigns in media companies [7]. Group 2: Shareholder Dynamics - The timing of WBD's shareholder vote complicates efforts to elect new directors who could oppose the sale to Netflix [8]. - Shareholders have tendered only a small fraction of the 2.6 billion shares outstanding for the Paramount offer, indicating a need for more persuasive arguments [9]. - Pentwater Capital Management, a significant WBD investor, has joined Paramount Skydance's efforts, potentially influencing the outcome of the bid [12]. Group 3: Regulatory Considerations - The Department of Justice's antitrust review of the Netflix deal raises concerns about potential monopolistic practices, which could impact the approval process [13]. - Paramount Skydance has sweetened its offer to include a $2.8 billion breakup fee if the Netflix deal is rejected, enhancing its position [13]. - There is speculation that if Paramount increases its bid to around $33 per share, it could force WBD to reopen the bidding process [17].

Market Overview - U.S. stock futures indicated a slightly higher open, with S&P 500 E-minis up 0.1% and Nasdaq 100 futures rising 0.2% [2][10] - Positive sentiment in the tech sector was driven by significant app developments and broader market implications from new international trade agreements and domestic policy changes [3] Tech and Entertainment Developments - YouTube launched a dedicated app for Apple Vision Pro, enhancing the user experience by providing full access to YouTube's video library, supporting 3D and immersive content, and allowing offline downloads [4][5][10] - This app release is expected to catalyze broader adoption of the Vision Pro platform [5] Media Industry Movements - Paramount is reportedly in discussions to nominate Pentwater Capital Management CEO Matt Halbower to the board of Warner Bros. Discovery as part of a proxy fight to block a potential takeover by Netflix [6][7][10] Trade and Economic Policy Changes - Taiwan's President announced a new trade and tariff deal with the U.S., marking a pivotal moment for Taiwan's economy and strengthening high-tech partnerships [8][9][10] - The Trump administration rescinded the Obama-era climate endangerment finding, rolling back federal greenhouse gas regulations for vehicles, claiming $1.3 trillion in regulatory savings [11][10] - The House of Representatives passed a bill to end tariffs on Canada, reflecting growing anxiety over trade policy, although the bill is likely to face a veto [12]

Core Viewpoint - Netflix Inc shares have reached a new 52-week low of $75.23 amid a competitive bidding war for Warner Bros. Discovery, with the stock underperforming in a broader technology sell-off [1] Group 1: Bidding War and Investor Sentiment - Ancora, an activist investor, claims that Warner Bros. Discovery's board has not adequately considered Paramount's offer, which includes a "ticking fee" of $0.25 per share for delays past December 31 and a $2.8 billion termination fee to Netflix [2] - David Ellison from Paramount emphasized the financial backing of their offer, stating they are making meaningful enhancements with billions of dollars [2] Group 2: Regulatory Challenges - The U.S. Department of Justice is investigating potential anticompetitive practices by Netflix, including a civil subpoena seeking information on whether Netflix engaged in "exclusionary conduct" to maintain monopoly power [3] - Netflix's attorney characterized the DOJ's review as "totally ordinary" [3] Group 3: Investment Activity - Renaissance Group has significantly increased its position in Netflix by nearly 900% quarter-over-quarter, now holding 355,377 shares [3] Group 4: Technical Analysis - Netflix's stock is trading 8.8% below its 20-day simple moving average and 25.5% below its 100-day simple moving average, indicating a bearish trend [4] - Over the past 12 months, shares have decreased by 25.55% [4] - The Relative Strength Index (RSI) is at 29.16, indicating oversold conditions, while the MACD suggests some potential bullish momentum [4] Group 5: Market Position and Performance - As of the latest publication, Netflix shares were down 4.19% at $76.28 [5] - Key resistance level is identified at $83.50, while key support is at $75.00 [5] - Netflix's value score is weak at 15.58, indicating it is trading at a steep premium relative to peers, while its quality score is strong at 77.36, reflecting a healthy balance sheet [5] - Momentum score is weak at 8.03, indicating underperformance compared to the broader market [5]

Group 1 - The current media landscape features a significant acquisition deal where Netflix is set to acquire most of Warner Bros. Discovery's assets for $72 billion, with an enterprise value closer to $83 billion [2] - Paramount Skydance is actively pursuing Warner Bros. Discovery, indicating a competitive environment among major media companies [4] - The merger between Netflix and Warner Bros. Discovery is under scrutiny by the U.S. Department of Justice and potentially the Federal Trade Commission, raising concerns about market power and consumer pricing [7] Group 2 - Netflix and Warner Bros. Discovery are leaders in the premium streaming space, with Netflix boasting a global subscriber base of 325 million [6][7] - The acquisition involves Warner Bros. Discovery spinning off its linear networks and less profitable media businesses prior to the merger [2] - The competitive dynamics in the media industry are likened to classic love triangles, where the final decision rests with Warner Bros. Discovery, akin to a character in a romantic narrative [5]

经济观察网华纳兄弟探索(WBD)近期围绕收购竞标和公司战略调整引发市场关注。派拉蒙-天空之舞集 团修订了收购方案，新增"交易等待费"并承诺承担潜在解约费，但华纳董事会仍支持奈飞的现金收购计 划，后者可能面临反垄断审查。同时，公司计划于2026年年中分拆业务，以提升资产灵活性。相关消息 持续影响公司股价表现。 派拉蒙升级收购要约：派拉蒙-天空之舞集团再次修订对华纳兄弟探索的收购方案，虽未提高每股30美 元的现金报价，但新增了每股0.25美元的"交易等待费"(自2027年起每季度支付约6.5亿美元)，并承诺承 担华纳若终止与奈飞交易所需的28亿美元解约费。此举旨在增强报价吸引力，而华纳董事会此前已多次 拒绝派拉蒙的提案，并建议股东支持奈飞的方案。 公司项目推进 近期事件 股价波动与市场反应：收购消息持续影响股价，例如华纳股价收盘上涨2.17%至27.8美元，而年内股价 因竞购预期已累计显著上涨。成交额在近期交易日内出现大幅波动，反映市场对收购进展的敏感度。 公司分拆计划：华纳兄弟探索计划于2026年年中将业务分拆为两个独立上市公司——流媒体与制片厂公 司(保留华纳兄弟品牌)和全球网络公司(探索全球)。此举旨在提升 ...

Economic Data - The U.S. added 130,000 jobs in January, significantly exceeding the market expectation of 55,000 [1] - The unemployment rate stands at 4.3%, slightly below the economists' forecast of 4.4% [1] - Job growth is primarily concentrated in the healthcare sector, which added 124,000 jobs, double the normal growth rate for 2025 [1] - There is a persistent downward revision in the labor market data, with the average monthly job addition for last year adjusted to only 15,000 [1] Company News - Apple is reportedly facing setbacks in the development of an upgraded version of Siri, which may delay the release of several anticipated AI features [3] - Meta has begun construction on a new data center in Lebanon, Indiana, with an investment exceeding $10 billion, aimed at enhancing its AI infrastructure [5] - Google is integrating AI shopping features into its search engine and Gemini chatbot, allowing consumers to purchase products directly through AI-driven answers [7] - T-Mobile anticipates service revenue to reach approximately $77 billion by 2026, with plans to achieve 18 to 19 million broadband users by 2030 [8] - Ancora Capital has increased its stake in Warner Bros. Discovery and plans to oppose the company's deal with Netflix regarding its production and streaming assets [9] - Kraft Heinz has paused its planned spin-off, focusing instead on improving company performance under the new CEO Steve Cahillane [10]

Core Insights - The article discusses significant corporate actions and market dynamics, including Paramount's hostile bid for Warner Brothers, Netflix's merger opposition, and Kraft Heinz's reversal on its split plan [2][57]. Group 1: Corporate Actions - Paramount is increasing pressure for its hostile bid for Warner Brothers, with an activist investor opposing Netflix's merger [2]. - Ancora has built a stake in Warner Brothers and is pushing for engagement with Paramount, threatening to vote against the deal if Warner Brothers does not comply [3][4]. - Kraft Heinz has halted its plan to split into two, opting instead to invest $600 million in marketing and product improvements, citing a larger-than-expected opportunity [57][58]. Group 2: Market Dynamics - Duke Energy has signed deals with Microsoft and Compass to power data centers, reflecting the growing demand for electricity driven by the AI boom [7][8]. - Hyperscaler spending has surged, with Microsoft, Meta, Amazon, and Oracle spending a combined $150 billion in 2022 and 2023, projected to reach around $660 billion by 2026 [10][11]. - Alphabet is tapping the debt markets for financing, similar to Apple's past strategy, to support its cloud infrastructure buildout, anticipating significant growth in its cloud business [12][13]. Group 3: Investment Trends - General Atlantic's Chairman Bill Ford emphasizes the importance of global diversification in investment strategies, with 50% of their activity outside the U.S. [20][21]. - The firm sees opportunities in emerging markets, particularly in China, despite geopolitical complexities [25][26]. - The article highlights a trend of increased investment in AI and technology sectors, with significant spending expected to reshape business models and create new market opportunities [45][46].

Core Viewpoint - Netflix's $82.7 billion bid to acquire Warner Bros. Discovery (WBD) is encountering significant opposition from Ancora Holdings, which has purchased $200 million in WBD shares and supports a rival bid from Paramount [1][2]. Group 1: Ancora Holdings' Position - Ancora Holdings argues that the Netflix deal is inferior, carries more regulatory risk, and does not provide as much immediate cash to shareholders compared to Paramount's offer [2]. - Ancora is attempting to rally other shareholders to reject Netflix's proposal and has warned that it will vote against the Netflix deal if WBD's board does not reconsider Paramount's proposal [4]. Group 2: Paramount's Offer - Paramount has enhanced its bid by offering WBD shareholders an additional $0.25 per share for each quarter the deal remains unclosed after December 31, 2026, and has pledged to cover the $2.8 billion termination fee owed to Netflix if WBD shareholders choose its offer [3]. Group 3: Shareholder Sentiment - Despite Ancora's efforts, it is uncertain whether it can influence a significant number of other shareholders, as over 93% of WBD shareholders previously voted against Paramount's offer in favor of the Netflix deal [5]. - If Ancora successfully sways some shareholders, it could dramatically alter the dynamics of the Netflix takeover situation, making it more unpredictable [5].