Mei Ri Jing Ji Xin Wen·2025-12-05 16:51Core Viewpoint - Netflix has announced its agreement to acquire Warner Bros. Discovery's film and television studios, along with its HBO Max and HBO streaming services, marking a significant strategic shift for the company [1][3]. Group 1: Acquisition Details - Warner Bros. Discovery shareholders will receive $23.25 in cash and $4.50 in Netflix common stock per share, valuing the equity of the deal at $72 billion (approximately 509 billion RMB) and the enterprise value at $82.7 billion (approximately 584.7 billion RMB) [1][3]. - The acquisition is expected to be completed within 12 to 18 months, with financing of $59 billion provided by Wells Fargo, BNP Paribas, and HSBC [7]. - Warner Bros. Discovery must first spin off its news division as an independent publicly traded company called "Discovery Global" before the acquisition can proceed [7]. Group 2: Strategic Implications - This acquisition represents Netflix's largest merger to date, transitioning from a reliance on licensed content to a focus on original content production [3][10]. - The deal will allow Netflix to gain ownership of HBO's popular series, including "Game of Thrones," and a vast film archive that includes franchises like "Harry Potter" and DC Comics [7][10]. - Netflix plans to maintain Warner Bros.' existing operational methods and continue its theatrical release model, addressing concerns from Hollywood about potential changes [10]. Group 3: Market Reactions and Competitive Landscape - Following the announcement, Warner Bros. stock surged, while Netflix's stock experienced a decline [3]. - The traditional television business is facing structural decline, with Warner Bros.' cable revenue dropping 23% year-over-year due to subscriber losses and advertiser withdrawals [10]. - Analysts suggest that if the merger is successful, it will enhance Netflix's content library, helping it maintain a competitive edge over rivals like Disney and Paramount [11].