Mei Ri Jing Ji Xin Wen·2025-12-05 17:12Core Viewpoint - Netflix has announced a significant acquisition of Warner Bros. Discovery's film and television studios, including HBO Max and HBO streaming services, marking a strategic shift for the company [2][5]. Group 1: Acquisition Details - The acquisition involves Warner Bros. shareholders receiving $23.25 in cash and $4.50 in Netflix common stock per share, with an equity value of $72 billion (approximately 509 billion RMB) and an enterprise value of about $82.7 billion (approximately 584.7 billion RMB) [2][5]. - The deal is expected to be completed within 12 to 18 months, with financing of $59 billion provided by Wells Fargo, BNP Paribas, and HSBC [5]. Group 2: Strategic Implications - This acquisition represents Netflix's first large-scale merger, transitioning from a reliance on licensed content to a focus on original content production [5]. - The merger will allow Netflix to gain control over HBO's popular series library, including "Game of Thrones," and a vast film archive featuring iconic franchises like "Harry Potter" and DC Comics [6][8]. Group 3: Market Reactions and Financial Impact - Following the announcement, Warner Bros. stock surged, while Netflix's stock experienced a decline [5]. - The merger is anticipated to yield annual cost savings of at least $2 billion to $3 billion by the third full fiscal year post-acquisition [8]. Group 4: Industry Context - The traditional television business is facing structural decline, with Warner Bros.' cable TV revenue dropping 23% year-over-year due to subscriber losses and advertiser pullbacks [8]. - Netflix argues that its main competitor is YouTube, despite concerns from U.S. lawmakers about potential consumer harm from the acquisition [9].