36氪未来消费·2025-12-06 11:27Core Viewpoint - Netflix has reached an agreement to acquire Warner Bros. Discovery's film studio and HBO Max streaming service assets for $72 billion, with a per-share price of $27.75, but the deal faces regulatory scrutiny and political opposition [3][4][5][7]. Group 1: Acquisition Details - The acquisition is valued at $72 billion, with an enterprise value of approximately $82.7 billion, to be paid in cash and stock [4]. - Paramount Pictures has made a competing offer of $30 per share in cash, indicating a potentially more attractive bid compared to Netflix's offer [5][6]. - Warner Bros. board believes Netflix's offer is superior as it allows shareholders to hold shares in both Netflix and a spun-off company with linear cable assets, thus reflecting a better valuation [6]. Group 2: Market Impact and Future Operations - The merger could create a media giant controlling 30% to 40% of the U.S. streaming market, raising significant antitrust concerns [12]. - HBO's subscription service's future and the theatrical release window for Warner Bros. films remain uncertain, with Netflix indicating a desire to maintain the HBO brand's importance [10][11]. - The acquisition could lead to cost savings of $2 to $3 billion for Netflix by eliminating overlapping business functions [10]. Group 3: Regulatory and Competitive Landscape - The deal is expected to take 12 to 18 months to finalize, with ongoing regulatory risks and political opposition, particularly from the Trump administration [12][13]. - Paramount is actively lobbying against the deal and has threatened a hostile takeover, which could further complicate the acquisition process [14]. - The merger poses a significant threat to competitors like Disney, Amazon, and Comcast, as Netflix would gain a vast library of content, enhancing its bargaining power [15]. Group 4: Industry Reactions - Concerns have been raised by industry insiders about the potential economic and institutional collapse in Hollywood if the acquisition proceeds, highlighting the influence Netflix would wield over content distribution and pricing [15]. - The acquisition is seen as a pivotal moment in the entertainment industry, potentially reshaping the landscape for traditional studios and independent producers [15][16].