Core Viewpoint - Netflix announced a $72 billion acquisition of Warner Bros. Discovery's film studio and streaming platform, which is seen as a potential seismic shift in the entertainment industry [1][2]. Group 1: Acquisition Details - If the acquisition is completed, Netflix will gain control of Warner Bros. studio, which holds rights to franchises like Harry Potter and Batman, as well as HBO, known for popular series such as Game of Thrones and The White Lotus, along with the HBO Max streaming platform [2]. - Paramount Global was the first to propose the acquisition and submitted three rounds of bids, but ultimately, Netflix's proposal was deemed the most comprehensive and met all of Warner Bros.' board requirements [5]. - Paramount's latest bid reached $78 billion, but Warner Bros. rejected it due to concerns over financing [4]. Group 2: Regulatory Concerns - The acquisition is expected to face scrutiny from U.S. regulatory bodies, with the Department of Justice likely to investigate how this deal could strengthen Netflix's dominance in the industry [7]. - Netflix and HBO Max together hold approximately 30% of the U.S. subscription streaming market, which raises concerns under new DOJ guidelines that consider mergers illegal if they exceed this market share [7]. - Netflix's co-CEO expressed confidence that the acquisition will be approved, arguing it would benefit consumers and innovation [9]. Group 3: Market Reactions - Investors showed skepticism regarding the acquisition, with concerns raised by the U.S. film industry lobbying group about potential losses in domestic box office revenue due to Netflix's preference for streaming over theatrical releases [9].

三家巨头轮番加码，竞争空前白热化。最终，网飞凭借更灵活的结构化方案和创纪录的58亿美元分手费 承诺脱颖而出，在本周成功锁定交易。 在交易正式获批前，华纳兄弟需先行完成有线电视网络业务与电影制片及流媒体业务的拆分。该拆分预 计将于2026年第三季度完成，收购与整合工作将在拆分完成后正式推进。 12月5日，网飞宣布以总价约827亿美元收购华纳兄弟。网飞表示，它们将共同定义下一个世纪的叙事方 式，为全球观众打造非凡的娱乐体验。 ▲网飞宣布以总价约827亿美元收购华纳兄弟 这场持续数月的好莱坞顶级资产争夺战，起源于派拉蒙对华纳兄弟的多轮主动报价，这一行为迅速引爆 市场，康卡斯特与网飞随之高调入局。 本周初，派拉蒙法律团队发出律师函，指控华纳兄弟从一开始就操盘了一个"短视且精心设计的流程"， 其唯一目的就是确保预定好的单一竞标者（即网飞）以最有利条件胜出。 长期以来，派拉蒙对收购华纳兄弟一事情有独钟。据报道，派拉蒙CEO大卫•埃里森本周亲赴白宫，游 说特朗普政府以反垄断为由，阻止网飞对华纳的并购。作为埃里森家族的继承人，他充分利用派拉蒙创 始人，父亲拉里•埃里森与白宫的深厚渊源，力图将这场商业角逐升级为政治博弈。 若大 ...

12月5日，奈飞(Netflix)宣布将以720亿美元现金加股票交易收购华纳兄弟。 根据奈飞公布的新闻稿，华纳兄弟探索的股东每股将获得23.25美元现金和4.50美元的奈飞普通股，该交易的股权价值为720亿美元(约合人民币5090亿 元)，企业价值约为827亿美元(约合人民币5847亿元)。 此次被奈飞收购的华纳兄弟公司资产包括华纳兄弟影业、HBO、HBO MAX流媒体等。与此同时，《生活大爆炸》《哈利.波特》《权力的游戏》DC宇宙 等经典华纳IP也将归于奈飞旗下。庞大的内容库，必将对Apple TV+、Amazon prime流媒体、Disney+等产生巨大竞争压力。 此次收购完成后，华纳兄弟现有的运营方式和院线发行都会保留，但其他部分业务可能就会被调整，尤其是同为流媒体的HBO MAX很可能就不再独立存 在。奈飞将同时拥有网络流媒体和线下影院发行体系，这就意味着奈飞完整具备了从内容制作到院线发行和上线的完整渠道。 奈飞联席CEO泰德.萨兰多斯在声明中表示："我们将一起为观众带来更多他们喜爱的内容，并定义未来百年的故事形态。" 奈飞表示，将维持华纳兄弟现有业务的运营方式，并继续发力其优势领域，包括坚持电影的 ...

Core Viewpoint - Netflix announced a cash and stock deal to acquire Warner Bros. for $72 billion, with shareholders receiving $23.25 in cash and $4.50 in Netflix stock per share, valuing the equity at approximately $72 billion and the enterprise value at about $82.7 billion [1][2]. Group 1: Acquisition Details - The acquisition includes Warner Bros. Pictures, HBO, and HBO MAX, along with iconic IPs such as "The Big Bang Theory," "Harry Potter," and "Game of Thrones," which will intensify competition against platforms like Apple TV+, Amazon Prime Video, and Disney+ [2]. - Post-acquisition, Warner Bros.' operational methods and theatrical distribution will be maintained, although HBO MAX may not operate independently anymore, allowing Netflix to control both streaming and theatrical distribution channels [2]. - Netflix aims to significantly expand its domestic production capabilities and enhance its investment in original content, which is expected to boost employment and strengthen the entertainment industry [2]. Group 2: Regulatory and Market Reactions - The acquisition is anticipated to face antitrust scrutiny from U.S. and European regulators, with concerns already raised by U.S. lawmakers regarding potential consumer harm [2]. - Following the announcement, Netflix's stock price fell nearly 3%, while Warner Bros.' stock price surged over 6% [2].

Core Viewpoint - Netflix announced the acquisition of Warner Bros. for $72 billion, marking a significant merger in the entertainment industry, combining the largest paid streaming platform with one of Hollywood's oldest film giants [1][3]. Group 1: Acquisition Details - Warner Bros. shareholders will receive $27.75 per share in cash and Netflix stock, with the equity value of the deal estimated at $72 billion and an enterprise value of approximately $82.7 billion [3]. - Prior to the acquisition, Warner Bros. will complete a planned spin-off of its television network business, including channels like CNN, TBS, and TNT, expected to be finalized by Q3 2026 [3]. - The acquisition process faced competition, with Paramount and Comcast also expressing interest, but Netflix entered exclusive negotiations with Warner Bros. [9][10]. Group 2: Strategic Implications - This acquisition allows Netflix to own HBO and its classic series, as well as a vast array of film assets, including the "Harry Potter" and "Friends" franchises [9]. - Netflix aims to maintain Warner Bros.' existing operational methods and continue its focus on theatrical releases, addressing concerns from Hollywood about the merger [9]. - The merger is projected to yield annual cost savings of $2 billion to $3 billion by the third full fiscal year post-acquisition [9]. Group 3: Market Reactions and Financials - Following the announcement, Netflix's stock price fell, while Warner Bros.' stock price increased [3]. - Netflix's revenue has reached $39 billion, while Warner Bros. also reports revenues exceeding $39 billion, highlighting the scale of both companies [10]. - The deal is expected to face antitrust scrutiny from regulators in the U.S. and Europe, with concerns raised by lawmakers about potential consumer impacts [10].

来源：环球市场播报 奈飞（Netflix）拟以 720 亿美元收购华纳兄弟探索公司的影视制作室与流媒体部门 奈飞（Netflix，股票代码 NFLX）已同意以 720 亿美元收购华纳兄弟探索公司（Warner Bros Discovery，股票代码 WBD）旗下的电视、电影制作室及流媒体部门。通过这笔交易，好莱坞最具价 值、历史最悠久的资产之一，将落入这家流媒体行业先驱企业手中。 收购拥有《权力的游戏》《DC 漫画》《哈利・波特》等顶级 IP 的华纳兄弟探索公司后，好莱坞的权 力天平将进一步向奈飞倾斜。但该交易在欧洲和美国可能面临严格的反垄断审查。 核心数据： 行业人士观点 杰森・基拉尔（Jason Kilar），前华纳媒体（WarnerMedia）首席执行官，于 X 平台（原推特） "即便让我刻意设计，我也想不出比'将华纳兄弟探索公司出售给奈飞'更能削弱好莱坞竞争力的方式 了。" 安东尼・萨格利姆本（Anthony Saglimbene），底特律 Ameriprise Financial 公司首席市场策略师 "对于如此规模和复杂度的交易，最大的影响因素是两家公司必须克服的潜在监管障碍。但显然他们达 成了共识 ...

奈飞已达成协议，将以历史性的合并方式收购华纳兄弟探索公司，此举将全球主导性的付费流媒体平 台与好莱坞最古老、最负盛名的制片厂之一合二为一。 根据周五宣布的交易条款， 华纳兄弟股东将获得每股27.75美元的现金和奈飞股票。该交易的股权总 价值为720亿美元，企业价值约为827亿美元。 据彭博社报道，知情人士透露，协议中包含一项50亿 美元的分手费条款，若监管机构未批准交易，该笔费用将支付给华纳兄弟探索公司。收购案本身预计 将在未来12至18个月内完成交割。 作为交易完成的前提条件，华纳兄弟将完成其有线电视频道资产的剥离计划，包括CNN、TBS和 TNT， 这意味着奈飞将专注于接收其影视制片厂及HBO Max流媒体服务资产。 这笔收购将使奈飞获 得《黑道家族》、《哈利·波特》及《老友记》等庞大的内容资产库，此次合并后实体的用户基数预计 将达到4.5亿，稳固其对华特迪士尼和派拉蒙等竞争对手的领先地位。 周五美股盘前，受此消息影响，华纳兄弟美股抹去早前跌幅，上涨1.5%。然而，这一巨型并购已在华 盛顿引发强烈反响，面临来自监管机构及立法者的严峻挑战，同时也击退了包括派拉蒙Skydance和康 卡斯特在内的其他竞购者。 ...

Netflix co-CEO Ted Sarandos told investors on Friday that he was “highly confident in the regulatory process” win approval of the streaming giant’s proposed purchase of Warner Bros., but there are plenty of hurdles ahead. First and foremost, given all the publicity surrounding the Warner Bros. Discovery auction, is the Donald Trump factor, and how his administration ultimately handles its review of the transaction. In the hours since it was announced, Trump has not yet weighed in, and the White House has s ...

Core Viewpoint - Netflix announced the acquisition of Warner Bros. for $72 billion, marking a significant merger in the entertainment industry, combining the largest paid streaming platform with one of Hollywood's oldest studios [2][4]. Group 1: Acquisition Details - The agreement states that Warner Bros. shareholders will receive $27.75 per share in cash and Netflix stock, with the equity value of the deal estimated at $72 billion and an enterprise value of approximately $82.7 billion [4]. - Prior to the acquisition, Warner Bros. will complete a planned spin-off of its television network business, including channels like CNN, TBS, and TNT, expected to be finalized by Q3 2026 [4][6]. - The acquisition will allow Netflix to own HBO and its classic series, along with a vast array of film assets, including franchises like Harry Potter and Friends [5][6]. Group 2: Strategic Implications - This acquisition is significant for Netflix, as it has never engaged in such a large-scale merger before, transitioning from acquiring content rights to focusing on original productions [4][6]. - Netflix aims to maintain Warner Bros.' existing operational methods and continue its film theatrical release model, addressing concerns from Hollywood about the merger [6]. - The merger is projected to yield annual cost savings of $2 billion to $3 billion by the third full fiscal year post-acquisition [7]. Group 3: Market Context and Competition - The traditional television business is experiencing structural decline, with Warner Bros.' cable TV revenue dropping 23% year-over-year due to subscriber losses and advertiser pullbacks [7]. - The acquisition process faced competition from other bidders like Paramount and Comcast, with Paramount accusing Warner Bros. of favoring Netflix [7][8]. - Regulatory scrutiny is anticipated, with concerns raised by U.S. lawmakers about potential consumer harm, as Netflix's main competitor is identified as YouTube [8].

【导读】史诗级收购来了 大家好，关注一下今晚发生的影视圈史诗级的收购！Netflix将以720亿美元（相当于5000亿元人民币）现金加股票交易收购华纳兄 弟！ 12月5日晚间，Netflix（奈飞）宣布收购华纳兄弟探索公司，史上罕见的重磅合并将全球最大付费流媒体平台与好莱坞最老牌的影 视巨头之一结合在一起。 在宣布收购华纳兄弟时，奈飞表示："我们将共同定义下一个世纪的叙事方式，为全球观众打造非凡的娱乐体验。" 根据周五公布的协议，华纳兄弟股东将获得每股27.75美元的现金与Netflix股票。此次交易的股权价值约720亿美元，企业价值约827 亿美元。 在交易完成前，华纳兄弟将先完成此前规划的电视网络业务分拆，包括CNN、TBS、TNT等有线频道。Netflix表示，该分拆预计将 在2026年第三季度完成。 受此消息影响，Netflix股价下跌，而华纳兄弟股价上涨。 这笔收购对Netflix意义重大。作为流媒体行业的开创者，Netflix过去从未进行过如此规模的并购。公司早年靠向其他制片厂购买版 权起家，随后转型押注原创内容，逐步成长为好莱坞最具价值的企业之一。 伴随此次收购，Netflix将成为HBO频道及 ...