智通财经APP获悉，华纳兄弟探索(WBD.US)拒绝了来自 Paramount Skydance(PSKY.US)接近每股24美元 的报价。据美东时间周二有媒体援引一位内部知情人士透露的消息报道称，该报价主要以现金资产构 成。 该媒体报道发布并购之前，华纳兄弟探索在当地时间周二稍早时间段曾表示，在收到多方对整家华纳兄 弟探索公司，以及对于其仅仅电影制片厂业务与流媒体业务的主动收购兴趣后，将探索战略型的替代性 质并购方案。 多家媒体周二报道称，流媒体巨头奈飞(NFLX.US)以及美国有线电视、电信与娱乐行业领导者康卡斯特 (CMCSA.US)等流媒体或传统媒体公司对于华纳兄弟探索旗下的电影制片业务以及流媒体业务非常感兴 趣。 在周二美股市场交易时间段，华纳兄弟探索(WBD)的股价一度上涨超过12%。截止周二美股收盘，该公 司股价最终收涨10.97%至20.330美元。 有华尔街分析师表示，华纳兄弟探索在周二上午拒绝了 Paramount Skydance所发起的近24美元/股、以现 金为主且总对价略低于600亿美元的收购要约，市场对此合理的解读可能是估值/溢价不足，有必要通过 公开化的竞价/拆分预期争取更高定价 ...

Core Viewpoint - Coty Group has initiated a strategic review of its mass cosmetics business to strengthen its leading position in the fragrance sector, which contributes over 60% of its sales [2][4]. Group 1: Business Overview - The mass cosmetics business generates annual revenue of $1.2 billion, including brands like CoverGirl, Rimmel, Sally Hansen, and Max Factor, along with a Brazilian operation that accounts for nearly $400 million [4]. - The strategic review will explore various options, including partnerships, divestitures, and spin-offs, to maximize long-term value [4]. Group 2: Financial Performance - For the fiscal year 2025, Coty reported total net revenue of $5.893 billion, a 4% decrease year-over-year, with Q4 net revenue at $1.252 billion, down 8% [4]. - The high-end beauty segment generated $3.820 billion, a 1% decrease, while the mass beauty segment earned $2.073 billion, an 8% decrease [5]. Group 3: Market Dynamics - The mass cosmetics sector faces challenges from emerging brands that attract consumers with faster product launches and more affordable pricing, leading to a decline in Coty's market position [5]. - The overall beauty market is under pressure, with rational consumer spending impacting growth across all segments, including mass cosmetics [5]. Group 4: Strategic Focus - Coty aims to concentrate on its fragrance business, which poses a risk of over-reliance, as it already accounts for over 60% of total sales [5]. - The fragrance market is evolving, with consumer experience becoming a significant factor, an area where Coty may be relatively weak compared to emerging brands [6].