智通财经APP获悉，花旗研究部(Citi Research)发布了关于华特迪士尼公司(DIS.US)的最新研报，给予该 公司股票"买入"评级，目标价定为145美元。截至2026年1月6日收盘，迪士尼股价为114.57美元，花旗 预计其股价将有27%的上涨空间，加上0.9%的预期股息率，总回报率预计达28%。目前，迪士尼的市场 资本总额为2036.48亿美元，显示出其在娱乐行业的稳固地位。 在主题公园与体验业务方面，迪士尼国内公园在2026财年第一季度的客流量将因2025年同期飓风导致的 闭园两天而受益，但国际游客的减少以及来自Epic Universe的竞争将构成压力。对于邮轮业务，尽管有 新船下水，但整体船队入住率仍保持在90%以上的健康水平。迪士尼计划持续推出新船至2031年，以扩 大其邮轮舰队，不过近期利润率将受到新船下水成本的影响。 在其他业务方面，迪士尼终止了与Penn Entertainment(PENN.US)的博彩合作，转而与 DraftKings(DKNG.US)建立了新的合作关系。新协议为固定支付模式，不包含股权成分。此外，迪士尼 还战略性地投资了OpenAI，框架类似于其与Epic的合作 ...

Core Viewpoint - The control struggle over Warner Bros. Discovery Inc. (WBD) has intensified, with Netflix and Paramount Skydance making significant moves in the ongoing capital battle, which is seen as a potential reshaping of Hollywood by 2025 [1][2]. Group 1: Paramount's Strategy - Larry Ellison has personally backed his son David Ellison's bid for WBD, providing an irrevocable guarantee of approximately $40.4 billion to alleviate concerns about the stability of the acquisition funding [3][5]. - Paramount's offer remains at $30 per share, with an increased reverse breakup fee of $5.8 billion and an extended offer deadline to January 21, 2026 [3]. - The Ellison family's substantial asset commitment is unprecedented in Hollywood merger history, indicating Paramount's determination to compete against Netflix [5]. Group 2: Netflix's Position - Netflix has completed a refinancing arrangement for a $59 billion bridge loan to maintain its investment-grade credit rating, which supports its acquisition of WBD [10]. - The acquisition deal with WBD involves cash and stock, valuing WBD shares at $27.75, with a total equity value of $72 billion and an enterprise value of approximately $82.7 billion [10][11]. - Unlike Paramount's approach, Netflix aims to acquire WBD's core assets, including major IPs and high-quality production teams, while leaving certain linear television networks intact [11]. Group 3: WBD's Financial Situation - WBD's total debt stands at $34.5 billion, with a net leverage ratio of 3.3 times, indicating a challenging financial landscape despite efforts to cut costs and restructure [14]. - In Q3, WBD reported a 6% decline in total revenue to $9.045 billion, with linear networks revenue dropping 23% to $3.883 billion, while streaming and studios revenue grew 7% to $5.279 billion [15][16]. - The board of WBD has expressed a preference for Netflix's offer over Paramount's, citing concerns about the financial stability and risks associated with Paramount's proposal [13][14]. Group 4: Market Implications - The outcome of the WBD acquisition will redefine the power dynamics in the global film industry, distinguishing between traditional media and streaming giants [2]. - The ongoing competition between Netflix and Paramount highlights the urgency for Paramount to secure WBD to avoid being marginalized in the rapidly evolving media landscape [6].