美国时间12月22日，为打消华纳兄弟探索董事会对收购资金稳定性的疑虑，甲骨文创始人Larry Ellison已同意为其子David Ellison领导的派拉蒙—Skydance 财团提供约404亿美元的股权融资个人担保，为竞购华纳兄弟探索提供关键资金背书。此举被视为派拉蒙阵营在与Netflix的潜在竞争中增强筹码的重要一 步，也标志着好莱坞新一轮整合博弈进一步升级。 这场围绕华纳兄弟探索未来走向的资本角力，被外界视为2025年好莱坞可能出现的又一次重大行业震荡。 回顾此前的行业变动，今年8月，David Ellison牵头，以约80亿美元完成对派拉蒙的收购，派拉蒙正式由Skydance财团接管。随后实施的一系列成本削减和 业务重组举措，在好莱坞内部引发了第一轮强烈震动。进入9月，完成整合后的派拉蒙—Skydance管理层开始将目光投向正在推进资产重组、并探索拆分 选项的华纳兄弟探索，并多次表达收购意向，由此拉开了围绕华纳兄弟探索控制权的竞争序幕。 在10月，华纳兄弟探索正式对外确认正在评估包括整体出售在内的多种战略选项后，围绕其未来走向的猜测迅速升温。12月5日，Netflix率先通过对外披 露的方式确认，已 ...

当看到欧洲20家应用开发商及消费者团体联名向欧盟监管机构发难，直指苹果应用商店收费结构导致区域竞争不公时，我立刻想到我们持续关注的欧盟 《数字市场法案》（DMA）落地进程——这场跨越大西洋的抗议，正是全球数字生态规则重构的又一明确信号。 在亚洲市场，日本即将生效的竞争法案、韩国开发者的维权行动，与中国正在推进的反垄断监管、消费者联名举报形成合力，恰好印证了这场围绕"平台 抽成"与"生态开放"之间的博弈早已遍及全球，全球开发者群体已形成共识：封闭生态下的垄断定价，正在侵蚀数字创新的根基，其本质是数字经济时代 市场公平与创新活力的再平衡之战。 平台霸权的全球蔓延是跨区域抗议浪潮的共同根源。苹果App Store对年收入超过100万美元的开发者收取30%的提成，中小开发者适用Apple Developer Program优惠计划，收取15%。2024年起，苹果在欧盟推出"替代市场方案"，对使用第三方支付的交易收取17%核心费（Core Technology Fee, CTF），另 加3%～17%不等的额外费用（取决于是否使用苹果服务器、通知等服务）。实际综合费率通常在17%～27%之间，部分场景接近30%。 中国的 ...

来源：环球市场播报 2025 年是首次公开募股（IPO）与并购交易的强势回归之年。华尔街乐观预计，这一增长势头将延续至 新的一年。 本文作者：迈克尔・J・德拉梅西德 安德鲁速评：突发消息 —— 派拉蒙 - 天空之舞影业刚刚宣布修改对华纳兄弟探索公司的收购报价。本 次调整的核心内容包括：由拉里・埃里森支持的 404 亿美元出资部分，将由其个人提供担保，不再纳入 可撤销信托计划。此举旨在打消华纳兄弟董事会对派拉蒙收购资金稳定性的疑虑，此前这一疑虑正是华 纳倾向于接受网飞收购要约的关键原因之一。此外，派拉蒙还将监管审批失败导致交易终止的违约金， 从 50 亿美元提高至 58 亿美元，与网飞给出的条款持平。 此外，米特・罗姆尼发表了一篇颇具看点的评论文章，提议通过取消附带权益税收优惠、改革遗产税等 方式，对高收人群体加税。这篇文章值得一读。他提出的税改思路，与我此前在专栏中阐述的部分观点 不谋而合，读者可点击此处阅读原文。 今早，《交易簿》记者迈克尔・J・德拉梅西德将为读者深度复盘过去一年的交易市场，并展望 2026 年 的行业前景。 交易市场强势反弹 2025 年初，华尔街便有充分理由期待这将是交易大年。市场普遍认 ...

12月17日，苹果在官网宣布，为遵守日本《特定智能手机软件竞争促进法》，已在日本市场对iPhone开放第三方应用商店和外部支付渠道。 这意味着日本成为亚洲第一个打破苹果App Store应用内购买（IAP）与应用分发双重垄断的国家。此前苹果曾应韩国相关法规要求开放第三方支付并降低 费率，但没有允许第三方应用商店下载等。 截至目前，在苹果全球前四大市场（美国、欧盟、中国、日本）中，仅中国还在经受苹果的双重垄断。此外，中国仍然是全球范围内苹果对App内交易抽 成费率最高的国家之一。 苹果宣布大幅降低日本"苹果税"，开放第三方应用商店和支付 根据苹果公布的最新政策，日本地区的"苹果税"被明确划分为三种不同场景，且佣金结构明显下调。 应用内第三方支付：开发者可在iOS App内集成PayPay、LINE等第三方支付工具，苹果对此类交易收取10%至21%的佣金。 应用外第三方支付（外链）：开发者可在App内设置按钮、链接等功能，引导用户跳出iOS App，前往网站等外部渠道购买数字商品及服务，苹果对此收 取10%至15%的佣金。 第三方应用商店/侧载类App购买：通过第三方应用商店或网页侧载方式分发的App，苹果对其中 ...

Core Viewpoint - The acquisition of Warner Bros. Discovery (WBD) by Netflix for $72 billion, along with assuming $10.7 billion in debt, marks a significant shift in Netflix's strategy, driven by growth anxiety and changes in management style [4][13]. Group 1: Acquisition Details - The assets being acquired include WBD's streaming services HBO, WBO Studios, and iconic IPs such as "Harry Potter," "DC Universe," and "Game of Thrones," excluding sports content [6]. - The total acquisition cost amounts to $82.7 billion, with Netflix paying $27.75 per share, 84% in cash and 16% in stock. This values WBD at 22x EV/Adj. EBITDA, which is higher than Netflix's current valuation of 30x [8]. - The merger is expected to occur after WBD's restructuring, likely in Q3 2026, pending regulatory approval due to potential antitrust concerns [9]. Group 2: Strategic Shift - Netflix's shift from a "build rather than buy" strategy is attributed to increasing costs of creating new IP and the need to maintain revenue growth amid rising user expectations [13][14]. - The introduction of a 100% tariff on foreign-produced content by the Trump administration poses challenges to Netflix's international strategy, which relies heavily on overseas content production [15]. - Acquiring existing IPs is seen as a viable option to enhance Netflix's content library and explore various monetization avenues, especially given WBD's success in IP derivatives [18]. Group 3: Management Changes - The change in Netflix's management style from idealism to a more pragmatic approach is evident, especially after the departure of founder Reed Hastings, who was a strong proponent of original content [19][20]. - Hastings' recent stock sales signal a shift in Netflix's strategic direction, aligning with the new leadership's focus on realistic growth strategies [20]. Group 4: Market Implications - The acquisition raises concerns about short-term financial pressures and cash flow, as the high debt incurred may outweigh the anticipated savings from content costs [21][24]. - The potential overlap in user bases between Netflix and HBO MAX could limit the expected increase in subscribers, complicating the financial justification for the acquisition [22]. - The deal's success hinges on Netflix's ability to realize synergies and manage the financial implications of the acquisition effectively [24].

欧洲云基础设施服务提供商协会（CISPE）向欧洲第二高等法院表示，欧盟反垄断监管机构在批准博通 以 690 亿美元收购云计算公司 VMware 的交易前，未对该交易的相关风险进行充分分析。 CISPE 在欧洲地区拥有 46 家成员单位，微软和亚马逊均为其准成员。该协会已于今年 7 月向位于卢森 堡的普通法院，对欧盟委员会 2023 年批准此项交易的决定提起诉讼。 路透社获取了 CISPE12 月 3 日向法院提交的文件，其中指出："在评估该交易对服务器虚拟化软件市场 竞争的影响方面，欧盟委员会存在法律适用错误和明显的评估失误。" 文件称，欧盟竞争监管机构的论证逻辑存在缺陷，并援引了客户及行业协会针对该交易发出的警告。 CISPE 主张："欧盟委员会未对交易给服务器虚拟化软件市场造成的影响展开评估，此举已构成法律错 误，违背了其在《并购条例》及相关判例法下应承担的义务。" CISPE 秘书长弗朗西斯科・明戈兰斯表示："监管机构此次的监督失职，已给欧洲云计算行业及所有依 赖该行业的机构造成了切实的损失。" 责任编辑：郭明煜 博通方面则表示，坚决不认同 CISPE 的指控。 欧洲云基础设施服务提供商协会（CISPE ...

Core Viewpoint - The European Commission is using Apple's App Store compliance measures as a benchmark to evaluate Google's App Store compliance, with potential hefty fines for Google by Q1 2025 if it fails to meet standards [1][4]. Group 1: Regulatory Context - The regulatory developments stem from the implementation of the Digital Markets Act, which led to a €500 million fine imposed on Apple earlier this year for violations [4]. - Apple's comprehensive App Store reform plan has become an "invisible benchmark" for regulatory compliance in the industry, despite not being officially recognized by the EU [4]. Group 2: Google's Compliance Measures - Google's reform measures announced in August were criticized for being insufficient, as the EU believes they do not meet core requirements such as allowing developers to direct users to third-party payment channels [4]. - Although Google reduced the initial acquisition fee for developers from 10% to 3% and introduced a tiered fee structure, the EU still sees gaps in compliance compared to Apple's approach [4]. Group 3: Implications for the Industry - The EU's stance indicates a shift towards a "benchmarking" phase in app store regulation, with Apple transitioning from a "penalized entity" to a "reference point" for compliance [4]. - This development is expected to accelerate Google's reform process and provide a new direction for global app store compliance reforms, making Google's ability to implement additional measures a key focus in antitrust regulation within the tech industry [4].

Core Viewpoint - The article discusses the dramatic acquisition of Warner Bros. Discovery by Netflix for a total value of $82.7 billion, highlighting the shift in power dynamics between traditional media companies and streaming giants [3][19]. Group 1: Acquisition Details - Netflix announced an agreement to acquire Warner Bros. Discovery's film production and streaming business for $82.7 billion, consisting of $72 billion in stock and additional debt [3][19]. - The deal is expected to be completed within 12 to 18 months, marking a significant shift in the media landscape [3][19]. - The acquisition has sparked interest from other competitors, including Paramount and Comcast, indicating a highly competitive environment [5][13]. Group 2: Warner Bros. Background - Warner Bros. was founded in 1918 and is one of the oldest film studios in Hollywood, known for iconic franchises like Batman, Harry Potter, and Game of Thrones [8][12]. - The company has faced significant challenges, including high debt levels and declining revenues from traditional cable businesses, leading to substantial losses in recent fiscal years [11][12]. - Warner's core business has been shrinking, with its cable networks losing subscribers and advertising revenue, while its streaming service HBO Max has struggled to achieve profitability [12][13]. Group 3: Competitive Landscape - The article highlights the emergence of new players like Paramount and the involvement of David Ellison, who is leveraging his family's wealth and political connections to challenge Netflix's acquisition [5][21][23]. - Paramount's aggressive bid of $108.4 billion for Warner Bros. reflects the intense competition among media companies to consolidate and enhance their content offerings [5][21]. - The potential merger of Paramount and Warner Bros. could create a formidable competitor to Netflix and Disney, raising concerns about market monopolization [19][21]. Group 4: Financial Performance - Netflix's strong financial performance, with revenues of $11.08 billion and a 15.9% year-over-year growth, positions it well for this acquisition [17]. - The company has shifted its strategy from being a builder to a buyer, indicating a willingness to pursue acquisitions to overcome growth limitations [17][18]. - The acquisition is seen as a strategic move to enhance Netflix's content library and production capabilities, complementing its existing strengths [18][19].

格隆汇12月10日｜据路透，奈飞以720亿美元收购华纳兄弟探索资产的交易遭遇消费者集体诉讼，指控 今次拟议的交易可能会减少美国订阅串流平台的选择。部分国会议员亦对奈飞的收购建议提出质疑，预 计交易将面临美国反垄断法的严格监管。另外，派拉蒙天舞集团对华纳兄弟探索发起敌意收购，涉及以 后者每股30美元提出全现金收购要约，相当于企业价值达1084亿美元。奈飞发声明称，认为诉讼毫无根 据，只是原告律师试图利用市场对交易的关注而采取的手段。 ...

Core Viewpoint - The acquisition of Warner Bros. Discovery (WBD) by Netflix for $72 billion, along with assuming $10.7 billion in debt, marks a significant shift in Netflix's strategy, driven by growth anxiety and changes in management style [5][10][13]. Acquisition Details - The assets being acquired include WBD's streaming services like HBO, WBO Studios, and iconic IPs such as "Harry Potter," "DC Universe," and "Game of Thrones," while excluding sports content [7][8]. - The total acquisition cost amounts to $82.7 billion, with Netflix paying $27.75 per share, 84% in cash and 16% in stock [8][9]. - The merger is expected to occur after WBD's restructuring, likely post-Q3 2026, pending regulatory approval due to antitrust concerns [9][10]. Market Context - The valuation of the acquisition is approximately 22x EV/Adj. EBITDA, which is higher than Netflix's current valuation of around 30x [9]. - Netflix's cash reserves are limited, necessitating a $59 billion bridge loan from banks to finance the cash portion of the deal [9][10]. Regulatory Concerns - The primary risk associated with the acquisition is regulatory scrutiny, particularly regarding antitrust issues, as the combined user base in the U.S. could exceed 30% of the market [10][11]. - Netflix may attempt to redefine the streaming market to mitigate regulatory risks by including platforms like YouTube in market share calculations [11][13]. Strategic Shift - Netflix's shift from a "build rather than buy" strategy is attributed to increasing costs of creating new IP and the need for more diverse content to sustain growth [14][15]. - The imposition of a 100% tariff on foreign-produced content by the Trump administration could hinder Netflix's international strategy, further motivating the acquisition [15][16]. Management Changes - The change in Netflix's management style from idealism to a more pragmatic approach is evident, especially following the departure of founder Reed Hastings [17][19]. - Hastings' recent stock sales suggest a divergence from the company's current strategic direction, indicating a shift towards a more realistic outlook under new leadership [19][20]. Financial Implications - The acquisition is expected to save Netflix $2-3 billion annually in content costs, but the financial burden of the bridge loan could exceed these savings, leading to increased interest expenses [21][22]. - The deal may create short-term cash flow pressures and uncertainty for investors, potentially leading to a transition period as the market adjusts to the new strategy [22].