Sarandos还提到，华纳兄弟的内容库是"无可比拟"的，Netflix将能够将经典影片如《公民凯恩》与现象 级剧集如《怪奇物语》、《Squid Game》等内容结合，进一步丰富平台的内容供给。 此外，Netflix还计划保留华纳兄弟现有的运营模式，尤其是其电影的院线发行，意味着华纳兄弟将继续 保持独立的制作与发行业务。Netflix的目标是通过整合双方的资源，不仅提升平台内容多样性，还能借 助华纳的制作力量提升自家电影和剧集的产量。 （原标题：Netflix收购华纳兄弟：重塑娱乐产业格局） 2025年12月5日，Netflix宣布以720亿美元的股权价值，完成对华纳兄弟探索公司（Warner Bros. Discovery，简称WBD）的收购。这一交易不仅是Netflix历史上最大的一笔收购，也标志着全球娱乐行 业的一次重大震荡，可能彻底改变好莱坞及全球流媒体市场的格局。 交易概况与战略意义 此次收购的总企业价值为827亿美元，涵盖了Netflix平台与华纳兄弟百年老店的影视制作、HBO、HBO Max以及一系列经典和当红娱乐IP。Netflix联合首席执行官Ted Sarandos表示，这笔交易将使Net ...

Core Viewpoint - Netflix is considered one of the few options that combine growth and risk resistance in a volatile environment, despite its recent performance being less "stunning" than in the past [3]. Group 1: Financial Performance - In Q2 2025, Netflix's revenue grew by 16%, exceeding guidance and expectations, primarily driven by price increases in core regions [4]. - The company reported a net addition of over 8 million users, slightly higher than the previous year, attributed to the success of "Squid Game" Season 3, which had higher viewing hours than Season 2 [5][6]. - The Q3 revenue guidance indicates a 17.3% year-over-year growth, surpassing market expectations, and the full-year revenue target has been raised to a range of $44.8 billion to $45.2 billion [7]. - Operating profit margin is expected to increase from 29% to 29.5%, with potential to reach 30% due to favorable exchange rates [7]. - Advertising revenue is projected to double this year, estimated at $1.5 billion to $2 billion, accounting for about 4% of total revenue [8]. Group 2: Content Strategy and Investment - Content investment in Q2 was $4 billion, remaining stable quarter-over-quarter but down 8% year-over-year, with a slower pace of spending expected for the year [8]. - The company is well-positioned with a rich content reserve, which could improve cash flow and provide more room for share buybacks and external investments [8]. - The historical success of classic IPs being revived in recent years raises concerns about sustaining high growth after a peak period, but opportunities exist in the decline of cable TV and competition from platforms like TikTok [11]. Group 3: Valuation and Long-term Outlook - Netflix's valuation premium reflects its unique advantage of being both offensive and defensive in the current market, with GAAP P/E ratios projected at 45x for 2025 and 38x for 2026 [12]. - The company is viewed as a long-term stable growth investment, with a focus on understanding its valuation premium over time rather than short-term fluctuations [13].