以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 甲骨文创始人拉里 · 埃里森今年身家 曾 短暂超越埃隆 · 马斯克，一度成为世界首富。 作者 ｜ 温世君 编辑 ｜ 孙春芳 导语：超级富二代"大干"奈飞。 "这笔交易会破坏市场竞争环境！"拨通美国总统的电话后，81岁的甲骨文创始人拉里 · 埃里森——特朗普的长期铁杆盟友，明确表达了对这起并 购的不满。 12月5日，奈飞（Netflix）宣布以827亿美元（5848亿人民币）收购华纳兄弟探索（WBD）旗下核心资产，包括华纳兄弟影视版权及制作业务、 HBO及HBO Max流媒体服务。交易对价含每股27.75美元、合计720亿美元的股票加现金，同时奈飞还将承接华纳兄弟探索约107亿美元债务。 如果一切顺利，这将是近十年来全球规模最大的并购交易。但消息一经披露，便迅速惊动了最高权力中枢。 其实，在奈飞与华纳兄弟探索公布并购方案前，埃里森家族就已经是志在必得的竞逐者。眼看目标即将落入他人之手，除了拉里 · 埃里森向白 宫"陈情"外，更是打算拿出真金白银准备截胡： 12月8日，派拉蒙天空之舞（Paramount Skydance） ...

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Core Viewpoint - The article discusses the potential acquisition of Warner Bros. Discovery by Netflix and the subsequent counteroffer from Paramount Skydance, led by Larry Ellison's son, David Ellison, highlighting the competitive dynamics and implications for market competition and content ownership in the streaming industry [3][22][30]. Group 1: Acquisition Details - Netflix announced an $82.7 billion acquisition of Warner Bros. Discovery's core assets, including HBO and HBO Max, with a stock and cash component of $72 billion and assumption of $10.7 billion in debt [3][22]. - Paramount Skydance made a counteroffer of $108.4 billion in cash, proposing $30 per share for Warner Bros. Discovery's entire asset package, which includes additional channels like CNN [22][23]. Group 2: Market Competition and Antitrust Concerns - The merger would result in Netflix and HBO Max controlling 33% of the U.S. streaming market, raising antitrust concerns as it exceeds the 30% threshold set by U.S. regulatory guidelines [6][24][25]. - The acquisition of Warner Bros. would consolidate significant content assets, including popular franchises like Harry Potter and Game of Thrones, which are crucial for attracting subscribers and maintaining competitive advantage [6][25]. Group 3: Strategic Implications for Paramount Skydance - Paramount Skydance aims to enhance its market position by acquiring Warner Bros. Discovery, as its current streaming service, Paramount+, holds less than 10% market share [9][27]. - The acquisition would allow Paramount Skydance to surpass 20% market share, positioning it competitively alongside Netflix and Amazon Prime Video, while also enriching its content library [27][30]. Group 4: Background on Larry Ellison and Industry Dynamics - Larry Ellison, founder of Oracle, has been a significant player in the tech industry and has leveraged his influence to impact media acquisitions, including his involvement in the Paramount Skydance bid [10][28]. - The article notes a trend of Silicon Valley companies entering Hollywood, with previous acquisitions like MGM by Amazon, indicating a shift in the media landscape towards tech-driven content strategies [18][34].

Core Viewpoint - The potential acquisition of Warner Bros by Netflix, valued at approximately $827 billion, faces significant scrutiny and opposition from regulatory bodies, especially following President Trump's warning about antitrust issues [2][12][13]. Group 1: Acquisition Details - Netflix has reached an agreement to acquire Warner Bros, including its film and television studios, HBO Max, and HBO business, with a total valuation of about $827 billion, translating to an estimated $27.75 per share [8][9]. - Paramount has launched a hostile takeover bid for Warner Bros, offering $1,084 billion in cash at $30 per share, which represents a 139% premium over Warner Bros' unaffected stock price [3][4]. - Paramount claims its offer provides $18 billion more in cash benefits to shareholders compared to Netflix's proposal [3]. Group 2: Market Reactions - Following the announcement of Paramount's bid, its stock surged by 9%, while Warner Bros' stock rose over 4%, and Netflix's stock fell by more than 3% [5]. - The market's reaction indicates investor skepticism regarding the approval of Netflix's acquisition, especially in light of potential regulatory challenges [10]. Group 3: Regulatory Concerns - Trump's comments on the potential antitrust implications of the merger have raised concerns among regulatory agencies, with the possibility of the merger being deemed illegal if it exceeds a 30% market share threshold [12][13]. - The U.S. Department of Justice is expected to conduct a lengthy review of the merger, which could take at least 10 months [9][13]. - Bipartisan criticism from lawmakers suggests that the merger could harm consumer interests by creating a dominant streaming entity with 450 million users [13]. Group 4: Strategic Implications - Paramount believes that merging its Paramount+ streaming service with Warner Bros' HBO Max will create a strong competitor against major players like Netflix, Amazon Prime Video, and Disney+ [4]. - Netflix's CFO has stated that the acquisition aims to attract and retain more subscribers, leveraging Warner Bros' popular content [8].

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智通财经APP获悉，据周二发布的官方声明，亚马逊(AMZN.US)已成功获得美国名人赛(Masters Tournament)转播权，将于明年首次以美国国内转播单位身份，参与这项顶级高尔夫赛事的直播报道。 根据协议内容，亚马逊Prime Video将与CBS Sports、ESPN等知名媒体携手，共同提供赛事的全程直 播。 据了解，美国名人赛每年4月的第一个完整星期在佐治亚州奥古斯塔市的奥古斯塔国家高尔夫俱乐部举 行，是四大满贯赛中唯一固定举办场地的高尔夫锦标赛。 奥古斯塔国家高尔夫俱乐部及美国名人赛主席Fred Ridley表示："能以这种形式与亚马逊合作，对美国 名人赛及其球迷而言都是一次令人振奋的机遇。引入亚马逊这一合作伙伴，将进一步助力我们拓展赛事 呈现形式、提升观赛体验，让更多人能以更优质的方式享受赛事乐趣。" 声明同时指出，自2026年美国名人赛起，赛事首轮及次轮比赛期间，Prime Video将在每日新增两小时 直播时段。以2026年为例，直播将在4月9日(周四)及4月10日(周五)的美国东部时间下午1点至3点进行。 ...

Core Viewpoint - Small and medium-sized enterprises (SMEs) are becoming significant players in international trade, but they face challenges such as low brand recognition and high consumer trust barriers in overseas markets. Balancing short-term sales conversion with long-term brand building is essential for SMEs venturing abroad [2][4]. Group 1: Current Market Dynamics - In 2024, there are 645,000 foreign trade enterprises in China, with SMEs accounting for over 70% of this total [2]. - The traditional focus on sales over brand building has led many companies to adopt a "goods for cash" strategy, which can result in a vicious cycle of rising traffic costs and low repurchase rates [4]. - A study tracking 700 brands over 12 years indicates that the effectiveness of performance advertising diminishes over time, suggesting that solely focusing on performance ads is not a sustainable strategy [4]. Group 2: Importance of Brand Building - 68.6% of advertisers believe that brand communication effectiveness meets or exceeds expectations, highlighting a shift towards valuing brand building [4]. - Global consumers are willing to pay a premium for trusted brands, with 87% indicating they would do so [4]. - Establishing consumer trust is crucial for achieving brand premium and long-term profit growth [4]. Group 3: Evolving Advertising Strategies - Advances in advertising technology have made it easier to quantify the effectiveness of brand advertising, moving away from the "blind box" approach [6]. - The new brand export model emphasizes precise ad placement, direct consumer interaction, and personalized services to create beneficial connections [6]. Group 4: Consumer Behavior Insights - Modern consumer shopping journeys are increasingly non-linear and fragmented, requiring brands to build cohesive recognition across multiple touchpoints [8]. - Consumers typically interact with brands through 20 to 500 touchpoints during their purchasing process, necessitating a comprehensive marketing strategy [8]. Group 5: Amazon's Marketing Solutions - Amazon's full-funnel marketing solution addresses the non-linear consumer journey by creating a complete loop from awareness to consideration to purchase [9]. - The effectiveness of integrated multi-channel advertising campaigns is nearly 60% higher than single-channel efforts [9]. - Amazon's advertising solutions, including self-service streaming TV ads, provide SMEs with low-barrier, high-efficiency options for brand building [10][13]. Group 6: AI and Efficiency in Advertising - Amazon's AI-driven marketing suite enhances advertising efficiency by predicting audiences likely to convert based on advertising goals [13]. - The integration of AI tools allows SMEs to create effective advertising materials without the need for large teams or high budgets, thus supporting their brand-building efforts [17].

Core Viewpoint - Disney is a global entertainment giant with diverse revenue streams including box office sales, subscription fees, and theme park sales, divided into three segments: entertainment, sports, and experiences [1] Group 1: Revenue Sources and Business Segments - Disney's stock is controversial, with optimists citing the long-term potential from franchises like Marvel and Pixar, while others worry about market share erosion during the shift from cable to streaming [1] - The company is focusing on launching ESPN's direct-to-consumer service, which is expected to present ESPN independently and potentially increase average revenue per user (ARPU) [2] - Disney+ has reached 125 million users, but recent reports indicate a slight decline, contrasting with Netflix's growth to over 300 million users [3] Group 2: Financial Performance and Projections - Revenue data for the past three fiscal years shows growth across all segments: Entertainment ($39.569 billion in 2022 to $41.186 billion in 2024), Sports ($17.270 billion to $17.619 billion), and Experiences ($28.085 billion to $34.151 billion) [4] - The operating profit margins are 9.53% for entertainment, 13.66% for sports, and 27.15% for experiences, indicating that experiences are the most profitable segment [4] - Disney expects its experiences segment to grow by 6% to 8% annually, with projected revenue for Q2 2025 at $23.17 billion, slightly above current expectations [5] Group 3: Valuation and Market Position - A discounted cash flow (DCF) analysis estimates Disney's enterprise value at $185.1 billion, suggesting the stock is slightly overvalued at $211.83 billion [6] - The equity value is calculated at $172 billion, leading to a fair value of $95 per share, indicating a slight undervaluation [7] - Analysts rate the stock as "hold," reflecting concerns over growth prospects and the potential for further compression of the price-to-earnings ratio if earnings growth cannot be restored [7]