华纳兄弟重启派拉蒙谈判!Netflix827亿收购案要黄了?

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本文英语原文来自路透社（Reuters），发布于2026年2月24日。




Feb 24 (Reuters) - Warner Bros Discovery (WBD.O) opened the door on Tuesday to Paramount Skydance (PSKY.O) after the rival bidder raised its offer to $31 per share.

中文解读：2月24日路透社电——在竞争对手派拉蒙天空舞蹈公司（Paramount Skydance）将报价提高至每股31美元后，华纳兄弟探索公司（Warner Bros Discovery）于周二重新向其敞开谈判大门。

The intense bidding war for the studio behind Batman and Harry Potter has reached a fever pitch, with the board signaling that Netflix may lose its place as the preferred suitor.

中文解读：这场针对《蝙蝠侠》和《哈利·波特》制作方（华纳兄弟）的激烈竞价战已达到白热化阶段，董事会释放出信号，Netflix可能会失去其优先收购方的地位。

Paramount enticed Warner's board back to the bargaining table last week by raising the possibility of an improved cash offer for Warner shareholders. In its revised bid, Paramount raised the termination fee it would pay should the deal fail to gain regulatory approval, to $7 billion — up from $5.8 billion. It also agreed to pay Warner shareholders 25 cents per share per quarter, for every quarter beyond September 30 that the deal does not close.

中文解读：上周，派拉蒙通过向华纳股东提出提高现金报价的可能性，成功吸引华纳董事会重回谈判桌。在修订后的报价中，派拉蒙将交易若未获得监管部门批准需支付的终止费从58亿美元提高至70亿美元。同时，派拉蒙还同意，若交易在9月30日之后每延迟一个季度完成，将向华纳股东每季度支付每股25美分的补偿。

The rival bidder also agreed to contribute more equity, should banks raise concerns about Paramount's ability to finance the deal when it closes.

中文解读：此外，若银行对派拉蒙在交易完成时的融资能力提出质疑，这位竞争对手（派拉蒙）还同意投入更多股权。

Warner's board said it has not determined whether the revised Paramount proposal is superior to the merger with Netflix, but that directors will engage further. Should a superior deal emerge, Netflix has four business days to revise its offer.

中文解读：华纳董事会表示，目前尚未确定修订后的派拉蒙报价是否优于与Netflix的合并方案，但董事们将进一步展开协商。若出现更优方案，Netflix将有四个工作日的时间修改其报价。

Netflix declined to comment.

中文解读：Netflix方面拒绝置评。

"Paramount welcomes the WBD Board's determination and looks forward to continuing to engage constructively with WBD to deliver the benefits of Paramount's proposal to WBD shareholders, the creative community and consumers," Paramount said in a statement.

中文解读：派拉蒙在一份声明中表示：“派拉蒙欢迎华纳兄弟探索公司董事会的决定，并期待继续与华纳进行建设性接触，将派拉蒙报价带来的益处传递给华纳股东、创意界和消费者。”

The fight over Warner Bros is complicated by the fact that Netflix and Paramount are bidding for different sets of assets. Paramount's bid, now at $31 per share in cash, is for the whole company. Netflix has offered $27.75 per share in cash, a total of $82.7 billion including net debt, for the movie and television studios, its catalog and HBO Max streaming service. Warner Bros plans to spin off its television division into a separately traded company, Discovery Global.

中文解读：这场围绕华纳兄弟的收购大战变得更加复杂，因为Netflix和派拉蒙竞标的是不同的资产组合。派拉蒙目前的报价为每股31美元现金，针对的是华纳兄弟整个公司。而Netflix则提出以每股27.75美元现金收购，包括净债务在内总金额达827亿美元，收购范围涵盖华纳的电影和电视制片厂、影视目录以及HBO Max流媒体服务。此外，华纳兄弟计划将其电视部门拆分出来，成立一家独立上市的公司——探索全球（Discovery Global）。

The value of Netflix’s bid depends partly on the debt level of Discovery Global and its equity value once it starts trading.

中文解读：Netflix报价的价值部分取决于探索全球（Discovery Global）的债务水平，以及该公司上市后的股权价值。

Warner's board estimates Discovery Global could fetch between $1.33 and $6.86 a share, potentially lifting the total return to shareholders above Paramount's earlier $30 a share offer.

中文解读：华纳董事会估计，探索全球（Discovery Global）的股价可能在每股1.33美元至6.86美元之间，这有可能使股东的总回报超过派拉蒙此前提出的每股30美元报价。

"We expect shareholder lawsuits if Netflix is the ultimate winner, and because the deals are not apples to apples—with the suitors not vying for identical assets and other details surrounding the respective bids requiring discretion—determination of which deal is better will always be subjective," wrote Matthew Dolgin, senior equity analyst at Morningstar.

中文解读：晨星公司高级股票分析师马修·多尔金写道：“我们预计，若Netflix最终成为赢家，可能会引发股东诉讼。此外，由于这两笔交易并非完全可比——两家竞标方争夺的不是相同的资产，且各自报价的相关细节需要谨慎考量——因此，判断哪笔交易更优始终带有主观性。”

Warner Bros will publish quarterly results this week, potentially giving a better picture of the cable television assets' value. Paramount reports results Wednesday.

中文解读：华纳兄弟将于本周发布季度财报，这可能会更清晰地展现其有线电视资产的价值。派拉蒙则将于周三发布财报。

Shares of both potential buyers have fallen during the saga. "Given how much the market cap for Netflix and Paramount have fallen since this bidding war has started, it is reasonable to question if an increased bid from either company is actually driven by business interests rather than ego," said Ross Benes, senior analyst at eMarketer.

中文解读：在这场收购风波期间，两家潜在收购方的股价均出现下跌。eMarketer高级分析师罗斯·贝内斯表示：“考虑到自这场竞价战开始以来，Netflix和派拉蒙的市值已大幅缩水，我们有理由质疑，两家公司中任何一方提高报价，究竟是出于商业利益，还是出于自负。”
（以上内容仅为资讯分享，不构成任何投资建议）