[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciobbb7bfb6":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciobbb7bfb6","1110亿美元换来一场“全输”：派拉蒙(PSKY)惨胜，奈飞(NFLX)躲过子弹","\u002Fdoc\u002Fdciobbb7bfb6","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">吸引全球目光的好莱坞世纪并购战役已经结束，派拉蒙天舞溢出的总计1110亿美元的新收购方案笑到了最后，但这是一场没有人赢了的战斗。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，流媒体巨头奈飞(NFLX)周四拒绝提高对华纳兄弟探索公司(WBD)大部分业务的报价，将这家好莱坞综合性企业让给了竞争对手竞标者派拉蒙天舞(PSKY)。尽管这笔交易包含了极其严密的保障措施，但 1110 亿美元的价格标签仍冒着让亏损态势延续下去的风险。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">华纳兄弟宣布，派拉蒙提出的每股31美元的全现金要约，优于其此前与奈飞达成的每股 27.75 美元的协议。那笔交易留下了日渐式微的广播网络，这些网络将以令人质疑的价值被剥离，并负债累累。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这场斗争在很大程度上变成了关于规划一条清晰的成交路径，就像它关于金钱一样。派拉蒙消化一个大得多的制片厂、其庞大的电影库和知识产权以及随之而来的电视资产的能力，引发了严重的质疑，包括来自奈飞和华纳兄弟董事会的质疑。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">老板大卫·埃里森最终动用了他亿万富翁父亲拉里·埃里森来消除顾虑，而奈飞没能做到这一点。在交易成交之前，负担都落在老埃里森身上，这位甲骨文公司的创始人，其在这家云计算巨头中的股份现在实际上为竞标提供了担保。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">尽管如此，即使派拉蒙实现了其承诺的 60 亿美元巨额协同效应，将其与华纳的预期营业收入合并并计税，也意味着回报率不到 6%。削减成本可能仍会引发政治反对，而合并将吸引反垄断者的抨击，无论埃里森家族与总统特朗普的关系多么亲近。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">与此同时，利息成本将是一个悬念。考虑到华纳兄弟本身在近四年前与探索频道合并后，在巨额借款的重压下萎靡不振，这些利息成本显得凶多吉少。在交易谈判浮出水面之前的五年里，其股价下跌了约一半。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">一个安慰是，华纳兄弟探索终于在扭转局面。去年，其王冠上的明珠 HBO 的流媒体盈利翻了一番。即便如此，奈飞可能躲过了一颗并购子弹；在其退出竞标后，其股价跳涨了 10%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">华纳兄弟的交易只能弥补一部分损失\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">一些伤痕将持续存在。这家由泰德·萨兰多斯和格雷格·彼得斯共同领导的市值 3600 亿美元的公司已经引起了当局的注意。一组州总检察长对合并计划表示了担忧，而司法部发起了一项调查，重点关注奈飞潜在的市场权力。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">华纳老板大卫·扎斯拉夫至少获得了一个惊人的近 150% 的溢价，并附带异常严格的条款，以补偿任何坚持到现在的投资者。当然，这慷慨地忽略了昂贵的机会成本，因为标普 500 指数在过去五年里上涨了 80%。这场战争的伤亡者将长期徘徊。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯推荐美股大数据 \u003Ca 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]