<p>民主党人威胁要拆解派拉蒙提议收购华纳兄弟的计划，一旦美国总统唐纳德·特朗普失去权力。</p>
<p>华纳兄弟已同意以 830 亿美元（620 亿英镑）被 Netflix 收购其工作室和流媒体网络，但现在正抵御派拉蒙的权力争夺，后者已将其报价直接提交给股东。</p>
<p>两位民主党代表已致信华纳兄弟发现公司的董事会和美国财政部长斯科特·贝森特，表达对好莱坞工作室被出售给外资支持的买家的担忧。</p>
<p>派拉蒙的 1080 亿美元敌意收购主要由沙特阿拉伯、阿布扎比和卡塔尔的主权财富基金资助。</p>
<p>在 Semafor 看到的信中，萨姆·利卡多和阿亚娜·普雷斯利写道：“未来的国会将审查当前政府的许多决定，并可能建议监管机构推动剥离，这将削弱此次合并的战略逻辑。”</p>
<p>“我们敦促董事会在评估一项负担着不确定但可能广泛的缓解义务、外部影响风险或不利监管行动的交易时，考虑这些国家安全和监管责任。”</p>
<p>海湾国家共同为此次收购提供了 240 亿美元的资金，几乎是派拉蒙主要股东埃里森家族投入金额的两倍，占总股本的近三分之五。</p>
<p>特朗普的女婿贾里德·库什纳也通过他的投资公司 Affinity Partners 支持此次收购。</p>
<p>派拉蒙坚称这三家财富基金以及库什纳将放弃作为交易一部分的任何治理权利，包括董事会席位。</p>
<p>它坚称这使得其收购不在美国外国投资委员会（CFIUS）的审查范围内，该委员会审查投资对国家安全的潜在威胁。</p>
<p>但这两位民主党人，均在美国众议院金融服务委员会任职，警告称，任何未寻求 CFIUS 调查的行为将代表 “严重的信托判断失误”，可能 “使公司面临重大监管和声誉损害”。</p>
<p>他们补充道：“这些投资者由于其财务地位或合同权利，可能会对影响编辑独立性、内容管理、分发优先级或美国人私人数据的管理的商业决策产生直接或间接的影响。”</p>
<p>“即使没有明显的控制，这种影响在与美国利益不一致的外部国家关联实体存在战略利益时，也可能构成国家安全威胁。”</p>
<p>这一威胁突显了华纳兄弟未来的政治敏感性。</p>
<p>虽然民主党目前无法干预该交易，但预计漫长的监管审查期意味着该交易可能拖延到 2028 年下届总统选举之前。</p>
<p>派拉蒙董事长兼首席执行官大卫·埃里森据报道已与华纳投资者会面，以提高达成交易的机会，该交易涉及整个公司。</p>
<p>现在派拉蒙据说正在考虑提高其报价。</p>
<p>到目前为止，它已提出每股 30 美元的报价，而 Netflix 的报价为 27.75 美元，但分析师认为这家工作室巨头可能将其提高到 35 美元。</p>

PGRE

<p>民主党正在挑战派拉蒙以 1080 亿美元收购华纳兄弟的提议，理由是由于来自海湾国家的外国资金引发的国家安全担忧。该提议得到了主权财富基金和贾里德·库什纳的支持，绕过了 CFIUS 审查，增加了监管和声誉风险。民主党警告可能对编辑独立性和数据管理产生外国影响。该交易面临政治审查，可能会延续到 2028 年总统选举</p>

<p>Democrats have threatened to unravel Paramount’s proposed takeover of Warner Bros once Donald Trump, the US president, is out of power.</p>
<div class="lb-trans"><p>民主党人威胁要拆解派拉蒙提议收购华纳兄弟的计划，一旦美国总统唐纳德·特朗普失去权力。</p>
</div><p>Warner Bros had agreed to an $83bn (£62bn) takeover by Netflix for its studio and streaming networks but is now fending off a power grab by Paramount, which has taken its offer straight to shareholders.</p>
<div class="lb-trans"><p>华纳兄弟已同意以 830 亿美元（620 亿英镑）被 Netflix 收购其工作室和流媒体网络，但现在正抵御派拉蒙的权力争夺，后者已将其报价直接提交给股东。</p>
</div><p>Two Democratic Representatives have written to the board of Warner Bros Discovery and to Scott Bessent, the US treasury secretary, to raise concerns about the Hollywood studios being sold to a buyer backed by foreign powers.</p>
<div class="lb-trans"><p>两位民主党代表已致信华纳兄弟发现公司的董事会和美国财政部长斯科特·贝森特，表达对好莱坞工作室被出售给外资支持的买家的担忧。</p>
</div><p>Paramount’s $108bn hostile bid is primarily funded by the sovereign wealth funds of Saudi Arabia, Abu Dhabi and Qatar.</p>
<div class="lb-trans"><p>派拉蒙的 1080 亿美元敌意收购主要由沙特阿拉伯、阿布扎比和卡塔尔的主权财富基金资助。</p>
</div><p>In the letter, seen by Semafor, Sam Liccardo and Ayanna Pressley wrote: “Future Congresses will review many of the decisions of the current administration and may recommend that regulators push for divestitures, which would undermine the strategic logic of this merger.</p>
<div class="lb-trans"><p>在 Semafor 看到的信中，萨姆·利卡多和阿亚娜·普雷斯利写道：“未来的国会将审查当前政府的许多决定，并可能建议监管机构推动剥离，这将削弱此次合并的战略逻辑。”</p>
</div><p>“We urge the board to weigh these national security and regulatory liabilities in evaluating a transaction burdened by uncertain but potentially extensive mitigation obligations, foreign influence risks or adverse regulatory action.”</p>
<div class="lb-trans"><p>“我们敦促董事会在评估一项负担着不确定但可能广泛的缓解义务、外部影响风险或不利监管行动的交易时，考虑这些国家安全和监管责任。”</p>
</div><p>Together, the Gulf states are contributing $24bn to the bid – double the amount that Paramount’s main shareholders, the Ellison family, are putting in and accounting for almost three fifths of the total equity.</p>
<div class="lb-trans"><p>海湾国家共同为此次收购提供了 240 亿美元的资金，几乎是派拉蒙主要股东埃里森家族投入金额的两倍，占总股本的近三分之五。</p>
</div><p>Jared Kushner, Mr Trump’s son-in-law, is also backing the bid through his investment firm, Affinity Partners.</p>
<div class="lb-trans"><p>特朗普的女婿贾里德·库什纳也通过他的投资公司 Affinity Partners 支持此次收购。</p>
</div><p>Paramount has insisted that the three wealth funds – as well as Mr Kushner – will forgo any governance rights as part of the deal, including board seats.</p>
<div class="lb-trans"><p>派拉蒙坚称这三家财富基金以及库什纳将放弃作为交易一部分的任何治理权利，包括董事会席位。</p>
</div><p>It has insisted that this puts its bid outside the scope of the committee on foreign investment in the United States (CFIUS), which reviews the potential threat of investments to national security.</p>
<div class="lb-trans"><p>它坚称这使得其收购不在美国外国投资委员会（CFIUS）的审查范围内，该委员会审查投资对国家安全的潜在威胁。</p>
</div><p>But the two Democrats, who both sit on the US House committee on financial services, warned that any failure to seek a CFIUS investigation would represent a “serious lapse in fiduciary judgment” that could “expose the company to significant regulatory and reputational harm”.</p>
<div class="lb-trans"><p>但这两位民主党人，均在美国众议院金融服务委员会任职，警告称，任何未寻求 CFIUS 调查的行为将代表 “严重的信托判断失误”，可能 “使公司面临重大监管和声誉损害”。</p>
</div><p>They added: “These investors, by virtue of their financial position or contractual rights, could obtain influence – direct or indirect – over business decisions that bear upon editorial independence, content moderation, distribution priorities or the stewardship of Americans’ private data.</p>
<div class="lb-trans"><p>他们补充道：“这些投资者由于其财务地位或合同权利，可能会对影响编辑独立性、内容管理、分发优先级或美国人私人数据的管理的商业决策产生直接或间接的影响。”</p>
</div><p>“Even absent overt control, such influence can present a national security threat when foreign state-linked entities have strategic interests inconsistent with those of the United States.”</p>
<div class="lb-trans"><p>“即使没有明显的控制，这种影响在与美国利益不一致的外部国家关联实体存在战略利益时，也可能构成国家安全威胁。”</p>
</div><p>The threat underscores the political sensitivities around the future of Warner Bros.</p>
<div class="lb-trans"><p>这一威胁突显了华纳兄弟未来的政治敏感性。</p>
</div><p>While Democrats are currently unable to intervene in the deal, an expected period of lengthy regulatory scrutiny means it may drag on towards the next presidential election in 2028.</p>
<div class="lb-trans"><p>虽然民主党目前无法干预该交易，但预计漫长的监管审查期意味着该交易可能拖延到 2028 年下届总统选举之前。</p>
</div><p>David Ellison, the chairman and chief executive of Paramount, has reportedly met with Warner investors to boost his chances of a deal, which is for the entire company.</p>
<div class="lb-trans"><p>派拉蒙董事长兼首席执行官大卫·埃里森据报道已与华纳投资者会面，以提高达成交易的机会，该交易涉及整个公司。</p>
</div><p>Paramount is now said to be considering increasing its offer.</p>
<div class="lb-trans"><p>现在派拉蒙据说正在考虑提高其报价。</p>
</div><p>So far, it has tabled a bid of $30 per share – compared to Netflix’s $27.75 offer – but analysts think the studio giant could increase this to as much as $35.</p>
<div class="lb-trans"><p>到目前为止，它已提出每股 30 美元的报价，而 Netflix 的报价为 27.75 美元，但分析师认为这家工作室巨头可能将其提高到 35 美元。</p>
</div>

民主党人威胁要在特朗普之后拆解派拉蒙的权力扩张