<p>派拉蒙公司、Skydance Corporation 和奈飞都希望收购华纳兄弟探索，但将面临类似的反垄断问题，可能需要调整计划以满足监管机构的要求，竞争法专家表示。</p>
<p>华纳兄弟探索（WBD）同意以每股 27.75 美元的现金和股票交易将其电影和电视工作室及流媒体平台 HBO Max 出售给奈飞。但随后派拉蒙在周一宣布以每股 30.00 美元的全现金要约收购 WBD，并表示这是一个 “更优越” 的报价。</p>
<p>比尔津·桑伯格的反垄断业务联合负责人斯科特·瓦格纳定期指导客户应对司法部和其他政府机构的监管调查。他表示，两家公司面临重大挑战。</p>
<p><strong>特朗普表示，购买华纳兄弟的 “任何交易” 都应包括 CNN</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/12/931/523/netflix-wbd-paramount.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/12/931/523/netflix-wbd-paramount.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>派拉蒙公司、Skydance Corporation 和奈飞都希望收购华纳兄弟探索。（安娜·巴克利/盖蒂图片社）</p>
<p>“我认为即使派拉蒙在流媒体市场的份额——尽管低于奈飞——我认为在流媒体方面的考虑会非常相似，无论是奈飞还是派拉蒙，” 瓦格纳对福克斯新闻数字版表示。</p>
<p>“是的，奈飞的市场份额更大。与派拉蒙相比，可能问题会少一些，” 他继续说道。“但我仍然认为，派拉蒙的市场份额足够大，合并后的公司仍会受到密切关注。”</p>
<p>另一个因素是，派拉蒙提议的交易是针对整个 WBD——包括其全球网络部门，其中包括 CNN 和其他有线资产——而奈飞则只寻求收购工作室和流媒体部门，留下像 CNN 这样的挣扎中的有线资产。</p>
<p>派拉蒙控制 CBS 新闻和 CNN 将使公司在传统媒体中占据强大的份额，尽管瓦格纳表示，法院在定义整体市场时也可能考虑到 X、Substack 和播客等新兴媒体。</p>
<p><strong>CNN 员工担心如果派拉蒙收购华纳兄弟探索，网络的未来将是 “彻底的糟糕表演”：内部人士</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/warnr-bro-discovery.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/warnr-bro-discovery.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>无论哪家公司获得华纳兄弟探索，都将面临反垄断问题。（亚历山大·卡尔卡/诺尔照片社/盖蒂图片社）</p>
<p>“从技术反垄断的角度来看，新闻方面的问题可能比流媒体方面的问题小，” 瓦格纳说。</p>
<p>“你当然可以提出一个论点，即相关市场是传统媒体，” 他继续说道。“但我认为更好的论点可能是市场比传统媒体更广泛。”</p>
<p>与此同时，特朗普总统周三坚持认为 CNN 必须成为任何销售的一部分。</p>
<p>“我认为过去很长一段时间管理 CNN 的人是个耻辱，” 特朗普在白宫对记者说。“我认为 CNN 必须被出售，因为你肯定不想让那些人仅仅留下些钱，好的钱在 CNN，以便他们可以花更多的钱传播毒药，因为那是谎言。这是个耻辱。所以，我不想看到同一家公司最终拥有 CNN。”</p>
<p><strong>派拉蒙发起对华纳兄弟探索的敌意收购要约，称其报价 “优越于奈飞交易”</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/12/931/523/david-zaslav-wbd-getty.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/12/931/523/david-zaslav-wbd-getty.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>华纳兄弟探索首席执行官大卫·扎斯拉夫。（迈克尔·M·圣地亚哥/盖蒂图片社）</p>
<p>奈飞并没有表示希望与这个挣扎中的网络有任何关系，但瓦格纳认为，如果他们想成功收购 WBD，这种情况可能会改变。</p>
<p>“如果我是奈飞的顾问，我的建议是你想尽一切办法让司法部批准这笔交易，” 瓦格纳说。</p>
<p>“我不会对总统在新闻发布会上即兴评论对司法部的影响发表意见，” 他继续说道。“但如果你知道接手 CNN 是完成交易所需的事情，他们可能会这样做。”</p>
<p>瓦格纳建议奈飞甚至可以在收购中包括 CNN，以满足监管机构的要求，然后在交易获得批准后出售它。</p>
<p>“这当然是一个可能性，” 他说。</p>
<p>无论如何，瓦格纳表示，这场斗争不会很快结束。</p>
<p>“像这样的合并通常需要一年到两年的时间才能获得批准。然后在批准后，通常会有一个时期——假设它获得批准——在此期间完成交易，” 他说。</p>
<p>“不仅仅是美国会关注这个问题。欧盟和其他司法管辖区也会关注这笔收购，” 他继续说道。“也有可能你知道，其他司法管辖区的执法者会寻求对交易进行某种更改或某种剥离，而美国并没有要求。”</p>
<p><strong>点击这里获取福克斯新闻应用程序</strong></p>
<p><em>福克斯新闻数字版的约瑟夫·A·沃尔夫索恩对此报告做出了贡献。</em></p>

奈飞

派拉蒙环球

<p>派拉蒙和奈飞都对收购华纳兄弟探索公司感兴趣，但面临反垄断挑战。派拉蒙提出了每股 30 美元的全现金报价，而奈飞的报价则是每股 27.75 美元的现金加股票交易。反垄断专家斯科特·瓦格纳指出，两家公司都将面临审查，特别是在流媒体市场份额方面。派拉蒙的报价包括华纳兄弟探索公司的所有资产，而奈飞的报价则不包括 CNN 和其他有线资产。收购过程可能需要长达两年的时间，包括美国和欧盟的监管审查</p>

<p>Paramount, a Skydance Corporation, and Netflix both want to purchase Warner Bros. Discovery but will face similar antitrust issues and might have to alter plans to satisfy regulators, according to a competition law guru.</p>
<div class="lb-trans"><p>派拉蒙公司、Skydance Corporation 和奈飞都希望收购华纳兄弟探索，但将面临类似的反垄断问题，可能需要调整计划以满足监管机构的要求，竞争法专家表示。</p>
</div><p>Warner Bros. Discovery (WBD) agreed to sell its film and television studios and streaming platform, HBO Max, to Netflix in a cash-and-stock deal valued at $27.75 per share. But then Paramount announced Monday an all-cash tender offer to acquire WBD for $30.00 per share in cash, with the company suggesting it’s a &#34;superior&#34; offer.</p>
<div class="lb-trans"><p>华纳兄弟探索（WBD）同意以每股 27.75 美元的现金和股票交易将其电影和电视工作室及流媒体平台 HBO Max 出售给奈飞。但随后派拉蒙在周一宣布以每股 30.00 美元的全现金要约收购 WBD，并表示这是一个 “更优越” 的报价。</p>
</div><p>Scott Wagner, co-head of the antitrust practice at Bilzin Sumberg, regularly guides clients through regulatory investigations conducted by the Department of Justice and other government agencies. He said both companies face significant challenges.</p>
<div class="lb-trans"><p>比尔津·桑伯格的反垄断业务联合负责人斯科特·瓦格纳定期指导客户应对司法部和其他政府机构的监管调查。他表示，两家公司面临重大挑战。</p>
</div><p><strong>TRUMP SAYS 'ANY DEAL' TO BUY WARNER BROS SHOULD INCLUDE CNN</strong></p>
<div class="lb-trans"><p><strong>特朗普表示，购买华纳兄弟的 “任何交易” 都应包括 CNN</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/12/931/523/netflix-wbd-paramount.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/12/931/523/netflix-wbd-paramount.jpg?ve=1&amp;tl=1"/></p>
<p>Paramount, a Skydance Corporation, and Netflix both want to purchase Warner Bros. Discovery. (Anna Barclay/Getty Images / Getty Images)</p>
<div class="lb-trans"><p>派拉蒙公司、Skydance Corporation 和奈飞都希望收购华纳兄弟探索。（安娜·巴克利/盖蒂图片社）</p>
</div><p>&#34;I think even with Paramount's share of the streaming market — even though it's less than Netflix — I think that the considerations would be very similar just on the streaming front, whether it's Netflix or Paramount,&#34; Wagner told Fox News Digital.</p>
<div class="lb-trans"><p>“我认为即使派拉蒙在流媒体市场的份额——尽管低于奈飞——我认为在流媒体方面的考虑会非常相似，无论是奈飞还是派拉蒙，” 瓦格纳对福克斯新闻数字版表示。</p>
</div><p>&#34;Yeah, Netflix has a bigger market share. It may be less of a problem with Paramount,&#34; he continued. &#34;But I still think with Paramount's market share, it's a big enough market share that the combined company, it would still be looked at, you know, with a very close eye.&#34;</p>
<div class="lb-trans"><p>“是的，奈飞的市场份额更大。与派拉蒙相比，可能问题会少一些，” 他继续说道。“但我仍然认为，派拉蒙的市场份额足够大，合并后的公司仍会受到密切关注。”</p>
</div><p>Another factor is that Paramount's proposed transaction is for the entirety of WBD — including its Global Networks segment that includes CNN and other cable assets — while Netflix is seeking to acquire only the studio and streaming divisions, leaving behind struggling cable holdings such as CNN.</p>
<div class="lb-trans"><p>另一个因素是，派拉蒙提议的交易是针对整个 WBD——包括其全球网络部门，其中包括 CNN 和其他有线资产——而奈飞则只寻求收购工作室和流媒体部门，留下像 CNN 这样的挣扎中的有线资产。</p>
</div><p>Paramount controlling both CBS News and CNN would give the company a powerful share of traditional media, though Wagner said courts may also weigh newer outlets such as X, Substack and podcasts when defining the overall market.</p>
<div class="lb-trans"><p>派拉蒙控制 CBS 新闻和 CNN 将使公司在传统媒体中占据强大的份额，尽管瓦格纳表示，法院在定义整体市场时也可能考虑到 X、Substack 和播客等新兴媒体。</p>
</div><p><strong>CNN STAFFERS FEAR FOR ‘UTTER S--- SHOW’ IN NETWORK'S FUTURE IF PARAMOUNT BUYS WARNER BROS DISCOVERY: INSIDERS</strong></p>
<div class="lb-trans"><p><strong>CNN 员工担心如果派拉蒙收购华纳兄弟探索，网络的未来将是 “彻底的糟糕表演”：内部人士</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/warnr-bro-discovery.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/warnr-bro-discovery.jpg?ve=1&amp;tl=1"/></p>
<p>Whichever company lands Warner Bros. Discovery will face antitrust concerns. (Aleksander Kalka/NurPhoto via Getty Images / Getty Images)</p>
<div class="lb-trans"><p>无论哪家公司获得华纳兄弟探索，都将面临反垄断问题。（亚历山大·卡尔卡/诺尔照片社/盖蒂图片社）</p>
</div><p>&#34;From a technical antitrust perspective, the news side of things will probably be less of a concern than the streaming side,&#34; Wagner said.</p>
<div class="lb-trans"><p>“从技术反垄断的角度来看，新闻方面的问题可能比流媒体方面的问题小，” 瓦格纳说。</p>
</div><p>&#34;You could certainly make an argument that the relevant market is the legacy media,&#34; he continued. &#34;But I think the better argument is probably that the market is broader than just the legacy media.&#34;</p>
<div class="lb-trans"><p>“你当然可以提出一个论点，即相关市场是传统媒体，” 他继续说道。“但我认为更好的论点可能是市场比传统媒体更广泛。”</p>
</div><p>Meanwhile, President Donald Trump insisted Wednesday that CNN be part of any sale.</p>
<div class="lb-trans"><p>与此同时，特朗普总统周三坚持认为 CNN 必须成为任何销售的一部分。</p>
</div><p>&#34;I think the people that have run CNN for the last long period of time are a disgrace,&#34; Trump told reporters at the White House. &#34;I think it's imperative that CNN be sold because you certainly wouldn't want to put people, just leave those people with some money, good money at CNN so that, you know, they can spend even more money spreading poison because it's lies. It's a disgrace. So, I wouldn't want to see the same company end up with CNN.&#34;</p>
<div class="lb-trans"><p>“我认为过去很长一段时间管理 CNN 的人是个耻辱，” 特朗普在白宫对记者说。“我认为 CNN 必须被出售，因为你肯定不想让那些人仅仅留下些钱，好的钱在 CNN，以便他们可以花更多的钱传播毒药，因为那是谎言。这是个耻辱。所以，我不想看到同一家公司最终拥有 CNN。”</p>
</div><p><strong>PARAMOUNT LAUNCHES HOSTILE TAKEOVER BID OF WARNER BROS DISCOVERY, SAYS OFFER IS ‘SUPERIOR’ TO NETFLIX DEAL</strong></p>
<div class="lb-trans"><p><strong>派拉蒙发起对华纳兄弟探索的敌意收购要约，称其报价 “优越于奈飞交易”</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/12/931/523/david-zaslav-wbd-getty.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/12/931/523/david-zaslav-wbd-getty.jpg?ve=1&amp;tl=1"/></p>
<p>Warner Bros. Discovery CEO David Zaslav. (Michael M. Santiago/Getty Images / Getty Images)</p>
<div class="lb-trans"><p>华纳兄弟探索首席执行官大卫·扎斯拉夫。（迈克尔·M·圣地亚哥/盖蒂图片社）</p>
</div><p>Netflix hasn’t indicated it wants anything to do with the struggling network, but Wagner believes that could change if they want to successfully acquire WBD.</p>
<div class="lb-trans"><p>奈飞并没有表示希望与这个挣扎中的网络有任何关系，但瓦格纳认为，如果他们想成功收购 WBD，这种情况可能会改变。</p>
</div><p>&#34;If I were advising Netflix, my advice to them would be that you want to do whatever you can to get the DOJ to approve this deal,&#34; Wagner said.</p>
<div class="lb-trans"><p>“如果我是奈飞的顾问，我的建议是你想尽一切办法让司法部批准这笔交易，” 瓦格纳说。</p>
</div><p>&#34;I'm not gonna opine on what kind of influence the president's off-the-cuff comments in a press conference have on the DOJ,&#34; he continued. &#34;But if you know taking on CNN is something that it needed to do to get the deal done, they might do it.&#34;</p>
<div class="lb-trans"><p>“我不会对总统在新闻发布会上即兴评论对司法部的影响发表意见，” 他继续说道。“但如果你知道接手 CNN 是完成交易所需的事情，他们可能会这样做。”</p>
</div><p>Wagner suggested Netflix could even include CNN in the acquisition to satisfy regulators and then sell it once the deal is approved.</p>
<div class="lb-trans"><p>瓦格纳建议奈飞甚至可以在收购中包括 CNN，以满足监管机构的要求，然后在交易获得批准后出售它。</p>
</div><p>&#34;That is certainly a possibility,&#34; he said.</p>
<div class="lb-trans"><p>“这当然是一个可能性，” 他说。</p>
</div><p>Either way, Wagner said the saga isn’t going to be decided anytime soon.</p>
<div class="lb-trans"><p>无论如何，瓦格纳表示，这场斗争不会很快结束。</p>
</div><p>&#34;A merger like this would generally take anywhere from a year to two years to get approved. And then there's generally kind of a period after the approval — assuming it was approved — there's generally a period after the approval to consummate the deal,&#34; he said.</p>
<div class="lb-trans"><p>“像这样的合并通常需要一年到两年的时间才能获得批准。然后在批准后，通常会有一个时期——假设它获得批准——在此期间完成交易，” 他说。</p>
</div><p>&#34;It's not just the U.S. that'll be looking at this. The EU and other jurisdictions will also be looking at the acquisition,&#34; he continued. &#34;It's also possible that you know an enforcer in another jurisdiction will be looking for some sort of change to the deal or some sort of spinoff that the U.S. doesn't ask for.&#34;</p>
<div class="lb-trans"><p>“不仅仅是美国会关注这个问题。欧盟和其他司法管辖区也会关注这笔收购，” 他继续说道。“也有可能你知道，其他司法管辖区的执法者会寻求对交易进行某种更改或某种剥离，而美国并没有要求。”</p>
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<div class="lb-trans"><p><strong>点击这里获取福克斯新闻应用程序</strong></p>
</div><p><em>Fox News Digital’s Joseph A. Wulfsohn contributed to this report.</em></p>
<div class="lb-trans"><p><em>福克斯新闻数字版的约瑟夫·A·沃尔夫索恩对此报告做出了贡献。</em></p>
</div>

Paramount, Netflix face antitrust hurdles in Warner Bros Discovery bids

- Paramount 和 Netflix 都希望收购 Warner Bros. Discovery，但面临反垄断问题。  
- Warner Bros. Discovery 同意以每股 27.75 美元的现金和股票交易出售其影视工作室和 HBO Max。  
- Paramount 提出每股 30.00 美元的全现金收购要约，认为其报价更具优势。  

派拉蒙环球和奈飞在竞购 Warner Bros. Discovery 时面临反垄断障碍