<p>尽管我们不断听到关于收购娱乐巨头华纳兄弟探索（Warner Bros. Discovery，WBD）各个方面的消息，但该公司的其他业务仍在正常运转。而华纳刚刚在与 Dish Network（SATS）就 Sling TV 概念的诉讼中败诉。不过，这一消息对华纳的影响不大，因为其股票在周三交易的最后几分钟仍微幅上涨。</p>
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<p>不久前，华纳对 Dish 提起诉讼，原因是 Dish 计划以极短的时间提供 Sling TV 服务，有时仅为一天。这使得用户以正常价格的一小部分访问内容，这在合理范围内。如果你只支付一天的费用，就不应该支付一个月的费用。华纳对此举表示不满，并将案件提交给美国地区法官阿伦·苏布拉马尼安（Arun Subramanian），最终法官支持了 Dish 的立场，认为 “订阅者” 的定义是关键。</p>
<p>通常，像华纳这样的网络会以多周的套餐购买一些活动的访问权，比如美国公开赛。然后，它会将访问权出售给有线电视提供商或通过流媒体提供访问。但在 Dish 的案例中，Dish 通过提供短期订阅来规避这一过程，以满足人们实际想要内容的需求。但许可协议通常并未明确什么算作 “订阅者” 以及持续多长时间。法院指出，像华纳这样的公司只需重新说明什么符合 “订阅者” 的资格，这一点几乎肯定会在 Dish 的合同谈判中成为一个困扰。</p>
<h2><strong>重大新任命</strong></h2>
<p>与此同时，华纳正在为华纳与探索全球（Discovery Global）之间的分拆做准备，华纳引入了一位新人物担任探索全球的新任传播与公共事务负责人。阿德里安·奥哈拉（Adrienne O'Hara）将在分拆于明年某个时候生效后担任该职位。她将直接向即将上任的首席执行官古纳尔·维登费尔斯（Gunnar Wiedenfels）汇报，后者目前担任华纳的首席财务官。</p>
<p>维登费尔斯指出：“阿德里安是一位经过验证的领导者，拥有丰富的经验，能够引导标志性品牌组合经历转型和变革。她将战略转化为清晰、有说服力的叙述的能力，将对我们与投资者、员工、合作伙伴及其他利益相关者的互动至关重要，继续增强对探索全球作为独立公司巨大潜力的信心。” 然而，如果派拉蒙·斯凯丹（Paramount Skydance，PSKY）实现其收购华纳的计划，这一任命可能会变得无关紧要。</p>
<h2><strong>WBD 股票值得购买吗？</strong></h2>
<p>转向华尔街，分析师对 WBD 股票的共识评级为适度买入，基于过去三个月内的七个买入和 13 个持有评级，如下图所示。在过去一年中，WBD 股价上涨了 174.48%，其平均目标价为每股 23.92 美元，意味着有 18.22% 的下行风险。</p>

<p>华纳兄弟探索公司（WBD）在与 Dish Network 就 Sling TV 的短期订阅模式的诉讼中败诉。尽管败诉，WBD 的股价略有上涨。此外，华纳正在为与 Discovery Global 的分拆做准备，任命 Adrienne O'Hara 为通讯负责人。分析师对 WBD 股票的评级为适度买入，当前价格的潜在下行风险为 18.22%</p>

<p>While we have been hearing relentlessly about every part of the effort to buy entertainment giant Warner Bros. Discovery (WBD), there are other parts of the business still running. And Warner just lost a lawsuit against Dish Network (SATS) over the Sling TV concept. The news did little to hurt Warner, though, as shares still notched up fractionally in the closing minutes of Wednesday's trading.</p>
<div class="lb-trans"><p>尽管我们不断听到关于收购娱乐巨头华纳兄弟探索（Warner Bros. Discovery，WBD）各个方面的消息，但该公司的其他业务仍在正常运转。而华纳刚刚在与 Dish Network（SATS）就 Sling TV 概念的诉讼中败诉。不过，这一消息对华纳的影响不大，因为其股票在周三交易的最后几分钟仍微幅上涨。</p>
</div><h3>Claim 70% Off TipRanks This Holiday Season</h3>
<div class="lb-trans"><h3>在这个假期季节，TipRanks 限时七折优惠</h3>
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<li>Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>A while back, Warner filed suit against Dish over Dish's plan to offer Sling TV service in extremely short terms, sometimes as little as one day. This allowed access to content at a fraction of normal prices, which is reasonable enough. If you pay for a day, you should not have to pay for the month. Warner cried foul over this move and took its case to U.S. District Judge Arun Subramanian, who ultimately found in Dish's favor on the strength of what a &#34;subscriber&#34; is.</p>
<div class="lb-trans"><p>不久前，华纳对 Dish 提起诉讼，原因是 Dish 计划以极短的时间提供 Sling TV 服务，有时仅为一天。这使得用户以正常价格的一小部分访问内容，这在合理范围内。如果你只支付一天的费用，就不应该支付一个月的费用。华纳对此举表示不满，并将案件提交给美国地区法官阿伦·苏布拉马尼安（Arun Subramanian），最终法官支持了 Dish 的立场，认为 “订阅者” 的定义是关键。</p>
</div><p>Normally, a network like Warner would buy access to some events, like the U.S. Open, in a multi-week package. It then sells access back to the cable providers or offers access through streaming. But in Dish's case, Dish was circumventing this process by offering subscriptions in the short term, for when people actually wanted the content. But the licensing agreements generally do not spell out what counts as a &#34;subscriber&#34; and for how long. The court pointed out that companies like Warner simply needed to restate what qualifies as a &#34;subscriber,&#34; a point that will almost certainly return to haunt Dish in contract negotiations.</p>
<div class="lb-trans"><p>通常，像华纳这样的网络会以多周的套餐购买一些活动的访问权，比如美国公开赛。然后，它会将访问权出售给有线电视提供商或通过流媒体提供访问。但在 Dish 的案例中，Dish 通过提供短期订阅来规避这一过程，以满足人们实际想要内容的需求。但许可协议通常并未明确什么算作 “订阅者” 以及持续多长时间。法院指出，像华纳这样的公司只需重新说明什么符合 “订阅者” 的资格，这一点几乎肯定会在 Dish 的合同谈判中成为一个困扰。</p>
</div><h2><strong>Big New Hire</strong></h2>
<div class="lb-trans"><h2><strong>重大新任命</strong></h2>
</div><p>Meanwhile, preparing for the spin-off between Warner and Discovery Global, Warner has brought in a new figure to serve as Discovery Global's new head of communications and public affairs. Adrienne O'Hara will be tasked with that position, once the spin-off goes live sometime next year. She will report directly to incoming CEO Gunnar Wiedenfels, who currently serves as Warner's CFO.</p>
<div class="lb-trans"><p>与此同时，华纳正在为华纳与探索全球（Discovery Global）之间的分拆做准备，华纳引入了一位新人物担任探索全球的新任传播与公共事务负责人。阿德里安·奥哈拉（Adrienne O'Hara）将在分拆于明年某个时候生效后担任该职位。她将直接向即将上任的首席执行官古纳尔·维登费尔斯（Gunnar Wiedenfels）汇报，后者目前担任华纳的首席财务官。</p>
</div><p>Wiedenfels noted, &#34;Adrienne is a proven leader with deep experience guiding iconic branded portfolios through transformation and change. Her ability to translate strategy into clear, compelling narratives will be critical as we look to engage our investors, employees, partners and other stakeholders, building continued belief in Discovery Global's incredible potential as a standalone company.&#34; The hire, however, could be rendered moot should Paramount Skydance (PSKY) achieve its plan to buy the entirety of Warner.</p>
<div class="lb-trans"><p>维登费尔斯指出：“阿德里安是一位经过验证的领导者，拥有丰富的经验，能够引导标志性品牌组合经历转型和变革。她将战略转化为清晰、有说服力的叙述的能力，将对我们与投资者、员工、合作伙伴及其他利益相关者的互动至关重要，继续增强对探索全球作为独立公司巨大潜力的信心。” 然而，如果派拉蒙·斯凯丹（Paramount Skydance，PSKY）实现其收购华纳的计划，这一任命可能会变得无关紧要。</p>
</div><h2><strong>Is WBD Stock a Good Buy?</strong></h2>
<div class="lb-trans"><h2><strong>WBD 股票值得购买吗？</strong></h2>
</div><p>Turning to Wall Street, analysts have a Moderate Buy consensus rating on WBD stock based on seven Buys and 13 Holds assigned in the past three months, as indicated by the graphic below. After a 174.48% rally in its share price over the past year, the average WBD price target of $23.92 per share implies 18.22% downside risk.</p>
<div class="lb-trans"><p>转向华尔街，分析师对 WBD 股票的共识评级为适度买入，基于过去三个月内的七个买入和 13 个持有评级，如下图所示。在过去一年中，WBD 股价上涨了 174.48%，其平均目标价为每股 23.92 美元，意味着有 18.22% 的下行风险。</p>
</div>

订阅者的意义何在？华纳兄弟探索公司股票（NASDAQ:WBD）因败诉而下跌