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<p>据知情人士透露，华纳兄弟探索公司（Warner Bros. Discovery Inc.，简称 WBD）正准备再次拒绝派拉蒙 Skydance 公司的非正式收购要约。董事会尚未做出最终决定，但计划在下周召开会议评估该提案。派拉蒙最近修改了其出价，增加了拉里·埃里森（Larry Ellison）的个人担保，以增强融资的确定性，并提高了其监管终止费，以与 Netflix 的竞争要约保持一致。</p>
<p>尽管进行了这些更改，华纳兄弟的高管们仍然持怀疑态度。该公司在 12 月早些时候曾拒绝了派拉蒙的全现金要约，理由是对融资透明度、执行风险以及缺乏完整的家庭担保表示担忧。分析师指出，派拉蒙修订后的条款仍未提高每股价值，使得该要约相比于 Netflix 的现金和股票协议吸引力不足。</p>
<p>Netflix 在 12 月 5 日宣布达成协议，以近 830 亿美元的交易收购华纳兄弟的电影制片厂和流媒体资产。虽然派拉蒙的出价在表面数字上更高，但华纳兄弟强调，Netflix 的提案提供了更大的交易确定性、更清晰的融资和更少的监管障碍。在 Netflix 的协议下，华纳兄弟如果退出将面临 28 亿美元的解约费。</p>
<p>报道称，包括哈里斯·奥克马克（Harris Oakmark）在内的主要股东也对派拉蒙修订后的要约表示担忧，认为其仍然不足，特别是与 Netflix 交易相关的义务相比。</p>
<p>由首席执行官大卫·埃里森（David Ellison）领导的派拉蒙 Skydance 公司辩称，其出价将创建一个比迪士尼更大的联合制片厂，并面临更少的监管障碍。为了增强信心，拉里·埃里森个人担保了超过 400 亿美元的股权融资，希望解决对该要约可信度的疑虑。该公司还延长了其收购要约的截止日期，并承诺在债务再融资和临时运营契约方面提供更大的灵活性。</p>
<p>目前，华纳兄弟探索公司的董事会继续建议股东支持 Netflix 的合并协议，称其是长期价值的更优选项。虽然派拉蒙的坚持突显了好莱坞几十年来最大整合战役中的高风险，但业内观察人士预计，除非派拉蒙显著改善其条款，否则华纳兄弟将继续与 Netflix 保持一致。</p>
<p>如有意见和反馈，请联系：editorial@rttnews.com</p>
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<p>华纳兄弟探索公司可能会拒绝派拉蒙斯凯丹公司的修订非自愿收购要约，尽管最近的变化旨在增强融资的确定性。董事会将于下周召开会议讨论该提案，但由于对融资透明度和执行风险的担忧，仍然存在怀疑。分析师指出，派拉蒙的要约与 Netflix 的协议相比，并未提高每股价值，而后者被视为更有利的选择。主要股东对派拉蒙的出价表示怀疑，华纳兄弟仍然支持与 Netflix 的合并，认为这是更好的长期选择</p>

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</div><p>Warner Bros. Discovery Inc. (WBD) is preparing to once again turn down Paramount Skydance Corp.'s unsolicited tender offer, according to reports from people familiar with the matter. The board has not yet issued a final decision but is scheduled to meet next week to evaluate the proposal. Paramount recently amended its bid, adding a personal guarantee from Larry Ellison to strengthen financing certainty and raising its regulatory termination fee to align with Netflix's competing offer.</p>
<div class="lb-trans"><p>据知情人士透露，华纳兄弟探索公司（Warner Bros. Discovery Inc.，简称 WBD）正准备再次拒绝派拉蒙 Skydance 公司的非正式收购要约。董事会尚未做出最终决定，但计划在下周召开会议评估该提案。派拉蒙最近修改了其出价，增加了拉里·埃里森（Larry Ellison）的个人担保，以增强融资的确定性，并提高了其监管终止费，以与 Netflix 的竞争要约保持一致。</p>
</div><p>Despite these changes, Warner Bros. executives remain skeptical. The company previously rejected Paramount's all-cash offer earlier in December, citing concerns over financing transparency, execution risks, and the absence of a full family guarantee. Analysts note that Paramount's revised terms still do not increase the per-share value, leaving the offer less attractive compared to Netflix's cash-and-stock agreement.</p>
<div class="lb-trans"><p>尽管进行了这些更改，华纳兄弟的高管们仍然持怀疑态度。该公司在 12 月早些时候曾拒绝了派拉蒙的全现金要约，理由是对融资透明度、执行风险以及缺乏完整的家庭担保表示担忧。分析师指出，派拉蒙修订后的条款仍未提高每股价值，使得该要约相比于 Netflix 的现金和股票协议吸引力不足。</p>
</div><p>Netflix announced on December 5 that it reached an agreement to acquire Warner Bros.' film studio and streaming assets in a transaction valued at nearly $83 billion. While Paramount's bid carries a higher headline figure, Warner Bros. has emphasized that Netflix's proposal offers greater deal certainty, clearer financing, and fewer regulatory hurdles. Under the Netflix agreement, Warner Bros. would face a $2.8 billion breakup fee if it walked away.</p>
<div class="lb-trans"><p>Netflix 在 12 月 5 日宣布达成协议，以近 830 亿美元的交易收购华纳兄弟的电影制片厂和流媒体资产。虽然派拉蒙的出价在表面数字上更高，但华纳兄弟强调，Netflix 的提案提供了更大的交易确定性、更清晰的融资和更少的监管障碍。在 Netflix 的协议下，华纳兄弟如果退出将面临 28 亿美元的解约费。</p>
</div><p>The reports noted that major shareholders, including Harris Oakmark, have also voiced concerns that Paramount's revised offer remains insufficient, particularly when measured against the obligations tied to the Netflix deal.</p>
<div class="lb-trans"><p>报道称，包括哈里斯·奥克马克（Harris Oakmark）在内的主要股东也对派拉蒙修订后的要约表示担忧，认为其仍然不足，特别是与 Netflix 交易相关的义务相比。</p>
</div><p>Paramount Skydance, led by CEO David Ellison, has argued that its bid would create a combined studio larger than Disney and face fewer regulatory obstacles. To bolster confidence, Larry Ellison personally guaranteed more than $40 billion of equity financing, hoping to address doubts about the bid's credibility. The company also extended its tender offer deadline and promised greater flexibility on debt refinancing and interim operating covenants.</p>
<div class="lb-trans"><p>由首席执行官大卫·埃里森（David Ellison）领导的派拉蒙 Skydance 公司辩称，其出价将创建一个比迪士尼更大的联合制片厂，并面临更少的监管障碍。为了增强信心，拉里·埃里森个人担保了超过 400 亿美元的股权融资，希望解决对该要约可信度的疑虑。该公司还延长了其收购要约的截止日期，并承诺在债务再融资和临时运营契约方面提供更大的灵活性。</p>
</div><p>For now, Warner Bros. Discovery's board continues to recommend shareholders support the Netflix merger agreement, calling it the superior option for long-term value. While Paramount's persistence underscores the high stakes in Hollywood's largest consolidation battle in decades, industry observers reportedly expect Warner Bros. to remain aligned with Netflix unless Paramount significantly improves its terms.</p>
<div class="lb-trans"><p>目前，华纳兄弟探索公司的董事会继续建议股东支持 Netflix 的合并协议，称其是长期价值的更优选项。虽然派拉蒙的坚持突显了好莱坞几十年来最大整合战役中的高风险，但业内观察人士预计，除非派拉蒙显著改善其条款，否则华纳兄弟将继续与 Netflix 保持一致。</p>
</div><p>For comments and feedback contact: editorial@rttnews.com</p>
<div class="lb-trans"><p>如有意见和反馈，请联系：editorial@rttnews.com</p>
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据报道，华纳兄弟可能会拒绝派拉蒙修订后的报价