<p>作者：卢卡斯·I·阿尔珀特</p>
<p>这家流媒体巨头已经接受的报价部分由自最初提出以来已贬值的股票组成，竞争对手派拉蒙在其敌意收购中多次指出这一事实。</p>
<p>据说 Netflix 正在考虑是否将其收购华纳兄弟探索的报价修改为全现金报价。</p>
<p>Netflix 看起来不愿意在收购华纳兄弟探索的过程中留下任何机会。</p>
<p>这家流媒体巨头据报道正在考虑是否将其已经接受的报价修改为全现金报价，以去除自最初提案达成以来已贬值的部分股票成分。</p>
<p>自去年 12 月初收购报价被接受以来，Netflix Inc.（NFLX）股价已下跌 10%，自去年 10 月开始追求华纳兄弟探索公司（WBD）以来，股价大约下跌了 25%。</p>
<p>作为其接受的 827 亿美元报价的一部分，Netflix 同意以现金支付每股 WBD 23.25 美元，加上每股 WBD 4.50 美元的 Netflix 普通股。但交易条款包括在 Netflix 股价跌至每股 97.91 美元以下时的某些价格调整，称为价格区间。周二，Netflix 股价收于 90.31 美元。</p>
<p>与此同时，竞争对手派拉蒙 Skydance 公司（PSKY）一直在进行敌意代理努力，试图说服股东相信其被拒绝的 1080 亿美元报价实际上更具优势。</p>
<p>为了反制派拉蒙的努力，Netflix 一直在制定修订条款，包括可能将其报价改为全现金报价，彭博社周二报道。</p>
<p>Netflix 的一位发言人拒绝对此发表评论。</p>
<p>派拉蒙已提出以每股 30 美元的全现金报价收购整个华纳兄弟，而 Netflix 仅同意收购该公司的制片和流媒体业务，留下其不断下滑的有线电视资产，包括 CNN、TBS 和探索频道等频道，转让给一家独立公司。</p>
<p>华纳兄弟董事会多次拒绝派拉蒙的报价，并建议股东坚持 Netflix 的报价。</p>
<p>董事会反复质疑派拉蒙融资的稳定性，派拉蒙的融资得到了甲骨文公司（ORCL）联合创始人拉里·埃里森的支持，他是世界上最富有的人之一。董事会还表示相信派拉蒙的报价低估了华纳兄弟的有线资产。</p>
<p>周一，派拉蒙提起诉讼，要求华纳兄弟解释其如何确定 Netflix 的报价更具优势，同时威胁在华纳兄弟下次年度会议上提交一份竞争董事会名单。</p>
<p>华纳兄弟驳回了该诉讼，称其 “毫无依据”。</p>
<p>Netflix 上周表示，它已开始与美国和欧洲的监管机构接洽，以获得对交易的批准。Netflix 表示，预计交易将在 12 到 18 个月内完成。</p>
<p>该交易预计将在华盛顿和欧洲面临重大监管障碍，特朗普政府表示打算对该交易进行审查。</p>
<p>鉴于其高昂的价格和对电影及电视行业发展方向的担忧，投资者对这笔合并持怀疑态度，导致 Netflix 股价跌至八个月低点。</p>
<p>派拉蒙在去年晚些时候以未经请求的报价触发了销售流程，因埃里森家族与特朗普政府的密切关系而被认为占据优势。早期提案包括特朗普女婿贾里德·库什纳的融资，尽管他后来退出了交易。</p>
<p>-卢卡斯·I·阿尔珀特</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>01-13-26 1732ET</p>

奈飞

<p>Netflix 正在考虑将其接受的 827 亿美元对 Warner Bros. Discovery 的报价修改为全现金报价，因为其股票价值下降。目前的报价包括每股 23.25 美元现金和 4.50 美元股票，但自从报价被接受以来，Netflix 的股价已下跌 10%。竞争对手派拉蒙提出了每股 30 美元的敌意报价，但被 Warner Bros. 拒绝。该交易预计将面临监管审查，可能需要 12 到 18 个月才能完成</p>

<p>By Lukas I. Alpert</p>
<div class="lb-trans"><p>作者：卢卡斯·I·阿尔珀特</p>
</div><p>The streaming giant's already-accepted offer is partly made up of stock which has lost value since was initially made, a fact rival Paramount has repeatedly pointed to in its hostile bid</p>
<div class="lb-trans"><p>这家流媒体巨头已经接受的报价部分由自最初提出以来已贬值的股票组成，竞争对手派拉蒙在其敌意收购中多次指出这一事实。</p>
</div><p>Netflix is said to be mulling whether to amend its offer to acquire Warner Bros. Discovery to an all-cash bid.</p>
<div class="lb-trans"><p>据说 Netflix 正在考虑是否将其收购华纳兄弟探索的报价修改为全现金报价。</p>
</div><p>Netflix looks like it's not willing to leave anything up to chance in its bid for Warner Bros. Discovery.</p>
<div class="lb-trans"><p>Netflix 看起来不愿意在收购华纳兄弟探索的过程中留下任何机会。</p>
</div><p>The streaming giant is reportedly mulling whether to amend its already-accepted offer to an all-cash bid to remove a partial stock component that has declined in value since its initial proposal was agreed upon.</p>
<div class="lb-trans"><p>这家流媒体巨头据报道正在考虑是否将其已经接受的报价修改为全现金报价，以去除自最初提案达成以来已贬值的部分股票成分。</p>
</div><p>Netflix Inc. shares (NFLX) have fallen 10% since its acquisition offer was accepted in early December, and have declined by roughly 25% since the company began its pursuit of Warner Bros. Discovery Inc. (WBD) in October.</p>
<div class="lb-trans"><p>自去年 12 月初收购报价被接受以来，Netflix Inc.（NFLX）股价已下跌 10%，自去年 10 月开始追求华纳兄弟探索公司（WBD）以来，股价大约下跌了 25%。</p>
</div><p>As part of its accepted $82.7 billion bid, Netflix has agreed to pay $23.25 per WBD share in cash plus $4.50 of Netflix common stock for each share of WBD. But the terms of the deal included certain adjustments in the price, known as a collar, if Netflix shares fell below $97.91 per share. Netflix shares closed at $90.31 on Tuesday.</p>
<div class="lb-trans"><p>作为其接受的 827 亿美元报价的一部分，Netflix 同意以现金支付每股 WBD 23.25 美元，加上每股 WBD 4.50 美元的 Netflix 普通股。但交易条款包括在 Netflix 股价跌至每股 97.91 美元以下时的某些价格调整，称为价格区间。周二，Netflix 股价收于 90.31 美元。</p>
</div><p>Meanwhile, rival Paramount Skydance Corp. (PSKY) has been engaged in a hostile proxy effort to wrest Warner Bros. away by trying to convince shareholders that its rejected $108 billion bid is, in fact, superior.</p>
<div class="lb-trans"><p>与此同时，竞争对手派拉蒙 Skydance 公司（PSKY）一直在进行敌意代理努力，试图说服股东相信其被拒绝的 1080 亿美元报价实际上更具优势。</p>
</div><p>To counter Paramount's effort, Netflix has been working on revised terms, including possibly changing its bid to an all-cash offer, Bloomberg News reported Tuesday.</p>
<div class="lb-trans"><p>为了反制派拉蒙的努力，Netflix 一直在制定修订条款，包括可能将其报价改为全现金报价，彭博社周二报道。</p>
</div><p>A spokesman for Netflix declined to comment.</p>
<div class="lb-trans"><p>Netflix 的一位发言人拒绝对此发表评论。</p>
</div><p>Paramount has offered an all-cash bid of $30 per share for the entirety of Warner Bros., while Netflix has only agreed to acquire the company's studio and streaming businesses, leaving its declining cable television assets, including channels like CNN, TBS and the Discovery Channel, to be spun off into a separate company.</p>
<div class="lb-trans"><p>派拉蒙已提出以每股 30 美元的全现金报价收购整个华纳兄弟，而 Netflix 仅同意收购该公司的制片和流媒体业务，留下其不断下滑的有线电视资产，包括 CNN、TBS 和探索频道等频道，转让给一家独立公司。</p>
</div><p>The Warner Bros. board has rejected Paramount's offer numerous times, and has advised shareholders to stick with the Netflix bid.</p>
<div class="lb-trans"><p>华纳兄弟董事会多次拒绝派拉蒙的报价，并建议股东坚持 Netflix 的报价。</p>
</div><p>The board has repeatedly raised questions about the stability of Paramount's financing, which has the backing of Oracle Corp. (ORCL) co-founder Larry Ellison, one of the richest people in the world. It has also said it believes Paramount's bid undervalues Warner Bros.' cable properties.</p>
<div class="lb-trans"><p>董事会反复质疑派拉蒙融资的稳定性，派拉蒙的融资得到了甲骨文公司（ORCL）联合创始人拉里·埃里森的支持，他是世界上最富有的人之一。董事会还表示相信派拉蒙的报价低估了华纳兄弟的有线资产。</p>
</div><p>On Monday, Paramount filed a lawsuit demanding Warner Bros. explain how it determined the Netflix bid was superior, while also threatening to submit a rival slate of directors at Warner Bros.' next annual meeting.</p>
<div class="lb-trans"><p>周一，派拉蒙提起诉讼，要求华纳兄弟解释其如何确定 Netflix 的报价更具优势，同时威胁在华纳兄弟下次年度会议上提交一份竞争董事会名单。</p>
</div><p>Warner Bros. dismissed the suit as &#34;meritless.&#34;</p>
<div class="lb-trans"><p>华纳兄弟驳回了该诉讼，称其 “毫无依据”。</p>
</div><p>Netflix said last week that it had begun engaging with regulatory authorities in the U.S. and Europe about approving the deal. Netflix has said it expects the deal to take 12 to 18 months to close.</p>
<div class="lb-trans"><p>Netflix 上周表示，它已开始与美国和欧洲的监管机构接洽，以获得对交易的批准。Netflix 表示，预计交易将在 12 到 18 个月内完成。</p>
</div><p>The deal is expected to face significant regulatory hurdles in Washington and in Europe, and the Trump administration has said that it intends to scrutinize the transaction.</p>
<div class="lb-trans"><p>该交易预计将在华盛顿和欧洲面临重大监管障碍，特朗普政府表示打算对该交易进行审查。</p>
</div><p>Investors have been skeptical about the merger, given its high price and concerns about the direction of the film and television industries, sending Netflix shares to an eight-month low.</p>
<div class="lb-trans"><p>鉴于其高昂的价格和对电影及电视行业发展方向的担忧，投资者对这笔合并持怀疑态度，导致 Netflix 股价跌至八个月低点。</p>
</div><p>Paramount, which had triggered the sales process with an unsolicited offer for Warner Bros. late last year, had been considered to have a leg up given the Ellisons' close ties with the Trump administration. An earlier proposal included financing from Trump's son-in-law, Jared Kushner, although he later pulled out of the deal.</p>
<div class="lb-trans"><p>派拉蒙在去年晚些时候以未经请求的报价触发了销售流程，因埃里森家族与特朗普政府的密切关系而被认为占据优势。早期提案包括特朗普女婿贾里德·库什纳的融资，尽管他后来退出了交易。</p>
</div><p>-Lukas I. Alpert</p>
<div class="lb-trans"><p>-卢卡斯·I·阿尔珀特</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>01-13-26 1732ET</p>
<div class="lb-trans"><p>01-13-26 1732ET</p>
</div>

Netflix reportedly looking to solidify its bid for Warner Bros. with all-cash offer

- Netflix 正考虑将收购华纳兄弟探索的报价改为全现金。  
- 此前，Netflix 已接受的 82.7 亿美元的报价中，部分以股权支付，但股价自提议以来已下跌。  
- 竞争对手派拉蒙则提出了 1080 亿美元的全现金报价。

据报道，奈飞正计划通过全现金报价来加强其对 Warner Bros.的竞标