<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/11/152628536-m.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2508" height="1672" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/11/152628536-m.jpg"/></p>
<p>在 1 月 14 日，Netflix（纳斯达克代码：NFLX）仍然备受关注，因有报道称这家流媒体巨头正在考虑对其收购华纳兄弟探索资产的出价进行重大调整。</p>
<p>根据为_CNBC_的 “David Faber” 发言的消息来源，这家大众传媒巨头可能会用现金交易取代其每股 27.75 美元报价中的股票部分。</p>
<p>请注意，Netflix 的股票目前交易价格比 12 月初确认收购 WBD 资产计划时的价格低近 30%。</p>
<h2>为什么 Netflix 突然对全现金交易感兴趣</h2>
<p>Netflix 转变的理由有两个。首先，其股票价格已跌破上限，导致其出价的有效价值大约减少了每股 30 美分。</p>
<p>这使得该报价对 WBD 股东的吸引力降低，他们面临 NFLX 市场波动的风险。</p>
<p>其次，全现金结构显著加快了股东投票的进程。</p>
<p>发行股票需要大量的财务披露、会计审查和监管备案。</p>
<p>正如华纳兄弟探索的董事长 Samuel Di Piazza 在最近的采访中所指出的，这可能会将投票推迟到晚春或初夏。</p>
<p>通过去除股票元素，Netflix 可以 “简化” 流程，David Faber 表示，这可能使投票提前到 2 月底的最后一周。</p>
<p>而速度在这里至关重要，因为派拉蒙正在积极游说以阻止 NFLX-WBD 交易。</p>
<h2>现金报价如何让 WBD 的交易更具吸引力</h2>
<p>对于 WBD 的股东来说，现金是王道。全现金报价将每股价值锁定在 27.75 美元，消除了 Netflix 股票在交易完成前可能进一步下滑的风险。</p>
<p>这也传达了信心：NFLX 愿意提前投入数十亿美元，而不是通过股权对冲。</p>
<p>除了确定性，加速的时间表也是华纳兄弟探索公司的战略优势。</p>
<p>更快的投票减少了派拉蒙影响股东或提出法律挑战的时间窗口。</p>
<p>现金的简单性也降低了交易成本，避免了 WBD 因股票发行而承担的沉重会计负担。</p>
<p>简而言之，这笔交易变得更加清晰、迅速和安全——这一组合增强了 Netflix 的谈判能力，并让华纳兄弟探索的投资者感到安心。</p>
<h2>派拉蒙一直是对的吗？</h2>
<p>虽然 Netflix 可能转向全现金交易的潜在举措中蕴含明显的战略利益，但这一突如其来的变化也提出了一个发人深省的问题：派拉蒙在质疑 NFLX 报价的优越性时是否一直是对的？</p>
<p>毕竟，如果这家流媒体巨头必须用现金来改善交易，那么原本基于股票的报价或许并不够强劲。</p>
<p>派拉蒙在法庭上辩称，WBD 的董事会不公平地偏向 Netflix——尽管其自身的提案负债累累。</p>
<p>现在，随着 NFLX 加快投票并消除不确定性，派拉蒙面临着紧迫的时间表。</p>
<p>如果它想继续参与竞争，就必须提高报价或迅速解决 WBD 的担忧。</p>
<p>无论这是否验证了派拉蒙的批评，还是单纯强调了 Netflix 的决心，显而易见的是：华纳兄弟探索的争夺战变得更加激烈、迅速和戏剧化。</p>
<p>文章《为什么 Netflix 考虑全现金收购 WBD 资产？》最初发布在 Invezz 上。</p>

奈飞

<p>Netflix 正在考虑将其对 Warner Bros. Discovery 资产的出价从基于股票的报价更改为每股 27.75 美元的全现金交易。这一转变是由于其股票交易价格比 12 月初的价格低近 30%，使得原始报价对 WBD 股东的吸引力降低。全现金出价加快了股东投票过程，并减少了与股票波动性相关的风险。这一举措还增强了 Netflix 在与竞争对手如 Paramount 的竞争中的地位，后者对该出价的优越性提出了质疑。交易的简单性和速度可能为两家公司提供战略优势</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/11/152628536-m.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2022/11/152628536-m.jpg"/></p>
<p>Netflix (NASDAQ: NFLX) remains in focus on January 14 following reports that the streaming giant is considering a significant change to its bid for Warner Bros. Discovery assets.</p>
<div class="lb-trans"><p>在 1 月 14 日，Netflix（纳斯达克代码：NFLX）仍然备受关注，因有报道称这家流媒体巨头正在考虑对其收购华纳兄弟探索资产的出价进行重大调整。</p>
</div><p>According to sources that spoke for <em>CNBC’s</em> “David Faber”, the mass media behemoth may replace the stock portion of its $27.75 a share offer and make it an all-cash transaction instead.</p>
<div class="lb-trans"><p>根据为_CNBC_的 “David Faber” 发言的消息来源，这家大众传媒巨头可能会用现金交易取代其每股 27.75 美元报价中的股票部分。</p>
</div><p>Note that Netflix stock is currently trading nearly 30% below its price in early December, when it first confirmed plans of buying WBD assets.</p>
<div class="lb-trans"><p>请注意，Netflix 的股票目前交易价格比 12 月初确认收购 WBD 资产计划时的价格低近 30%。</p>
</div><h2>Why is Netflix suddenly interested in going all cash</h2>
<div class="lb-trans"><h2>为什么 Netflix 突然对全现金交易感兴趣</h2>
</div><p>The rationale behind Netflix’s shift is twofold. First, its stock had fallen below the collar, trimming the effective value of its bid by roughly 30 cents per share.</p>
<div class="lb-trans"><p>Netflix 转变的理由有两个。首先，其股票价格已跌破上限，导致其出价的有效价值大约减少了每股 30 美分。</p>
</div><p>That made the offer less appealing to WBD shareholders, who were left exposed to NFLX’s market volatility.</p>
<div class="lb-trans"><p>这使得该报价对 WBD 股东的吸引力降低，他们面临 NFLX 市场波动的风险。</p>
</div><p>Second, an all-cash structure dramatically accelerates the shareholder vote.</p>
<div class="lb-trans"><p>其次，全现金结构显著加快了股东投票的进程。</p>
</div><p>Issuing stock requires extensive financial disclosures, accounting reviews, and regulatory filings.</p>
<div class="lb-trans"><p>发行股票需要大量的财务披露、会计审查和监管备案。</p>
</div><p>This could have pushed the vote into late spring or early summer, as the chairman of Warner Bros. Discovery – Samuel Di Piazza indicated in a recent interview.</p>
<div class="lb-trans"><p>正如华纳兄弟探索的董事长 Samuel Di Piazza 在最近的采访中所指出的，这可能会将投票推迟到晚春或初夏。</p>
</div><p>By removing the stock element, Netflix can “streamline” the process, potentially bringing the vote to as early as the final week of February, according to David Faber.</p>
<div class="lb-trans"><p>通过去除股票元素，Netflix 可以 “简化” 流程，David Faber 表示，这可能使投票提前到 2 月底的最后一周。</p>
</div><p>And speed matters here, as Paramount is lobbying hard to derail the NFLX-WBD deal.</p>
<div class="lb-trans"><p>而速度在这里至关重要，因为派拉蒙正在积极游说以阻止 NFLX-WBD 交易。</p>
</div><h2>How a cash offer sweetens the deal for WBD</h2>
<div class="lb-trans"><h2>现金报价如何让 WBD 的交易更具吸引力</h2>
</div><p>For WBD shareholders, cash is king. An all-cash bid locks in value at $27.75 per share, eliminating the risk that Netflix’s stock could slide further before closing.</p>
<div class="lb-trans"><p>对于 WBD 的股东来说，现金是王道。全现金报价将每股价值锁定在 27.75 美元，消除了 Netflix 股票在交易完成前可能进一步下滑的风险。</p>
</div><p>It also signals confidence: NFLX is willing to deploy billions upfront rather than hedge with equity.</p>
<div class="lb-trans"><p>这也传达了信心：NFLX 愿意提前投入数十亿美元，而不是通过股权对冲。</p>
</div><p>Beyond certainty, the accelerated timeline is a strategic advantage for Warner Bros. Discovery Inc.</p>
<div class="lb-trans"><p>除了确定性，加速的时间表也是华纳兄弟探索公司的战略优势。</p>
</div><p>A quicker vote reduces the window for Paramount to sway shareholders or mount legal challenges.</p>
<div class="lb-trans"><p>更快的投票减少了派拉蒙影响股东或提出法律挑战的时间窗口。</p>
</div><p>The simplicity of cash lowers transaction costs as well — sparing WBD from the heavy accounting burden tied to stock issuance.</p>
<div class="lb-trans"><p>现金的简单性也降低了交易成本，避免了 WBD 因股票发行而承担的沉重会计负担。</p>
</div><p>In short, the deal becomes cleaner, faster, and more secure — a combination that strengthens Netflix’s hand and reassures Warner Bros’ Discovery investors.</p>
<div class="lb-trans"><p>简而言之，这笔交易变得更加清晰、迅速和安全——这一组合增强了 Netflix 的谈判能力，并让华纳兄弟探索的投资者感到安心。</p>
</div><h2>Was Paramount right all along?</h2>
<div class="lb-trans"><h2>派拉蒙一直是对的吗？</h2>
</div><p>While there are clear strategic benefits embedded in Netflix’s potential move to an all-cash deal, the sudden change also raises a provocative question: was Paramount right all along in contesting the supposed superiority of the NFLX bid?</p>
<div class="lb-trans"><p>虽然 Netflix 可能转向全现金交易的潜在举措中蕴含明显的战略利益，但这一突如其来的变化也提出了一个发人深省的问题：派拉蒙在质疑 NFLX 报价的优越性时是否一直是对的？</p>
</div><p>After all, if the streaming giant must sweeten the deal with cash, perhaps the original stock-based offer wasn’t strong enough.</p>
<div class="lb-trans"><p>毕竟，如果这家流媒体巨头必须用现金来改善交易，那么原本基于股票的报价或许并不够强劲。</p>
</div><p>Paramount has argued in court that WBD’s board favoured Netflix unfairly — despite its own debt-laden proposal.</p>
<div class="lb-trans"><p>派拉蒙在法庭上辩称，WBD 的董事会不公平地偏向 Netflix——尽管其自身的提案负债累累。</p>
</div><p>Now, with NFLX accelerating the vote and removing uncertainty, Paramount faces a compressed timeline.</p>
<div class="lb-trans"><p>现在，随着 NFLX 加快投票并消除不确定性，派拉蒙面临着紧迫的时间表。</p>
</div><p>If it wants to stay in the face, it must raise its bid or address WBD’s concerns – and that too quickly.</p>
<div class="lb-trans"><p>如果它想继续参与竞争，就必须提高报价或迅速解决 WBD 的担忧。</p>
</div><p>Whether this validates Paramount’s critique or simply underscores Netflix’s determination, what’s clear is: the battle for Warner Bros. Discovery just got sharper, faster, and far more dramatic.</p>
<div class="lb-trans"><p>无论这是否验证了派拉蒙的批评，还是单纯强调了 Netflix 的决心，显而易见的是：华纳兄弟探索的争夺战变得更加激烈、迅速和戏剧化。</p>
</div><p>The post Why is Netflix considering going all-cash for WBD assets? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《为什么 Netflix 考虑全现金收购 WBD 资产？》最初发布在 Invezz 上。</p>
</div>

Why is Netflix considering going all-cash for WBD assets?

- Netflix 考虑将对 Warner Bros. Discovery 的出价改为全现金交易。  
- 此举可加快股东投票进程，降低交易成本并消除股价波动风险。  
- Paramount 面临时间压缩，需迅速应对以维持竞争力。

奈飞为什么考虑用全现金收购 Warner Bros. Discovery 的资产？