<p>作者：盧卡斯·I·阿爾珀特</p>
<p>這家流媒體巨頭已經接受的報價部分由自最初提出以來已貶值的股票組成，競爭對手派拉蒙在其敵意收購中多次指出這一事實。</p>
<p>據説 Netflix 正在考慮是否將其收購華納兄弟探索的報價修改為全現金報價。</p>
<p>Netflix 看起來不願意在收購華納兄弟探索的過程中留下任何機會。</p>
<p>這家流媒體巨頭據報道正在考慮是否將其已經接受的報價修改為全現金報價，以去除自最初提案達成以來已貶值的部分股票成分。</p>
<p>自去年 12 月初收購報價被接受以來，Netflix Inc.（NFLX）股價已下跌 10%，自去年 10 月開始追求華納兄弟探索公司（WBD）以來，股價大約下跌了 25%。</p>
<p>作為其接受的 827 億美元報價的一部分，Netflix 同意以現金支付每股 WBD 23.25 美元，加上每股 WBD 4.50 美元的 Netflix 普通股。但交易條款包括在 Netflix 股價跌至每股 97.91 美元以下時的某些價格調整，稱為價格區間。週二，Netflix 股價收於 90.31 美元。</p>
<p>與此同時，競爭對手派拉蒙 Skydance 公司（PSKY）一直在進行敵意代理努力，試圖説服股東相信其被拒絕的 1080 億美元報價實際上更具優勢。</p>
<p>為了反制派拉蒙的努力，Netflix 一直在制定修訂條款，包括可能將其報價改為全現金報價，彭博社週二報道。</p>
<p>Netflix 的一位發言人拒絕對此發表評論。</p>
<p>派拉蒙已提出以每股 30 美元的全現金報價收購整個華納兄弟，而 Netflix 僅同意收購該公司的製片和流媒體業務，留下其不斷下滑的有線電視資產，包括 CNN、TBS 和探索頻道等頻道，轉讓給一家獨立公司。</p>
<p>華納兄弟董事會多次拒絕派拉蒙的報價，並建議股東堅持 Netflix 的報價。</p>
<p>董事會反覆質疑派拉蒙融資的穩定性，派拉蒙的融資得到了甲骨文公司（ORCL）聯合創始人拉里·埃裏森的支持，他是世界上最富有的人之一。董事會還表示相信派拉蒙的報價低估了華納兄弟的有線資產。</p>
<p>週一，派拉蒙提起訴訟，要求華納兄弟解釋其如何確定 Netflix 的報價更具優勢，同時威脅在華納兄弟下次年度會議上提交一份競爭董事會名單。</p>
<p>華納兄弟駁回了該訴訟，稱其 “毫無依據”。</p>
<p>Netflix 上週表示，它已開始與美國和歐洲的監管機構接洽，以獲得對交易的批准。Netflix 表示，預計交易將在 12 到 18 個月內完成。</p>
<p>該交易預計將在華盛頓和歐洲面臨重大監管障礙，特朗普政府表示打算對該交易進行審查。</p>
<p>鑑於其高昂的價格和對電影及電視行業發展方向的擔憂，投資者對這筆合併持懷疑態度，導致 Netflix 股價跌至八個月低點。</p>
<p>派拉蒙在去年晚些時候以未經請求的報價觸發了銷售流程，因埃裏森家族與特朗普政府的密切關係而被認為佔據優勢。早期提案包括特朗普女婿賈裏德·庫什納的融資，儘管他後來退出了交易。</p>
<p>-盧卡斯·I·阿爾珀特</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>01-13-26 1732ET</p>

奈飛

<p>Netflix 正在考慮將其接受的 827 億美元對 Warner Bros. Discovery 的報價修改為全現金報價，因為其股票價值下降。目前的報價包括每股 23.25 美元現金和 4.50 美元股票，但自從報價被接受以來，Netflix 的股價已下跌 10%。競爭對手派拉蒙提出了每股 30 美元的敵意報價，但被 Warner Bros. 拒絕。該交易預計將面臨監管審查，可能需要 12 到 18 個月才能完成</p>

<p>By Lukas I. Alpert</p>
<div class="lb-trans"><p>作者：盧卡斯·I·阿爾珀特</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>這家流媒體巨頭已經接受的報價部分由自最初提出以來已貶值的股票組成，競爭對手派拉蒙在其敵意收購中多次指出這一事實。</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>據説 Netflix 正在考慮是否將其收購華納兄弟探索的報價修改為全現金報價。</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 看起來不願意在收購華納兄弟探索的過程中留下任何機會。</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>這家流媒體巨頭據報道正在考慮是否將其已經接受的報價修改為全現金報價，以去除自最初提案達成以來已貶值的部分股票成分。</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 月初收購報價被接受以來，Netflix Inc.（NFLX）股價已下跌 10%，自去年 10 月開始追求華納兄弟探索公司（WBD）以來，股價大約下跌了 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>作為其接受的 827 億美元報價的一部分，Netflix 同意以現金支付每股 WBD 23.25 美元，加上每股 WBD 4.50 美元的 Netflix 普通股。但交易條款包括在 Netflix 股價跌至每股 97.91 美元以下時的某些價格調整，稱為價格區間。週二，Netflix 股價收於 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>與此同時，競爭對手派拉蒙 Skydance 公司（PSKY）一直在進行敵意代理努力，試圖説服股東相信其被拒絕的 1080 億美元報價實際上更具優勢。</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>為了反制派拉蒙的努力，Netflix 一直在制定修訂條款，包括可能將其報價改為全現金報價，彭博社週二報道。</p>
</div><p>A spokesman for Netflix declined to comment.</p>
<div class="lb-trans"><p>Netflix 的一位發言人拒絕對此發表評論。</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 美元的全現金報價收購整個華納兄弟，而 Netflix 僅同意收購該公司的製片和流媒體業務，留下其不斷下滑的有線電視資產，包括 CNN、TBS 和探索頻道等頻道，轉讓給一家獨立公司。</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>華納兄弟董事會多次拒絕派拉蒙的報價，並建議股東堅持 Netflix 的報價。</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>董事會反覆質疑派拉蒙融資的穩定性，派拉蒙的融資得到了甲骨文公司（ORCL）聯合創始人拉里·埃裏森的支持，他是世界上最富有的人之一。董事會還表示相信派拉蒙的報價低估了華納兄弟的有線資產。</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>週一，派拉蒙提起訴訟，要求華納兄弟解釋其如何確定 Netflix 的報價更具優勢，同時威脅在華納兄弟下次年度會議上提交一份競爭董事會名單。</p>
</div><p>Warner Bros. dismissed the suit as &#34;meritless.&#34;</p>
<div class="lb-trans"><p>華納兄弟駁回了該訴訟，稱其 “毫無依據”。</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 上週表示，它已開始與美國和歐洲的監管機構接洽，以獲得對交易的批准。Netflix 表示，預計交易將在 12 到 18 個月內完成。</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>該交易預計將在華盛頓和歐洲面臨重大監管障礙，特朗普政府表示打算對該交易進行審查。</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>鑑於其高昂的價格和對電影及電視行業發展方向的擔憂，投資者對這筆合併持懷疑態度，導致 Netflix 股價跌至八個月低點。</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>派拉蒙在去年晚些時候以未經請求的報價觸發了銷售流程，因埃裏森家族與特朗普政府的密切關係而被認為佔據優勢。早期提案包括特朗普女婿賈裏德·庫什納的融資，儘管他後來退出了交易。</p>
</div><p>-Lukas I. Alpert</p>
<div class="lb-trans"><p>-盧卡斯·I·阿爾珀特</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</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 正考慮將收購華納兄弟探索的報價改為全現金。  
- 此前，Netflix 已接受的 82.7 億美元的報價中，部分以股權支付，但股價自提議以來已下跌。  
- 競爭對手派拉蒙則提出了 1080 億美元的全現金報價。

據報道，奈飛正計劃通過全現金報價來加強其對 Warner Bros.的競標