<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（納斯達克代碼：NFLX）仍然備受關注，因有報道稱這家流媒體巨頭正在考慮對其收購華納兄弟探索資產的出價進行重大調整。</p>
<p>根據為_CNBC_的 “David Faber” 發言的消息來源，這家大眾傳媒巨頭可能會用現金交易取代其每股 27.75 美元報價中的股票部分。</p>
<p>請注意，Netflix 的股票目前交易價格比 12 月初確認收購 WBD 資產計劃時的價格低近 30%。</p>
<h2>為什麼 Netflix 突然對全現金交易感興趣</h2>
<p>Netflix 轉變的理由有兩個。首先，其股票價格已跌破上限，導致其出價的有效價值大約減少了每股 30 美分。</p>
<p>這使得該報價對 WBD 股東的吸引力降低，他們面臨 NFLX 市場波動的風險。</p>
<p>其次，全現金結構顯著加快了股東投票的進程。</p>
<p>發行股票需要大量的財務披露、會計審查和監管備案。</p>
<p>正如華納兄弟探索的董事長 Samuel Di Piazza 在最近的採訪中所指出的，這可能會將投票推遲到晚春或初夏。</p>
<p>通過去除股票元素，Netflix 可以 “簡化” 流程，David Faber 表示，這可能使投票提前到 2 月底的最後一週。</p>
<p>而速度在這裏至關重要，因為派拉蒙正在積極遊説以阻止 NFLX-WBD 交易。</p>
<h2>現金報價如何讓 WBD 的交易更具吸引力</h2>
<p>對於 WBD 的股東來説，現金是王道。全現金報價將每股價值鎖定在 27.75 美元，消除了 Netflix 股票在交易完成前可能進一步下滑的風險。</p>
<p>這也傳達了信心：NFLX 願意提前投入數十億美元，而不是通過股權對沖。</p>
<p>除了確定性，加速的時間表也是華納兄弟探索公司的戰略優勢。</p>
<p>更快的投票減少了派拉蒙影響股東或提出法律挑戰的時間窗口。</p>
<p>現金的簡單性也降低了交易成本，避免了 WBD 因股票發行而承擔的沉重會計負擔。</p>
<p>簡而言之，這筆交易變得更加清晰、迅速和安全——這一組合增強了 Netflix 的談判能力，並讓華納兄弟探索的投資者感到安心。</p>
<h2>派拉蒙一直是對的嗎？</h2>
<p>雖然 Netflix 可能轉向全現金交易的潛在舉措中藴含明顯的戰略利益，但這一突如其來的變化也提出了一個發人深省的問題：派拉蒙在質疑 NFLX 報價的優越性時是否一直是對的？</p>
<p>畢竟，如果這家流媒體巨頭必須用現金來改善交易，那麼原本基於股票的報價或許並不夠強勁。</p>
<p>派拉蒙在法庭上辯稱，WBD 的董事會不公平地偏向 Netflix——儘管其自身的提案負債累累。</p>
<p>現在，隨着 NFLX 加快投票並消除不確定性，派拉蒙面臨着緊迫的時間表。</p>
<p>如果它想繼續參與競爭，就必須提高報價或迅速解決 WBD 的擔憂。</p>
<p>無論這是否驗證了派拉蒙的批評，還是單純強調了 Netflix 的決心，顯而易見的是：華納兄弟探索的爭奪戰變得更加激烈、迅速和戲劇化。</p>
<p>文章《為什麼 Netflix 考慮全現金收購 WBD 資產？》最初發布在 Invezz 上。</p>

奈飛

<p>Netflix 正在考慮將其對 Warner Bros. Discovery 資產的出價從基於股票的報價更改為每股 27.75 美元的全現金交易。這一轉變是由於其股票交易價格比 12 月初的價格低近 30%，使得原始報價對 WBD 股東的吸引力降低。全現金出價加快了股東投票過程，並減少了與股票波動性相關的風險。這一舉措還增強了 Netflix 在與競爭對手如 Paramount 的競爭中的地位，後者對該出價的優越性提出了質疑。交易的簡單性和速度可能為兩家公司提供戰略優勢</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（納斯達克代碼：NFLX）仍然備受關注，因有報道稱這家流媒體巨頭正在考慮對其收購華納兄弟探索資產的出價進行重大調整。</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>根據為_CNBC_的 “David Faber” 發言的消息來源，這家大眾傳媒巨頭可能會用現金交易取代其每股 27.75 美元報價中的股票部分。</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>請注意，Netflix 的股票目前交易價格比 12 月初確認收購 WBD 資產計劃時的價格低近 30%。</p>
</div><h2>Why is Netflix suddenly interested in going all cash</h2>
<div class="lb-trans"><h2>為什麼 Netflix 突然對全現金交易感興趣</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 轉變的理由有兩個。首先，其股票價格已跌破上限，導致其出價的有效價值大約減少了每股 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>這使得該報價對 WBD 股東的吸引力降低，他們面臨 NFLX 市場波動的風險。</p>
</div><p>Second, an all-cash structure dramatically accelerates the shareholder vote.</p>
<div class="lb-trans"><p>其次，全現金結構顯著加快了股東投票的進程。</p>
</div><p>Issuing stock requires extensive financial disclosures, accounting reviews, and regulatory filings.</p>
<div class="lb-trans"><p>發行股票需要大量的財務披露、會計審查和監管備案。</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>正如華納兄弟探索的董事長 Samuel Di Piazza 在最近的採訪中所指出的，這可能會將投票推遲到晚春或初夏。</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>通過去除股票元素，Netflix 可以 “簡化” 流程，David Faber 表示，這可能使投票提前到 2 月底的最後一週。</p>
</div><p>And speed matters here, as Paramount is lobbying hard to derail the NFLX-WBD deal.</p>
<div class="lb-trans"><p>而速度在這裏至關重要，因為派拉蒙正在積極遊説以阻止 NFLX-WBD 交易。</p>
</div><h2>How a cash offer sweetens the deal for WBD</h2>
<div class="lb-trans"><h2>現金報價如何讓 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>對於 WBD 的股東來説，現金是王道。全現金報價將每股價值鎖定在 27.75 美元，消除了 Netflix 股票在交易完成前可能進一步下滑的風險。</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>這也傳達了信心：NFLX 願意提前投入數十億美元，而不是通過股權對沖。</p>
</div><p>Beyond certainty, the accelerated timeline is a strategic advantage for Warner Bros. Discovery Inc.</p>
<div class="lb-trans"><p>除了確定性，加速的時間表也是華納兄弟探索公司的戰略優勢。</p>
</div><p>A quicker vote reduces the window for Paramount to sway shareholders or mount legal challenges.</p>
<div class="lb-trans"><p>更快的投票減少了派拉蒙影響股東或提出法律挑戰的時間窗口。</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>現金的簡單性也降低了交易成本，避免了 WBD 因股票發行而承擔的沉重會計負擔。</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>簡而言之，這筆交易變得更加清晰、迅速和安全——這一組合增強了 Netflix 的談判能力，並讓華納兄弟探索的投資者感到安心。</p>
</div><h2>Was Paramount right all along?</h2>
<div class="lb-trans"><h2>派拉蒙一直是對的嗎？</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>雖然 Netflix 可能轉向全現金交易的潛在舉措中藴含明顯的戰略利益，但這一突如其來的變化也提出了一個發人深省的問題：派拉蒙在質疑 NFLX 報價的優越性時是否一直是對的？</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>畢竟，如果這家流媒體巨頭必須用現金來改善交易，那麼原本基於股票的報價或許並不夠強勁。</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>派拉蒙在法庭上辯稱，WBD 的董事會不公平地偏向 Netflix——儘管其自身的提案負債累累。</p>
</div><p>Now, with NFLX accelerating the vote and removing uncertainty, Paramount faces a compressed timeline.</p>
<div class="lb-trans"><p>現在，隨着 NFLX 加快投票並消除不確定性，派拉蒙面臨着緊迫的時間表。</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>如果它想繼續參與競爭，就必須提高報價或迅速解決 WBD 的擔憂。</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>無論這是否驗證了派拉蒙的批評，還是單純強調了 Netflix 的決心，顯而易見的是：華納兄弟探索的爭奪戰變得更加激烈、迅速和戲劇化。</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《為什麼 Netflix 考慮全現金收購 WBD 資產？》最初發布在 Invezz 上。</p>
</div>

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

- Netflix 考慮將對 Warner Bros. Discovery 的出價改為全現金交易。  
- 此舉可加快股東投票進程，降低交易成本並消除股價波動風險。  
- Paramount 面臨時間壓縮，需迅速應對以維持競爭力。

奈飛為什麼考慮用全現金收購 Warner Bros. Discovery 的資產？