Netflix以827亿美元企业价值收购华纳兄弟，HBO与HBO Max一并纳入
2025年12月5日，Netflix与华纳兄弟探索公司（Warner Bros. Discovery）在加利福尼亚州好莱坞宣布达成最终协议：Netflix将收购华纳兄弟，包括其电影与电视制片厂、HBO Max与HBO。交易对华纳兄弟探索的估价为每股27.75美元，企业价值约827亿美元，股权价值约720亿美元。
按协议，每股华纳兄弟探索股票在交易完成时可换得23.25美元现金加4.50美元的Netflix普通股，股票部分设有价格 collar：以交割前三个交易日测定的15日成交量加权平均价计，Netflix股价在97.91美元至119.67美元之间时，股东按4.50美元价值的股票结算；低于下限时每股换0.0460股Netflix股票，高于上限时换0.0376股。
交易的前提是华纳兄弟探索先把全球网络业务分拆为独立上市公司Discovery Global，分拆预计2026年第三季度完成，被分拆的业务包括CNN、美国TNT体育、Discovery频道、Discovery+与Bleacher Report等品牌。两家公司董事会均一致批准这笔交易；交易还需监管批准与华纳兄弟探索股东批准，预计在分拆完成后12到18个月内完成。
Netflix说，它打算保留华纳兄弟现有的运营，包括电影的院线发行，并预计交易到第三年每年至少节省20亿到30亿美元成本、第二年起增厚每股收益。交易完成后，《生活大爆炸》《黑道家族》《权力的游戏》《绿野仙踪》和DC宇宙等华纳兄弟的经典与热门作品，将与Netflix的《星期三》《纸钞屋》《布里奇顿》等剧集同处一个平台。
Netflix联席首席执行官Ted Sarandos说，把华纳兄弟从《卡萨布兰卡》《公民凯恩》到《哈利波特》《老友记》的片库与Netflix的全球服务结合起来，能让观众看到更多他们喜爱的内容。华纳兄弟探索总裁兼首席执行官David Zaslav说，与Netflix结合将确保全世界的人在未来世代继续欣赏最能引起共鸣的故事。
Netflix to Acquire Warner Bros. for a Total Enterprise Value of $82.7 Billion, Including HBO and HBO Max
On December 5, 2025, Netflix, Inc. and Warner Bros. Discovery, Inc. announced in Hollywood, California, that they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. The transaction values Warner Bros. Discovery at $27.75 per share, for a total enterprise value of approximately $82.7 billion and an equity value of $72.0 billion.
Under the agreement, each Warner Bros. Discovery shareholder will receive $23.25 in cash and $4.50 in shares of Netflix common stock for each share held at closing. The stock component is subject to a collar: if the 15-day volume-weighted average price of Netflix stock, measured three trading days before closing, is between $97.91 and $119.67, shareholders receive stock valued at $4.50 per share; below the floor they receive 0.0460 Netflix shares per share, and above the cap 0.0376 shares.
The transaction is conditioned on Warner Bros. Discovery first separating its Global Networks division into a new publicly traded company, Discovery Global, a separation now expected to be completed in the third quarter of 2026. Discovery Global will hold brands including CNN, TNT Sports in the United States, Discovery, Discovery+ and Bleacher Report. The boards of both companies unanimously approved the transaction, which also requires regulatory approvals and approval by Warner Bros. Discovery shareholders and is expected to close in 12 to 18 months, after the separation.
Netflix said it expects to maintain Warner Bros.' current operations, including theatrical releases for films, to realize at least $2 billion to $3 billion of cost savings per year by the third year, and to see the transaction become accretive to GAAP earnings per share by year two. Warner Bros. franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix titles including Wednesday, Money Heist and Bridgerton on one service.
"By combining Warner Bros.' incredible library of shows and movies, from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends, with our culture-defining titles, we'll be able to do that even better," said Ted Sarandos, co-CEO of Netflix. David Zaslav, president and CEO of Warner Bros. Discovery, said that by coming together with Netflix, "we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come."
来源：Netflix与华纳兄弟探索公司
发布：GSM·美国（发布链接）
图片来源：图：位于加利福尼亚州Burbank的华纳兄弟制片厂外景与水塔（资料照片）。Chris Yarzab摄，CC BY 2.0，经Wikimedia Commons。 / Photo: The Warner Bros. Studios lot and water tower in Burbank, California (file photo). By Chris Yarzab, CC BY 2.0, via Wikimedia Commons.
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