华纳探索启动拆分与出售程序寻求740亿美元估值

DoNews12:35

华纳兄弟探索公司（WBD）已启动旨在最大化股东价值的潜在交易审查，正在评估整体或分拆出售其华纳兄弟与探索全球业务的可能性。此举推动该公司股价当日上涨10.97%。目前三大主要竞购方为派拉蒙天舞、康卡斯特及奈飞，均已提交第二轮报价。其中派拉蒙天舞提出整体收购方案，最新报价达每股24美元、总价约710亿美元，包含80%现金与20%股票，并获阿波罗全球管理公司及中东主权基金支持，但仍被华纳以“严重低估”...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2589863861?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-05 12:35","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2589863861","market":"us","top_or_hot":-1,"title":"华纳探索启动拆分与出售程序 寻求740亿美元估值","media":"DoNews","content":"<div>\n<p>华纳兄弟探索公司（WBD）已启动旨在最大化股东价值的潜在交易审查，正在评估整体或分拆出售其华纳兄弟与探索全球业务的可能性。此举推动该公司股价当日上涨10.97%。目前三大主要竞购方为派拉蒙天舞、康卡斯特及奈飞，均已提交第二轮报价。其中派拉蒙天舞提出整体收购方案，最新报价达每股24美元、总价约710亿美元，包含80%现金与20%股票，并获阿波罗全球管理公司及中东主权基金支持，但仍被华纳以“严重低估”...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205123914a7251c63&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华纳探索启动拆分与出售程序 寻求740亿美元估值</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华纳探索启动拆分与出售程序 寻求740亿美元估值\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-05 12:35 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205123914a7251c63&s=b><strong>DoNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>华纳兄弟探索公司（WBD）已启动旨在最大化股东价值的潜在交易审查，正在评估整体或分拆出售其华纳兄弟与探索全球业务的可能性。此举推动该公司股价当日上涨10.97%。目前三大主要竞购方为派拉蒙天舞、康卡斯特及奈飞，均已提交第二轮报价。其中派拉蒙天舞提出整体收购方案，最新报价达每股24美元、总价约710亿美元，包含80%现金与20%股票，并获阿波罗全球管理公司及中东主权基金支持，但仍被华纳以“严重低估”...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205123914a7251c63&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1674673691.USD","symbol_name":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205123914a7251c63&s=b","article_id":"2589863861","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205123914a7251c63&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2589863861","pubTimestamp":1764909303,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"华纳兄弟探索公司已启动旨在最大化股东价值的潜在交易审查，正在评估整体或分拆出售其华纳兄弟与探索全球业务的可能性。此举推动该公司股价当日上涨10.97%。奈飞则提出以现金为主的收购计划，拟重点收购华纳兄弟影视工作室与HBO Max流媒体服务，正筹备数百亿美元过桥贷款。华纳兄弟探索希望获得每股30美元报价，对应总市值740亿美元。公司自2022年合并以来持续亏损，2022至2024财年分别亏损72.97亿、30.79亿、114.82亿美元。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4598":"佩洛西持仓","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4571":"数字音乐概念","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","BK4534":"瑞士信贷持仓","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","WMG":"华纳音乐","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","NFLX":"奈飞","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4548":"巴美列捷福持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","WBD":"Warner Bros. Discovery","BK4588":"碎股","BK4108":"电影和娱乐","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD"},"translate_title":"Warner Exploration launches split and sale process seeking $74 billion valuation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WMG":0.81,"WBD":1,"NFLX":0.9},"content_text":"华纳兄弟探索公司（WBD）已启动旨在最大化股东价值的潜在交易审查，正在评估整体或分拆出售其华纳兄弟与探索全球业务的可能性。此举推动该公司股价当日上涨10.97%。目前三大主要竞购方为派拉蒙天舞、康卡斯特及奈飞，均已提交第二轮报价。其中派拉蒙天舞提出整体收购方案，最新报价达每股24美元、总价约710亿美元，包含80%现金与20%股票，并获阿波罗全球管理公司及中东主权基金支持，但仍被华纳以“严重低估”为由拒绝。奈飞则提出以现金为主的收购计划，拟重点收购华纳兄弟影视工作室与HBO Max流媒体服务，正筹备数百亿美元过桥贷款。康卡斯特亦有意整合WBD影业与流媒体资产至旗下NBC环球体系。华纳兄弟探索希望获得每股30美元报价，对应总市值740亿美元。公司自2022年合并以来持续亏损，2022至2024财年分别亏损72.97亿、30.79亿、114.82亿美元。截至2025财年第二季度，公司总负债643.81亿美元，资产负债比为0.01。2025年第三季度财报显示，公司营收90.45亿美元，同比下降6%；调整后EBITDA为24.7亿美元，同比增长2%；净亏损1.48亿美元；流媒体收入26.3亿美元，低于市场预期。为提升资产灵活性，华纳已于2025年6月宣布将拆分为两个独立上市公司：一是流媒体与制片厂公司，涵盖华纳兄弟电视、影业、DC制片厂、HBO及HBO Max内容库；二是全球网络公司，包括娱乐、体育、新闻电视品牌及数字产品。尽管传统有线电视业务疲软，但华纳核心IP资源仍具竞争力，拥有《权游》《DC宇宙》《哈利波特》等顶级IP。2025年主投影片《凶器》《招魂：最后的仪式》全球票房超8亿美元，《小丑回魂：欢迎来到德里镇》成为HBO历史上首播收视第三高的剧集，HBO在艾美奖获30项提名。HBO Max已于今年恢复原品牌名称，并拓展至近100个市场，预计2026年底订阅用户达1.5亿，约为奈飞用户数的一半。行业层面，流媒体增长放缓，美国消费者2024年平均每月流媒体支出42.38美元，同比下降23%，出现“流媒体疲劳”。六大内容商——迪士尼、康卡斯特、谷歌、华纳兄弟探索、奈飞和派拉蒙2024年内容投资总额达1260亿美元，占全球内容支出51%。并购若成功，将重塑好莱坞格局。派拉蒙天舞合并后有望占据北美电影市场32%份额；奈飞可借此进入院线发行并打开中国市场渠道；康卡斯特则可能整合HBO Max与Peacock平台，增强全球竞争力。多家平台计划整合流媒体服务：派拉蒙天舞拟合并HBO Max与派拉蒙+，康卡斯特考虑融合华纳兄弟工作室与环球影业。用户或将面临服务整合与价格重构，当前美国用户平均每月支付77美元订阅费，年均达924美元。此次交易标志着流媒体大战进入整合期，降本增效成为行业主流趋势。无论最终买家归属，内容产业的集中化、AIGC冲击及全球化挑战将持续影响未来娱乐生态。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2589863861","isCrawlerRequest":true}

华纳探索启动拆分与出售程序 寻求740亿美元估值

精彩评论

华纳探索启动拆分与出售程序寻求740亿美元估值