奈飞720亿美元收购华纳兄弟交易因“抗衡 YouTube”说辞遭质疑

环球市场播报2025-12-13

奈飞（Netflix）称其必须收购华纳兄弟探索频道（Warner Bros Discovery）才能与 YouTube 抗衡，但反垄断专家对监管机构是否会采信这一说法表示怀疑。　　这家流媒体巨头以 720 亿美元收购华纳兄弟探索频道旗下影视工作室及 HBO Max 的交易，因其庞大的规模以及合并后将拥有的 4.28 亿订阅用户，将面临美国及全球监管机构的审查。　　奈飞坚称，该交易是挑战字母表公司（...

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Bros. is questioned because of its rhetoric of \"countering YouTube\"","themeId":"60eb0d96779c57b037709cb613b9ebcf","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NFLX":1.5,"WMG":1.5},"content_text":"奈飞（Netflix）称其必须收购华纳兄弟探索频道（Warner Bros Discovery）才能与 YouTube 抗衡，但反垄断专家对监管机构是否会采信这一说法表示怀疑。　　这家流媒体巨头以 720 亿美元收购华纳兄弟探索频道旗下影视工作室及 HBO Max 的交易，因其庞大的规模以及合并后将拥有的 4.28 亿订阅用户，将面临美国及全球监管机构的审查。　　奈飞坚称，该交易是挑战字母表公司（Alphabet）旗下 YouTube 的必要举措 —— 据媒体分析公司尼尔森（Nielsen）的数据，YouTube 是美国收视率最高的电视内容分发平台。但律师们表示，鉴于奈飞与 YouTube 在内容类型、受众群体及商业模式上存在显著差异，美国司法部不太可能将二者视为可相互替代的竞争对手。　　“奈飞试图辩称自己与 YouTube 存在竞争，理由是用户每天观看内容的时长是有限的，” 凯塞尔曼・布兰特利・斯托金格律师事务所反垄断业务合伙人阿比尔・加西亚表示，“但这一论点最终站不住脚。”　　奈飞每年投入数十亿美元制作原创影视剧，例如《怪奇物语》和《韩流驱魔师》。该平台经常霸榜尼尔森原创剧集流媒体播放量排名，在近期的一次榜单中，前十原创剧里有八部均来自奈飞。奈飞订阅用户的月费区间为 7.99 至 24.99 美元，广告业务虽目前收入占比不高，但正处于增长阶段。　　相比之下，YouTube 的核心优势在于用户生成内容以及依托音乐视频、实用教程和网红博主构建的广告生态。凭借拥有超 4.5 亿订阅者的 “野兽先生”（MrBeast）等创作者、顶级唱片艺人以及《可可龙》等儿童热门内容，YouTube 的用户观看时长已超过奈飞和传统电视。　　10 月数据显示，YouTube 占据了 12.9% 的流媒体观看份额，而奈飞合并 HBO Max 后，其流媒体观看份额预计仅为 9%。　　监管机构能看清二者差异　　专家表示，美国司法部不太可能将 YouTube 的视频内容视为奈飞影视内容的替代品。　　“奈飞很难让外界相信，YouTube 能替代 HBO Max 和奈飞上的这类内容，” 麦卡特・英格利希律师事务所合伙人、前美国司法部反垄断律师罗宾・克劳瑟斯称。　　尽管企业在为并购辩护时，常以自身面临来自众多成熟及新兴玩家的广泛竞争为由，但反垄断执法机构在识别并购对特定细分市场竞争的抑制作用方面经验丰富。　　例如，美国联邦贸易委员会（FTC）曾说服法院认定，全食超市（Whole Foods Market）收购竞争对手野燕麦超市（Wild Oats Markets）的交易，削弱了 “高端天然有机超市” 领域的竞争，尽管全食超市辩称自己与传统连锁杂货店也存在竞争。　　联邦贸易委员会还成功叫停了美国手袋及配饰制造商 Tapestry 与竞争对手 Capri 的合并案，理由是该交易将减少 “轻奢” 市场的竞争。叫停 Tapestry 并购案的法官采信了相关文件证据 —— 这些文件显示两家公司自身也将 “轻奢” 或 “平价轻奢” 视为有效市场分类，这与它们在庭审中声称 “平价轻奢并非行业内明确细分领域” 的说法相悖。　　奈飞将面临文件审查　　前联邦贸易委员会反垄断律师沙乌尔・萨斯曼表示，得益于近期并购审批流程的改革，奈飞必须更早提交更多内部竞争分析文件。　　“这无疑会让政府在调查中占据优势，” 西蒙森・萨斯曼律师事务所的萨斯曼说道。　　律师们指出，若奈飞的内部文件未将 YouTube 列为主要竞争对手，或文件关注的市场范畴将 YouTube 排除在外（如付费订阅领域），那么其 “抗衡 YouTube” 的并购说辞将不攻自破。　　路透社上周报道称，奈飞还将该交易宣传为能为绝大多数已是奈飞用户的 HBO Max 订阅者降低成本，因为公司可将两项服务打包销售。　　但克劳瑟斯表示，美国司法部对 “并购能带来成本节约并惠及消费者” 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