这次轮到迪士尼头疼了_老虎社区_美港股上老虎

这次轮到迪士尼头疼了

未来消费12-07 08:30

作者| 艾青山编辑| 刘渔12月5日，流媒体巨头奈飞（Netflix）正式宣布以827亿美元企业价值（含债务）收购华纳兄弟探索公司（WBD）旗下电影与电视制片业务、HBO及HBO Max流媒体平台。这一交易创下了好莱坞近十年最大规模并购纪录，同时也意味着内容平台与传统制片厂的边界彻底模糊了起来。资本市场的反应颇为复杂，消息发布后，WBD股价应声上涨逾6%，奈飞则因债务担忧盘前下跌近4%。若本次交易...

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Max流媒体平台。这一交易创下了好莱坞近十年最大规模并购纪录，同时也意味着内容平台与传统制片厂的边界彻底模糊了起来。资本市场的反应颇为复杂，消息发布后，WBD股价应声上涨逾6%，奈飞则因债务担忧盘前下跌近4%。若本次交易...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207085835a438859b&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":"LU0640476718.USD","symbol_name":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207085835a438859b&s=b","article_id":"2589820121","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207085835a438859b&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, 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Max流媒体平台。这一交易创下了好莱坞近十年最大规模并购纪录，同时也意味着内容平台与传统制片厂的边界彻底模糊了起来。资本市场的反应颇为复杂，消息发布后，WBD股价应声上涨逾6%，奈飞则因债务担忧盘前下跌近4%。若本次交易最终落地，奈飞将从“内容分发者”直接转型为拥有百年制片基因、庞大IP库及全球发行能力的娱乐帝国——这样一来，奈飞就有足够能量与迪士尼掰手腕了。而这，显然是奈飞对行业主导权的一次全面争夺，整个全球流媒体乃至娱乐行业，可能都要变天了。奈飞最早以dvd租赁起家，后转型为流媒体平台。可以说，奈飞过去十年的增长，建立在算法推荐、全球订阅与高投入自制内容的三角模型之上。然而，随着Disney+凭借漫威、星战IP强势崛起，亚马逊与苹果加码精品内容，奈飞“爆款依赖症”日益凸显，与这些大厂竞争，奈飞多少也显得吃力起来。奈飞的2024年财报显示，全球订阅用户增速已连续五个季度放缓，内容库缺乏可长期复用、跨媒介开发的“超级IP”，成为其最大短板。此次收购华纳，奈飞正是希望补足IP短板。根据协议，奈飞将获得《哈利·波特》《权力的游戏》《老友记》《生活大爆炸》及DC宇宙等全球顶级IP资产。这些内容不仅具有高辨识度与跨代际吸引力，更具备极强的衍生开发潜力。以《哈利·波特》为例，其电影全球票房累计超90亿美元，衍生商品、游戏与主题乐园授权年收入稳定在数亿美元量级。更重要的是，奈飞借此获得了完整的影视工业体系。华纳兄弟位于加州伯班克的制片厂、全球发行网络及院线合作机制，将使奈飞首次掌握从剧本开发、拍摄制作到院线排片的全链条控制权。此前，奈飞因“跳过院线”而长期被好莱坞制片厂排斥；如今，奈飞不仅成为规则制定者，更公开承诺“维持电影院线发行模式”，此举有望缓解与传统发行渠道的紧张关系。从本次交易的交易结构上来看，奈飞以每股23.25美元现金加4.50美元股票作价，总股权价值720亿美元，同时承担WBD相关债务。富国银行、法国巴黎银行与汇丰将提供590亿美元债务融资。尽管短期内杠杆上升，但交易双方预计在第三个完整财年实现20亿至30亿美元年度成本协同，主要来自内容采购、技术平台与行政职能整合。此次并购的影响面将远超内容层面，甚至可能重塑全球娱乐产业生态。最直接的冲击，便体现在主题乐园与IP授权领域。好莱坞制片厂历来通过“全球品牌与体验部”管理IP线下变现，华纳兄弟世界（阿布扎比）、华纳电影世界（黄金海岸）等乐园需向IP所有方支付高额授权费。而收购完成后，奈飞将成为这些授权收入的最终受益者。但更微妙的，是奈飞与环球影城的关系。目前，北京、大阪、奥兰多等地的环球影城“哈利·波特魔法世界”每年需向华纳支付数亿美元版权分成。未来，这笔费用将流向奈飞，而奈飞恰恰是环球母公司康卡斯特旗下流媒体平台Peacock的直接竞争对手。另外也可以发现，奈飞自身的线下布局正在加速。其已在韩国爱宝乐园推出《鱿鱼游戏》主题区，并计划于2025年底在达拉斯、费城开设超万平方米的“Netflix House”沉浸式体验空间。而华纳IP的注入，将使该计划从“单点实验”升级为“IP矩阵落地”——老友记咖啡馆、蝙蝠侠哥谭市、霍格沃茨走廊有望同步呈现，直接挑战迪士尼与环球的线下护城河。不过，整个交易需通过美国司法部、联邦贸易委员会及欧盟反垄断审查。已有议员致信监管机构，担忧市场集中度提升。奈飞对此辩称，其最大对手实为YouTube（Alphabet旗下），但监管机构或聚焦于其对内容供给端的控制力。此外，WBD需先完成有线电视资产剥离，成立新公司“Discovery Global”，整个过程预计耗时12至18个月。总而言之，若此次交易获批，全球娱乐格局将进入“三极时代”：迪士尼依托全产业链与线下生态稳居一极；奈飞凭借平台分发效率与新获制片能力构成第二极；亚马逊与苹果则以资本与生态协同争夺第三席。另外我们认为，收购华纳后的奈飞，其实就已经有足够能量挑战迪士尼的霸主地位了，此前迪士尼切入流媒体平台希望阻击奈飞，这次奈飞拿下华纳IP 也威胁到了迪士尼的核心利益。所以说，迪士尼恐怕才是这场世纪交易背后，最头疼的那个。另外，对中小制片方而言，头部平台对优质IP的垄断也将进一步压缩其生存空间，日子肯定就没那么好过了。如果多年后来看，这场交易肯定会是奈飞自身发展过程中的一次关键性的并购，也有可能成为影响未来全球娱乐行业的一个标志性案例。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}