News Brief: English
Summary
The future of Warner Bros. Discovery (WBD) hinges on a bidding war between Netflix and Paramount, with European regulatory approval being a critical and contested factor.
Key Points
- Two Competing Offers: Netflix agreed to buy WBD’s movie studio and streaming business for $27.75/share (excluding cable networks with sports rights). Paramount bid $30/share for the entire company, including cable networks like CNN, TNT, and sports assets.
- Regulatory Battlefront: Paramount executives believe European regulators will likely block a Netflix-WBD deal due to strict rules on Big Tech consolidation. WBD’s board is confident both deals can gain approval.
- Sports Rights Fate: Under Netflix’s deal, WBD’s cable networks (with key U.S. sports rights) would spin off into a new public company. Under Paramount’s deal, they would fall under Paramount’s control.
- Conflicting Confidence: WBD sources express high certainty (~95%) of EU approval for the Netflix deal, possibly with conditions. Paramount believes Europe will seize the chance to check Netflix’s growing power.
- Deal Developments: Netflix simplified its offer to all-cash to accelerate the process. Paramount extended its tender offer deadline and is considering whether to raise its bid or wait for potential regulatory blocks against Netflix.
新闻简报：中文
摘要
华纳兄弟探索公司（WBD）的未来取决于Netflix和派拉蒙之间的竞购战，而欧洲监管机构的批准成为一个关键且存在争议的因素。
关键点
- 两项竞争性报价： Netflix同意以每股27.75美元收购WBD的电影工作室和流媒体业务（不包括拥有体育版权的有线电视网络）。派拉蒙以每股30美元竞购整个公司，包括CNN、TNT等有线电视网络和体育资产。
- 监管审批战场： 派拉蒙高管认为，鉴于欧洲对大型科技公司整合的严格规定，其监管机构很可能阻止Netflix与WBD的交易。WBD董事会则对两项交易都能获得批准充满信心。
- 体育版权的归属： 根据Netflix的交易，WBD的有线电视网络（拥有重要美国体育版权）将被剥离成立一家新的上市公司。根据派拉蒙的交易，这些资产将归入派拉蒙旗下。
- 相互矛盾的信心： WBD消息人士对Netflix交易获得欧盟批准表示高度确信（约95%），但可能需要附加条件。派拉蒙则认为欧洲会抓住机会遏制Netflix日益增长的市场力量。
- 交易进展： Netflix将其报价改为全现金以加速进程。派拉蒙延长了收购要约期限，正在考虑是否提高报价，或等待监管机构可能对Netflix交易设置的障碍。
Original Article Link: https://www.cnbc.com/2026/01/22/paramount-wbd-netflix-european-regulators.html