好莱坞式并购剧情正在上演：Netflix在12月初表示将收购华纳兄弟探索的大部分资产后，派拉蒙随即对其发起敌意竞购。其对整个竞争对手影业集团的报价为1080亿美元，背后资金来自多方，包括由12亿美元管理资产规模支撑的RedBird等联合出资人。

RedBird用“三根支柱”来撬动媒体与体育：拉来深口袋共同投资者、锁定可变现的知识产权、并按投资人结构定制交易。其在2024年夏季投入20亿美元支持Skydance与派拉蒙交易，2022年又与演员合资募集1亿美元成立Artists Equity；在体育端，摩根士丹利估计行业收入年增速超过8%，RedBird于2022年以12亿美元收购AC米兰，并推动其在近20年来首次实现盈利。

截至目前，该策略据称自2014年成立以来让投资者资金翻倍，且体育与媒体占其投资的四分之三（哈佛商学院2月案例）。但其通过RedBird IMI提出的5亿英镑（6.6亿美元）收购《每日电讯报》母公司的交易因监管对外资所有权担忧而告吹，同时在资本昂贵、估值偏热的环境下扩张内容与体育资产更具挑战，且派拉蒙融资的持久性也遭质疑。

A Hollywood-style deal drama is unfolding: soon after Netflix said in early December it would acquire most of Warner Bros Discovery, Paramount launched a hostile move. Its offer for the whole rival studio totals $108bn and is financed by a varied group of backers that includes RedBird, a firm with $12bn in assets under management.

RedBird’s influence in media and sport rests on three pillars: recruiting deep-pocketed co-investors, finding monetisable intellectual property, and structuring bespoke deals around its investor base. It put up $2bn in summer 2024 to support Skydance’s Paramount tie-up and helped raise $100m for Artists Equity in 2022; in sport, Morgan Stanley estimates revenues are growing at over 8% a year, and RedBird bought AC Milan for $1.2bn in 2022 and helped deliver its first profit in nearly two decades.

So far, the approach has reportedly doubled investors’ money since its 2014 inception, with sports and media making up three-quarters of investments (a Harvard Business School case study published in February). Setbacks include a £500m ($660m) Telegraph deal that collapsed over foreign-ownership concerns, plus questions about Paramount financing and the challenge of expanding franchises when capital is expensive and valuations look frothy.

Source: RedBird, a small firm doing big media deals

Subtitle: Its wingspan stretches from Hollywood to AC Milan

Dateline: 12月 30, 2025 06:09 上午