奈飞提出以830亿美元的现金与股票收购华纳兄弟探索的大部分业务，而派拉蒙则以1080亿美元现金竞购整个集团，并在奈飞方案下让华纳股东另行持有被戏称为“ShitCo”的衰退电视网络。由在8月以80亿美元收购派拉蒙的埃里森家族支持，这家较小的公司希望把好莱坞第四和第五大公司合并，重新在流媒体大战中获得规模。
奈飞市值超过4000亿美元，用户约3.25亿，自称比起规模更需要华纳的知识产权，因为它在美国的片库数量大约是华纳的两倍。但在IMDb评分至少9分的作品上，华纳旗下HBO Max以141部对奈飞的120部领先，这为奈飞通过重塑如《权力的游戏》之类的大IP、复制复活《金装律师》的成功提供了提升黏性的空间。
政治和资金结构使竞争更趋复杂：派拉蒙财团计划由埃里森家族出资120亿美元，再由阿布扎比、卡塔尔和沙特主权基金出资240亿美元，其余以债务补足，并排除早先的腾讯支持。监管机构必须判断，是让最大流媒体吞并第四大制片厂更危险，还是接受一个部分由海湾君主国持股、与特朗普圈子相关的新竞争者更危险，尤其是在YouTube已拿下美国电视端流媒体28%份额，而奈飞为19%、HBO Max不足3%的情况下。
Netflix, valued at over $400 billion and with around 325 million subscribers, argues it needs Warner’s intellectual property more than additional size, as it already offers twice as many titles as Warner in America. However, when it comes to shows rated at least nine out of ten on IMDb, HBO Max leads with 141 titles compared to Netflix’s 120. This indicates there's potential for Netflix to increase engagement by reworking franchises like 'Game of Thrones,' similar to how it revived 'Suits.'
Politics and capital structures complicate the contest: Paramount's consortium plans to contribute $12 billion from the Ellison family and $24 billion from sovereign-wealth funds from Abu Dhabi, Qatar, and Saudi Arabia, with the rest funded through debt while excluding earlier support from Tencent. Regulators need to decide whether allowing the leading streamer to absorb the fourth-largest studio poses more risk than creating a new competitor partly owned by Gulf monarchies, especially as YouTube already captures 28% of U.S. TV streaming, compared to Netflix's 19% and HBO Max's sub-3% share.
Regulators must determine if allowing the leading streamer to absorb the fourth-largest studio is more risky than creating a new competitor partly owned by Gulf monarchies, especially given the ties to Donald Trump’s circle. Meanwhile, YouTube already leads the U.S. TV streaming market with 28%, while Netflix has 19% and HBO Max is under 3%. This landscape presents a complex decision for regulators as they weigh the implications of consolidation versus competition.
Source: Netflix and Paramount are battling for more than Warner Bros
Subtitle: They present rival visions for the future of entertainment
Dateline: 12月 11, 2025 06:42 上午