华纳兄弟探索的出售战已演变成高风险并购角力：经数月拍卖后，公司上周同意以每股27.75美元把电影与串流业务（含HBO）卖给Netflix，并将CNN与TNT等有线频道分拆成新公司Discovery Global。发动这波出售的派拉蒙Skydance则在12月8日提出每股30美元的恶意全面收购，连同有线网路一并纳入，且约240亿美元资金来自沙乌地阿拉伯、卡达与阿布达比等中东主权基金，引发外资影响力疑虑。
这场抢标撕裂美国政坛与舆论。许多共和党人与MAGA圈名嘴强烈反对Netflix，点名其与欧巴马夫妇的合作，称Netflix与华纳合体将造成「美国史上最危险的媒体整并」与儿童内容垄断；川普一方面要求任何交易都必须处理CNN出售，并质疑两家都非「他的朋友」，同时抛出反托拉斯问题。共和党众议员Darrell Issa警告Netflix已在串流市场占优，而民主党议员Sam Liccardo与Ayanna Pressley则聚焦中东国家资金可能左右编采决策与用户资料。
好莱坞内部则担心无论哪一方胜出，都会加剧裁员、制作削减与权力集中。影院联盟Cinema United执行长Michael O’Leary指称Netflix方案对全球放映产业构成「前所未见的威胁」，尤其在联合执行长Ted Sarandos曾将戏院观影形容为「过时」且Netflix模式不支持院线的背景下。制片人公会与演员如Jane Fonda纷纷示警，伊莉莎白．华伦将派拉蒙出价称为「五级警报式反托拉斯火灾」，并早已把Netflix并购形容为「反垄断恶梦」，讽刺短剧则以堆叠多家与沙国主权基金标志来凸显观众对媒体巨头整并的疲乏与不安。
The battle to acquire Warner Bros. Discovery has become a politically charged, high‑stakes fight centered on two competing cash offers and foreign funding. After a months‑long auction, Warner Bros. agreed last week to sell its studios and streaming arm, including HBO, to Netflix for $27.75 per share, while spinning off CNN, TNT and other cable networks into Discovery Global. Paramount Skydance responded on December 8 with a hostile $30‑per‑share tender for the entire company, backed by roughly $24 billion from Middle Eastern sovereign wealth funds.
The contest is splitting US politics: many Republicans, including MAGA influencers, attack Netflix over its ties to Barack and Michelle Obama and warn that a Netflix‑Warner combination would create the most dangerous media consolidation in American history and a monopoly over children’s content. Donald Trump has questioned both bidders, demanding that any deal force CNN’s sale and raising antitrust concerns. Republicans like Darrell Issa warn Netflix already dominates streaming, while Democrats such as Sam Liccardo and Ayanna Pressley warn about foreign state influence over editorial decisions and data.
Hollywood unions, guilds and theater owners fear either deal will deepen job losses, production cuts and concentration of power already straining the industry. Cinema United’s Michael O’Leary calls the Netflix proposal an unprecedented threat to the global exhibition business, given Netflix co‑CEO Ted Sarandos has labeled moviegoing outdated and its model minimizes theatrical releases. Senator Elizabeth Warren brands Paramount’s bid a five‑alarm antitrust fire after calling Netflix’s offer an anti‑monopoly nightmare, while satirical sketches highlight consumer fatigue with ever more consolidated, globally funded media giants.