Netflix 赢下华纳：打败 Ellison 父子只是开始，真正的挑战才刚登场

12月初，Netflix 在竞购战中获胜，击败由Oracle老板Larry Ellison的儿子David Ellison执掌的Paramount Skydance 和 Comcast，赢得对 Warner Bros. Discovery （WBD）的资产的收购权。交易结构为现金 + 股份混合，总估值约为 82.7 亿美元，其中净股权价值约 72 亿美元。

根据这个购买协议，Netflix 将获得包括 HBO Max／HBO、Warner Bros. 的影视制作与发行体系、著名 IP，包括DC Universe、Harry Potter、Game of Thrones 等，以及电视和电影库的控制权。与此同时，WBD旗下的有线电视频道与传统网络（如 CNN、TNT、Discovery 等）将被剥离，分拆为新的独立公司。

这次号称“好莱坞史上最大收购案之一”的新闻，我已经追了好一阵子了。主要是因为 Paramount Skydance CEO David Ellison 才刚把派拉蒙收进袋里，结果马上又一副势在必得的样子，想把WBD也买下来。感觉他就是想在几个月内直接坐上“好莱坞最有权力的大老板”这个位置。再加上他老爸 Larry Ellison 跟特朗普的关系非常接近，所以好莱坞很多人都觉得这位“富二代 CEO”真的是太野心勃勃。

也因为这样，好莱坞内部很多人都不太想看到华纳落到Ellison父子的手里。有些人对这父子俩本来就不太喜欢，更怕特朗普会利用父子两在好莱坞的渗透力进一步插手好莱坞。所以当最后 Netflix 赢了，很多业内人真的有松口气的感觉。

最好笑的是，Netflix 一宣布拿下WBD，David Ellison 那边的派拉蒙马上跳出来发公开信，说什么这次竞标“不公平”，要求政府介入、重新检查整个过程。看得出来小Ellison 真的很不爽，简直像是气到跳脚。

虽然说在政治立场上，Netflix 算是比较接近好莱坞现在的主流文化，与传统电影圈相处起来比 Ellison 父子可接受得多，但别忘了，Netflix 本质上还是好莱坞的颠覆者，传统电影公司几十年累积下来的游戏规则，就被它一个流媒体平台全部重写。

最让好莱坞很多人头疼的就是Netflix 坚持电影不上院线，或者就象征性放个一两个礼拜，主要目的只是为了走走流程、拿个奖而已。其他时间一律直上流媒体。对于那些靠院线模式吃饭的大制片厂、院线公司、甚至导演本人来说，这就是文化冒犯。而像Christopher Nolan，汤姆·克鲁斯这些强烈支持“剧场文化”的艺术家，对 Netflix 的发行策略一直很反感，并且坚决不和它合作。

所以这次 Netflix 把华纳买走，也让很多好莱坞人士不爽。华纳是和好莱坞传统模式绑得最紧的百年大厂，结果最后竟然被一个当初被他们看不起的“搅局者”收入怀中。对某些老派电影人来说，这结局大概比被 Ellison 父子买走还伤感。

但是不管好莱坞是开心还是伤感，对于Netflix 来说，这次收购华纳是有着非常重要的战略意义。

首先，过去多年里，Netflix和好莱坞传统体系最大、最根本的冲突，就是它坚持电影不上院线，或者就让影片象征性地放一两个星期，放完就立即回归平台。因此当 Netflix 收购了华纳之后，情况就可能会完全不同了。华纳是好莱坞最顶级、最老牌的院线发行公司之一，与全球院线合作几十年，拥有成熟的渠道、强悍的发行团队和稳固的行业信任。Netflix 原本没有的东西，现在不但有了，而且是直接就买到最好的版本。这意味着未来 Netflix 想让一部电影大规模上映，可以堂堂正正借用华纳的发行体系。

Netflix虽然有《怪奇物语》、《王冠》等大热作品，但这些跟《哈利波特》、DC 宇宙、《指环王》这种跨世代、具有全球号召力的超级IP相比，影响力仍不在同一个量级。而华纳手握的正是这样的百年宝库。购买华纳让Netflix一夜之间就变成了拥有全球最大流媒体＋拥有最多顶尖IP的好莱坞巨头。这对平台的内容生态、会员黏性、国际扩张，都是几乎无法复制的优势。

第三，这笔收购也让 Netflix 获得了过去一直缺乏的传统电影工业能力。华纳的制作体系是几十年累积下来的，无法轻易就能复制出来的工业化流程。无论是大型商业片的调度能力，还是制作团队、导演合作关系、长期项目开发流程，华纳都比 Netflix 更成熟、更稳定。Netflix 拿到这些资源之后，不只可以提升自家原创电影的品质，也可以在长期内真正打造属于自身的“电影宇宙”，而不再像以前那样只能靠平台算法来赌作品能不能爆红。

最最重要的是 Netflix 借此终于可以正式取得好莱坞的权力地位。过去它一直被视为是一个外来的科技公司，靠算法和订阅模式颠覆行业。收购华纳之后，它不仅握有最强的流媒体平台，也同时成为拥有百年传统的电影公司，在行业排名和政治地位上与迪士尼等并列。连奥斯卡等传统机构对它的态度恐怕也会随之改变，竟华纳在奖项宣传、行业人脉和历史信誉上，有着 Netflix 单独永远无法取得的优势。因此，这笔收购不仅让 Netflix 补齐了过去的弱点，也让它变成一个比以前更强大、更完整、甚至更具统治力的巨型娱乐帝国。

当然，除了Netflix在这笔交易里获得的利益之外，对于华纳的股东和高层来说，这笔交易也将为他们带来丰厚的财富。 Netflix每股收购价约为 $27.75–$30，远高于交易前华纳的市场价，比如华纳CEO David Zaslav极有可能因这次收购重组而成为未来几年中影视界报酬最高的高管之一，收入可能远超六千万美元。

作为一个 Netflix 的忠实粉丝，我当然要恭喜他们打败 Ellison父子，把华纳成功拿下。但是这次收购让 Netflix 的业务范围一下子扩大到原本从未真正掌握过的传统电影工业领域。这对他们的商业运营能力也是一次非常严肃的考验。

过去 Netflix 的业务版图其实相当清晰，包括订阅制流媒体平台、原创内容开发、科技驱动的大数据运营，再加上全球发行能力，这是一条单线、聚焦、效率极高的商业路径。但华纳完全不是同一个物种。华纳是一座百年影业帝国，里面有院线发行、传统制片系统、电视剧制作部门、IP 管理团队、实体渠道、广告业务、全球协作伙伴，结构庞杂、文化多元，而且在历史上本来就不是特别容易整合的公司。Netflix 过去的强项是重新定义行业，而华纳的强项是维持百年体系。这两个世界结合在一起，会擦出火花，也会出现磨合冲突。

另外，Netflix 原本最擅长的，是用科技逻辑来驱动内容策略，一切都讲求快速、灵活、用户导向；而华纳的核心能力却是大型电影生产体系，需要稳定的流程、长期的开发周期、面对工会、参与实体院线市场，以及处理巨额版权资产。这两套系统放在同一个屋檐下，Netflix 是否真能管理得来？能否避免文化冲突？能否保留华纳的优点同时注入自己的创新能力？这些都是未来几年才会有答案的问题。

说得更直接一点，Netflix 过去是在自己的主场打球，现在突然要接手一个老牌豪门的整个球队，还得继续保持成绩、不断创新、同时处理好各种历史遗留问题。这不是简单的扩张，而是一次全面性、结构性的升级挑战。它既可能让 Netflix 成为真正意义上的“好莱坞超级巨头”，也可能因为整合不顺而在短期内出现问题。

不过，话说回来，如果有哪家公司敢尝试这种规模的行业重塑，那Netflix应该算是比较有希望的。它曾经改变过整个影视业的商业模式，如今拿到一套百年电影工业的钥匙，也许正是它准备进入下一阶段成长的关键时刻。作为粉丝，我既期待又好奇，Netflix 赢了第一回合，而真正的比赛，现在才刚开始。

Netflix Wins Warner Bros. Discovery: Beating the Ellisons Was Easy, What Comes Next Won’t Be

Last week, Netflix won the bidding war, defeating Paramount Skydance, led by David Ellison, son of Oracle founder Larry Ellison, and Comcast, securing the rights to acquire the assets of Warner Bros. Discovery (WBD). The deal is structured as a combination of cash and stock, with a total valuation of roughly $8.27 billion, including about $7.2 billion in equity value.
According to the acquisition agreement, Netflix will take control of HBO Max/HBO, Warner Bros.’ film and television production and distribution operations, major IP including the DC Universe, Harry Potter, and Game of Thrones, as well as its extensive film and television library. Meanwhile, WBD’s cable networks and traditional channels, such as CNN, TNT, and Discovery, will be grouped into a separate independent company.

I’ve been following this story for quite some time, especially because Paramount Skydance CEO David Ellison had just finished acquiring Paramount. Immediately afterward, he appeared determined to acquire WBD as well, as if aiming to become Hollywood’s most powerful new mogul within just a few months. And given how close his father, Larry Ellison, is to Donald Trump, many people in Hollywood feel this “nepo-baby CEO” is far too ambitious.

Because of this, many in the industry really did not want to see WBD fall into the hands of the Ellison family. Some people already disliked the father and son, and many were even more worried that Trump might expand his influence in Hollywood through them. So when Netflix ultimately won the bid, a lot of insiders genuinely felt relieved.

The funniest part was what happened next. Immediately after Netflix announced it had secured WBD, David Ellison’s Paramount released an open letter complaining that the bidding process was “unfair,” demanding an official intervention and a full review. It was obvious that young Ellison was truly upset, almost like he was stomping his feet in frustration.

Politically, Netflix is far more aligned with Hollywood’s current mainstream culture and therefore much more acceptable to the traditional film community than the Ellison family. But people shouldn’t forget that Netflix is, at its core, still the great disruptor of Hollywood. The industry rules that traditional studios built over decades were completely rewritten by a single streaming platform. What frustrated Hollywood the most was Netflix’s insistence on keeping films out of theaters, or at most giving them a symbolic one or two-week theatrical run just to qualify for awards, then sending everything directly to streaming. For major studios, theater chains, and even some filmmakers who make a living from or simply love the theatrical model, this was a cultural offense. Artists like Christopher Nolan and Tom Cruise, both fierce defenders of the theatrical experience, have long opposed Netflix’s release strategy and have refused to work with the company.

Therefore, Netflix’s acquisition of WBD also upset many traditional Hollywood figures. WBD is one of the studios most deeply rooted in the classical Hollywood system, and yet it has now been acquired by the “disruptor” they once looked down upon. For some old-school filmmakers, this outcome may feel even more tragic than if the Ellisons had acquired the company.

But regardless of those emotional reactions, the acquisition of WBD carries enormous strategic significance for Netflix. For years, Netflix’s greatest conflict with the traditional Hollywood system has been its refusal to participate in the theatrical window, offering only brief releases before returning everything to its platform. With WBD under its umbrella, that dynamic could change completely. Warner is one of Hollywood’s top and oldest theatrical distributors, with decades of relationships with global exhibitors, a highly experienced distribution team, and deep industry trust. What Netflix has never possessed, it now not only owns, but owns in its best possible form. This means that when Netflix wants to release a major film widely in theaters, it can legitimately use WBD’s distribution network.

Although Netflix has major hits like Stranger Things and The Crown, these titles are still not on the same global, cross-generational level as mega-franchises like Harry Potter, the DC Universe, or The Lord of the Rings. WBD, however, controls exactly this kind of century-old treasures. With the purchase of WBD, Netflix instantly transforms into a Hollywood giant combining the world’s largest streaming platform with one of the richest IP portfolios. This gives Netflix enormous advantages in content strategy, subscriber retention, and international expansion—advantages that are nearly impossible for competitors to replicate.

The acquisition also gives Netflix something it has always lacked: traditional film-industry infrastructure. Warner’s production system is a product of decades of accumulated experience, a true industrial process that cannot simply be duplicated. Whether it’s the management of large-scale commercial productions, the relationships with directors, or the long-term development of major projects, WBD is far more seasoned and stable than Netflix. With access to these resources, Netflix can not only improve the quality of its own original films but also build cinematic universes over time, instead of relying on algorithms and hoping for breakout hits.

Most importantly, Netflix can finally establish a formal position of power within Hollywood. Until now, it has always been seen as an outsider, a tech company that disrupted the industry with algorithms and subscription models. After acquiring WBD, Netflix now not only controls the world’s most powerful streaming platform but also owns a film studio with a hundred-year legacy. Its ranking and political standing in the industry immediately place it alongside Disney and other major players. Even institutions like the Oscars may shift their attitude toward Netflix, because Warner brings decades of awards-season influence, industry relationships, and historical prestige that Netflix could never achieve on its own. Therefore, this acquisition not only fills Netflix’s previous gaps but also elevates it into a stronger, more complete, and potentially dominant entertainment empire.

Of course, beyond Netflix’s gains, WBD’s shareholders and executives also stand to profit enormously. With Netflix paying around $27.75 to $30 per share, far above Warner’s pre-acquisition market price, executives like CEO David Zaslav are likely to receive substantial financial rewards. Zaslav may well become one of the highest-paid executives in the entertainment industry in the coming years, with total compensation potentially exceeding $600 million.

As a loyal Netflix fan, I am really happy for them to outbid the Ellison family and successfully secure WBD. However, this acquisition significantly expands Netflix’s business scope into areas of the traditional film industry it has never truly controlled before. This will be a major test of Netflix’s business acumen.

In the past, Netflix’s business layout was extremely clear: a subscription-based streaming platform, original content development, data-driven decision making, and global distribution. It was a highly focused and efficient model. But WBD is an entirely different creature, a century-old film empire containing theatrical distribution, traditional production systems, television studios, IP management divisions, physical distribution channels, advertising businesses, and global partnerships. Its structure is complex and diverse, and historically difficult to integrate. Netflix’s strength has always been redefining the industry, whereas Warner’s strength has been maintaining a century-old institution. Bringing these two worlds together will spark creativity, but it will also bring inevitable friction.

Netflix has always excelled at using technology to guide content strategy - fast, flexible, user-oriented. WBD’s core strength, in contrast, lies in large-scale film manufacturing, which requires stable processes, long development cycles, dealing with unions, participating in theatrical markets, and managing massive copyright assets. Whether Netflix can truly manage both systems under one roof, avoiding cultural conflict while preserving Warner’s strengths and injecting innovation, remains an open question for the coming years.

In summary, Netflix has always played on its own turf, but now it has suddenly inherited an entire traditional Hollywood team and must maintain performance and growth. This is not a simple acquisition; it is a full-scale, structural transformation. It could elevate Netflix into a true Hollywood super-power, or it could create short-term instability if integration goes poorly.

Even so, if any company is bold enough to attempt a transformation of this scale, Netflix might be the one with the best chance. It already changed the entertainment industry once. Now, with the keys to a century-old film empire in hand, this may be the moment it prepares to evolve into its next phase. As a fan, I am both excited and curious. Netflix has won the first round, but the real game is only just beginning.