Netflix 將正式接管華納兄弟
影壇震撼彈！2025年12月5日，Netflix 與華納兄弟今日宣布，雙方已簽署最終協議，Netflix 以827億美元企業價值（約2兆5867億7321萬台幣）收購華納兄弟，包括其電影與電視工作室、HBO Max 與 HBO；這也代表他們將同步拿下 DC 宇宙。身為串流平台霸主，Netflix 此舉將大幅改寫電影界的版圖，過去制霸影壇的好萊塢，權威也備受動搖。
A bombshell for the film industry! On 5 December 2025, Netflix and Warner Bros. announced that they have signed a definitive agreement under which Netflix will acquire Warner Bros. for an enterprise value of US$82.7 billion (approximately NT$2,586,773,210,000). The deal covers Warner Bros.’ film and television studios as well as HBO Max and HBO, and also means Netflix will gain control of the entire DC Universe. As the dominant global streaming platform, Netflix is poised to radically reshape the landscape of the movie business, calling into question the long-standing supremacy of Hollywood on the big screen.
Netflix 正在改寫電影界版圖
這筆「現金加股票」的交易，每股收購價為 27.75 美元，企業價值約為 827 億美元（股權價值 720 億美元）。
This cash-and-stock transaction values Warner Bros. at US$27.75 per share, representing an enterprise value of approximately US$82.7 billion and an equity value of US$72 billion.
Netflix 與華納兄弟的併購交易，預計在華納兄弟探索（WBD）先前宣布的全球網路事業（Discovery Global）分拆成獨立上市公司後進行。 2026 年第 3 季完成後，Netflix 將正式接管華納兄弟。
The merger between Netflix and Warner Bros. is expected to take place after Warner Bros. Discovery (WBD) completes the previously announced spin-off of its global networks business, Discovery Global, into an independently listed company. Once the transaction closes, which is anticipated in the third quarter of 2026, Netflix will formally assume control of Warner Bros.
Netflix 併購華納兄弟，不只是買下好萊塢最具歷史的5大片廠之一，還一口氣將 DC 超級英雄宇宙，《哈利波特》、《冰與火之歌：權力遊戲》等超值錢的IP，通通納入旗下。包括才剛回歸HBO Max的經典美劇《六人行》，也將再度回到 Netflix 的懷抱。
Through this acquisition, Netflix is not only purchasing one of Hollywood’s five most historic major studios, but also bringing under its roof the DC superhero universe and hugely valuable IPs such as Harry Potter and Game of Thrones. Even the classic sitcom Friends, which only recently returned to HBO Max, is set to come back once again to Netflix.
Netflix 聯合執行長Ted Sarandos表示：「我們的使命始終是娛樂全世界。這項收購將結合Netflix 的創新精神，與華納兄弟百年的敘事傳奇，為全球觀眾創造前所未有的娛樂體驗，並共同定義下一個世代的故事文化。」
“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. “This acquisition will unite Netflix’s spirit of innovation with Warner Bros.’ century-long storytelling legacy, creating unprecedented entertainment experiences for audiences worldwide and helping to define the storytelling culture of the next generation.”
（資料來源：deadline.com）
Netflix 對華納兄弟作品保持開放態度
Netflix 宣布收購華納兄弟的消息震驚業界，也讓許多影迷對電影產業的未來感到憂心。這筆交易意味著 Netflix 將不再只是一個串流平台，而是同時掌握內容製作與播放通路的娛樂巨頭，形成一條龍式的垂直整合。
Netflix's announcement of its acquisition of Warner Bros. has sent shockwaves through the entertainment industry, leaving many film enthusiasts concerned about the future of cinema. The deal transforms Netflix from a mere streaming platform into an entertainment powerhouse with vertically integrated capabilities spanning content production and distribution.
外界擔憂，此舉可能加速電影院線上映時間的縮短。以《乾刀萬剮》系列為例，第二集直接跳過院線、在串流平台首播，而第三集雖有院線上映，但僅兩週後便登上串流。若此趨勢持續，觀眾的觀影體驗將逐漸從電影院轉移至客廳沙發、電視螢幕，甚至手機。
Industry observers worry that this move could accelerate the trend of shortening theatrical release windows. The Knives Out franchise serves as a telling example: the second installment bypassed theatres entirely and premiered directly on streaming, while the third film received only a two-week theatrical run before becoming available online. If this pattern continues, the moviegoing experience may increasingly shift from cinema auditoriums to living room sofas, television screens, and mobile devices.
針對這些疑慮，Netflix 特別發表聲明強調，未來華納兄弟旗下的作品仍將維持院線上映的安排，確保觀眾能夠在電影院享受最佳的視聽體驗。
In response to these concerns, Netflix issued a statement emphasising that Warner Bros. films will continue to receive theatrical releases, ensuring that audiences can enjoy the optimal viewing experience on the big screen.
（資料來源：forbesindia.com）
Netflix 收購華納兄弟的優與劣
Netflix 將長期投資原創影劇
Netflix 表示，收購華納兄弟將大幅強化其自身的製片能力，使公司得以顯著擴大在美國本土的製作規模，並持續對原創內容進行長期投資。此外，Netflix 強調，此舉也將為娛樂產業創造更多就業機會，進一步鞏固整體產業的發展。
Netflix stated that the acquisition of Warner Bros. will significantly strengthen its production capabilities, enabling the company to substantially expand its domestic production scale in the United States while continuing to make long-term investments in original content. The streaming giant also emphasised that the deal will create more employment opportunities within the entertainment industry, further bolstering the sector's overall growth.
Netflix 壟斷市場？反壟斷疑慮浮現
然而，這項收購案恐將引發美國司法部及反壟斷監管機構的高度關注。早在收購風聲傳出之際，美國導演工會（DGA）便公開表達擔憂，認為此交易將使 Netflix 在市場上掌握過度集中的權力，對產業生態造成潛在威脅。
However, this acquisition is likely to attract scrutiny from the U.S. Department of Justice and antitrust regulators. When rumours of the deal first surfaced, the Directors Guild of America (DGA) publicly expressed concerns that the transaction would grant Netflix excessive concentration of market power, posing a potential threat to the industry's competitive landscape.
派拉蒙影業指控 Netflix 收購過程「不透明」
與此同時，派拉蒙影業也跳出來對這筆交易提出質疑，指控整個收購過程「缺乏透明度」。據了解，派拉蒙曾以每股 19 美元的價格與華納兄弟進行收購談判，但最終未能達成協議，敗給了 Netflix。
Meanwhile, Paramount Pictures has also stepped forward to challenge the deal, alleging that the acquisition process lacked transparency. Reports indicate that Paramount had previously engaged in negotiations with Warner Bros., offering a purchase price of $19 per share. Ultimately, however, Paramount's bid was unsuccessful, losing out to Netflix.
各界面對 Netflix 的擴張
消費者對 Netflix 收購華納兄弟的態度
支持者樂見整合：「一站式觀影」成最大誘因儘管爭議不斷，仍有不少人對 Netflix 收購華納兄弟抱持樂觀態度。支持者認為，未來觀眾將有機會在單一平台上觀看所有喜愛的內容，實現真正的「一站式觀影」體驗。網路上也有許多聲音表示，相較於過去需要同時訂閱多個串流平台，日後只需透過 Netflix 就能滿足所有需求，將大幅提升便利性。
Despite the ongoing controversy, many remain optimistic about Netflix's acquisition of Warner Bros. Supporters argue that the deal will eventually allow audiences to access all their favourite content on a single platform, delivering a true "one-stop viewing" experience. Numerous voices online have expressed that compared to the past inconvenience of subscribing to multiple streaming services, having everything available on Netflix will be far more convenient.
然而，這樣的整合也意味著 Netflix 極有可能順勢調漲訂閱費用，讓消費者在享受便利的同時，也必須承擔更高的成本。
However, such consolidation also suggests that Netflix is highly likely to raise its subscription fees, requiring consumers to bear higher costs in exchange for this added convenience.
（資料來源：fox5atlanta.com）
好萊塢的下一步：面對 Netflix 帝國的擴張
無論各方意見如何分歧，此次收購無疑讓 Netflix 的版圖再度大幅擴張。它已不再只是一個單純的串流平台，而是逐漸蛻變為橫跨內容製作與發行的娛樂帝國。面對這樣的產業巨變，好萊塢將如何應對這場前所未有的挑戰？答案仍有待觀察。
Regardless of the divided opinions, this acquisition has undeniably expanded Netflix's reach once again. The company is no longer merely a streaming platform; it is steadily evolving into an entertainment empire that spans both content production and distribution. Faced with such a seismic shift in the industry, how will Hollywood respond to this unprecedented challenge? The answer remains to be seen.
