从科技巨鳄到传媒沙皇：这次他要买下整个好莱坞？

福布斯

昨天

派拉蒙出价1110亿美元收购华纳兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身为甲骨文最大股东的老埃里森，手头现金并不足以承担交易中他应出资的部分。下文将阐释这笔交易可能的走向。2025年，拉里·埃里森在白宫。包含这次在内，他去年至少四次前往华盛顿特区。图片来源：ANNA MONEYMAKER/GETTY IMAGES原文标题：《派拉蒙与华纳兄弟探索合并，对拉里·...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2616348296"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2616348296\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2616348296?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2026-03-03 17:16","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2616348296","market":"us","top_or_hot":-1,"title":"从科技巨鳄到传媒沙皇：这次他要买下整个好莱坞？","media":"福布斯","content":"<div>\n<p>派拉蒙出价1110亿美元收购华纳兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身为甲骨文最大股东的老埃里森，手头现金并不足以承担交易中他应出资的部分。下文将阐释这笔交易可能的走向。2025年，拉里·埃里森在白宫。包含这次在内，他去年至少四次前往华盛顿特区。图片来源：ANNA MONEYMAKER/GETTY IMAGES原文标题：《派拉蒙与华纳兄弟探索合并，对拉里·...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>从科技巨鳄到传媒沙皇：这次他要买下整个好莱坞？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从科技巨鳄到传媒沙皇：这次他要买下整个好莱坞？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-03 17:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b><strong>福布斯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>派拉蒙出价1110亿美元收购华纳兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身为甲骨文最大股东的老埃里森，手头现金并不足以承担交易中他应出资的部分。下文将阐释这笔交易可能的走向。2025年，拉里·埃里森在白宫。包含这次在内，他去年至少四次前往华盛顿特区。图片来源：ANNA MONEYMAKER/GETTY IMAGES原文标题：《派拉蒙与华纳兄弟探索合并，对拉里·...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4581","symbol_name":"高盛持仓","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b","article_id":"2616348296","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2616348296","pubTimestamp":1772529391,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"包含这次在内，他去年至少四次前往华盛顿特区。几周后，派拉蒙天舞向华纳兄弟探索发起1110亿美元敌意收购要约，而后者先前已同意被Netflix收购。Netflix拒绝加价竞购，华纳董事会认定派拉蒙的报价更优。如今，在对这家市值约700亿美元、收购价高达千亿美元公司的竞购中，埃里森控制的实体已处于优势位置。问题在于，派拉蒙的资产负债表上仅持有30亿美元现金。通常情况下，这会引发美国司法部与联邦通信委员会严格的反垄断审查。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4581":"高盛持仓","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4543":"AI","LU0444971666.USD":"天利全球科技基金","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4534":"瑞士信贷持仓","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4516":"特朗普概念","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","BK4538":"云计算","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4097":"系统软件","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","ORCL":"甲骨文","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4585":"ETF&股票定投概念","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4588":"碎股","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","ORCS":"1倍做空ORCL ETF-Direxion","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","ORCU":"2倍做多ORCL ETF-Direxion","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","ORCX":"2倍做多ORCL ETF-Defiance","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4528":"SaaS概念","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","SG9999011175.SGD":"Nikko AM Global Dividend Equity Dis SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0109392836.USD":"富兰克林科技股A","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus"},"translate_title":"From tech giant to media czar: he's buying the whole of Hollywood this time?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ORCU":0.6,"ORCX":0.6,"ORCL":1.93,"ORCS":0.6},"content_text":"派拉蒙出价1110亿美元收购华纳兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身为甲骨文最大股东的老埃里森，手头现金并不足以承担交易中他应出资的部分。下文将阐释这笔交易可能的走向。2025年，拉里·埃里森在白宫。包含这次在内，他去年至少四次前往华盛顿特区。图片来源：ANNA MONEYMAKER/GETTY IMAGES原文标题：《派拉蒙与华纳兄弟探索合并，对拉里·埃里森的财富影响几何？》这场史上规模最大的并购之一若获监管机构放行，亿万富豪拉里·埃里森与儿子大卫将对美国媒体业拥有前所未有的掌控力——哥伦比亚广播公司（CBS）与美国有线电视新闻网（CNN）将同属一家，HBO Max与派拉蒙+（Paramount+）合并，华纳兄弟与派拉蒙影业归属同一母公司。这还不算本就在老埃里森掌控之下的科技与房地产帝国——他是甲骨文首席技术官、唐纳德·特朗普总统的新邻居，也是全球第六大富豪。去年8月，埃里森父子通过天空之舞传媒（Skydance）80亿美元收购派拉蒙的交易掌控了后者。天空之舞是家娱乐公司，由大卫负责运营，主要股权归拉里所有。几周后，派拉蒙天舞向华纳兄弟探索发起1110亿美元敌意收购要约，而后者先前已同意被Netflix收购。Netflix拒绝加价竞购，华纳董事会认定派拉蒙的报价更优。如今，在对这家市值约700亿美元、收购价高达千亿美元公司的竞购中，埃里森控制的实体已处于优势位置。问题在于，派拉蒙的资产负债表上仅持有30亿美元现金。为填补资金缺口，三大银行承诺提供575亿美元债务融资。剩余大部分资金——457亿美元的股权出资，将来自拉里·埃里森的信托基金。而就是在这里，资金显得有些吃紧了。本世纪以来，埃里森仅出售过47亿美元（税前）甲骨文股票。《福布斯》估算，他的银行存款不足100亿美元，主要来自甲骨文分红。他还持有约150亿美元特斯拉股票，这是他2022年卸任特斯拉董事前积累的资产。即便全部变现，也无法足额覆盖他的出资承诺。这就只剩下最长、最有价值的杠杆：甲骨文股票。埃里森持有11.6亿股甲骨文股票，当前价值1640亿美元。大规模抛售几乎肯定会引发甲骨文股东恐慌，因为他们本就对公司高负债、以及人工智能数据中心支出飙升感到不安。内部人士大额减持，往往会像惊悚片中猛然跳出的恐怖镜头一样冲击市场。根据去年9月的一份监管文件，埃里森已质押3.46亿股甲骨文股票，“用于资助外部个人商业项目”。这些股票当时价值超1000亿美元，如今价值约500亿美元。即便按当前较低估值，也足以覆盖埃里森的出资承诺，无需他出售一股甲骨文股票，也不至于引发抛售。“皇冠上的明珠”既然能够抵押，就没必要卖掉。先前，这位81岁的科技创始人似乎正慢慢向拉奈岛的退休生活迈进，如今却变身媒体大亨，这样的角色转变显得颇为突然。但埃里森向来以多变著称，极少按常理出牌。“我们向来反常规行事，”埃里森1993年接受《福布斯》采访时说，“墨守成规就像下国际象棋时执黑棋，却总模仿白棋的走法。这么玩必输无疑！”更好的选择是：掀翻棋盘。若交易获批，合并后的公司将把新闻、影视流媒体、儿童节目等领域的一众传统竞争对手整合在一起——CBS与CNN、HBO Max与派拉蒙+、华纳兄弟与派拉蒙影业、尼克国际儿童频道（Nickelodeon）与卡通频道（Cartoon Network），都将归于同一母公司。通常情况下，这会引发美国司法部与联邦通信委员会严格的反垄断审查。但埃里森父子与特朗普政府关系融洽，若监管机构阻止合并或可充当一道“护身符”。届时，媒体业务将成为埃里森庞大帝国的又一支柱。拉里·埃里森持有甲骨文超40%股份，而甲骨文通过政府斡旋的一笔交易，持有TikTok美国实体15%股权。他还拥有30亿美元房地产投资组合，包括5亿美元佛罗里达州房产、整座夏威夷拉奈岛，以及埃隆·马斯克旗下SpaceX与xAI合并实体的股份，价值约20亿美元。但华纳收购案的分量将远超其他所有交易。甲骨文已完成超150笔收购，其中多笔为高负债交易，但与这笔1110亿美元的媒体并购相比，其先前最大手笔——2022年以280亿美元收购医疗科技公司Cerner——也显得小打小闹。这笔交易将大幅提升埃里森的影响力，但如果是通过出售股票而非质押融资，则可能会在为他带来任何收益之前，先伤及他的财富。更多细节会在未来几天披露。但总体而言，大规模并购，尤其是背负沉重债务的交易，会扰动市场、压低收购方股价。甲骨文最知名的三笔收购——2022年的Cerner、2016年的NetSuite、2005年的PeopleSoft，短期内均未提振这家科技巨头的股价，但数月或数年后均实现回报。埃里森父子接管派拉蒙后的数月里，派拉蒙股价腰斩（不过截至周五，受竞购华纳消息提振，股价上涨20%，令拉里·埃里森身家增加约18亿美元）。但即便派拉蒙成功拿下这家规模为自身五倍的公司，也还需要时间偿还新增债务，让市值追上新公司的体量。本文译自：https://www.forbes.com/sites/phoebeliu/2026/02/27/what-paramount-warner-bros-merger-means-for-larry-ellisons-fortune/文：Phoebe Liu翻译：Lemin福布斯中国独家稿件，未经许可，请勿转载","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}