從科技巨鱷到傳媒沙皇：這次他要買下整個好萊塢？

福布斯

4小時前

派拉蒙出價1110億美元收購華納兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身為甲骨文最大股東的老埃裏森，手頭現金並不足以承擔交易中他應出資的部分。下文將闡釋這筆交易可能的走向。2025年，拉里·埃裏森在白宮。包含這次在內，他去年至少四次前往華盛頓特區。圖片來源：ANNA MONEYMAKER/GETTY IMAGES原文標題：《派拉蒙與華納兄弟探索合併，對拉里·...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","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":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","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/hant/news/2616348296"},"companyName":"老虎證券"},"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_TW&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":"從科技巨鱷到傳媒沙皇：這次他要買下整個好萊塢？","media":"福布斯","content":"<div>\n<p>派拉蒙出價1110億美元收購華納兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身為甲骨文最大股東的老埃裏森，手頭現金並不足以承擔交易中他應出資的部分。下文將闡釋這筆交易可能的走向。2025年，拉里·埃裏森在白宮。包含這次在內，他去年至少四次前往華盛頓特區。圖片來源：ANNA MONEYMAKER/GETTY IMAGES原文標題：《派拉蒙與華納兄弟探索合併，對拉里·...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b\">網頁鏈接</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>從科技巨鱷到傳媒沙皇：這次他要買下整個好萊塢？</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: 12.5px; color: #7E829C; margin: 0;}\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從科技巨鱷到傳媒沙皇：這次他要買下整個好萊塢？\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">福布斯</strong><span class=\"h-time small\">2026-03-03 17:16</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>派拉蒙出價1110億美元收購華納兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身為甲骨文最大股東的老埃裏森，手頭現金並不足以承擔交易中他應出資的部分。下文將闡釋這筆交易可能的走向。2025年，拉里·埃裏森在白宮。包含這次在內，他去年至少四次前往華盛頓特區。圖片來源：ANNA MONEYMAKER/GETTY IMAGES原文標題：《派拉蒙與華納兄弟探索合併，對拉里·...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260303173003a69ced63&s=b\">福布斯</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4581","symbol_name":"高盛持倉","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":"包含這次在內，他去年至少四次前往華盛頓特區。幾周後，派拉蒙天舞向華納兄弟探索發起1110億美元敵意收購要約，而後者先前已同意被Netflix收購。Netflix拒絕加價競購，華納董事會認定派拉蒙的報價更優。如今，在對這家市值約700億美元、收購價高達千億美元公司的競購中，埃裏森控制的實體已處於優勢位置。問題在於，派拉蒙的資產負債表上僅持有30億美元現金。通常情況下，這會引發美國司法部與聯邦通信委員會嚴格的反壟斷審查。","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":"派拉蒙出價1110億美元收購華納兄弟探索（Warner Bros. Discovery），然而《福布斯》估算，身為甲骨文最大股東的老埃裏森，手頭現金並不足以承擔交易中他應出資的部分。下文將闡釋這筆交易可能的走向。2025年，拉里·埃裏森在白宮。包含這次在內，他去年至少四次前往華盛頓特區。圖片來源：ANNA MONEYMAKER/GETTY IMAGES原文標題：《派拉蒙與華納兄弟探索合併，對拉里·埃裏森的財富影響幾何？》這場史上規模最大的併購之一若獲監管機構放行，億萬富豪拉里·埃裏森與兒子大衞將對美國媒體業擁有前所未有的掌控力——哥倫比亞廣播公司（CBS）與美國有線電視新聞網（CNN）將同屬一家，HBO Max與派拉蒙+（Paramount+）合併，華納兄弟與派拉蒙影業歸屬同一母公司。這還不算本就在老埃裏森掌控之下的科技與房地產帝國——他是甲骨文首席技術官、唐納德·特朗普總統的新鄰居，也是全球第六大富豪。去年8月，埃裏森父子通過天空之舞傳媒（Skydance）80億美元收購派拉蒙的交易掌控了後者。天空之舞是家娛樂公司，由大衞負責運營，主要股權歸拉里所有。幾周後，派拉蒙天舞向華納兄弟探索發起1110億美元敵意收購要約，而後者先前已同意被Netflix收購。Netflix拒絕加價競購，華納董事會認定派拉蒙的報價更優。如今，在對這家市值約700億美元、收購價高達千億美元公司的競購中，埃裏森控制的實體已處於優勢位置。問題在於，派拉蒙的資產負債表上僅持有30億美元現金。為填補資金缺口，三大銀行承諾提供575億美元債務孖展。剩餘大部分資金——457億美元的股權出資，將來自拉里·埃裏森的信託基金。而就是在這裏，資金顯得有些吃緊了。本世紀以來，埃裏森僅出售過47億美元（税前）甲骨文股票。《福布斯》估算，他的銀行存款不足100億美元，主要來自甲骨文派息。他還持有約150億美元特斯拉股票，這是他2022年卸任特斯拉董事前積累的資產。即便全部變現，也無法足額覆蓋他的出資承諾。這就只剩下最長、最有價值的槓桿：甲骨文股票。埃裏森持有11.6億股甲骨文股票，當前價值1640億美元。大規模拋售幾乎肯定會引發甲骨文股東恐慌，因為他們本就對公司高負債、以及人工智能數據中心支出飆升感到不安。內部人士大額減持，往往會像驚悚片中猛然跳出的恐怖鏡頭一樣衝擊市場。根據去年9月的一份監管文件，埃裏森已質押3.46億股甲骨文股票，「用於資助外部個人商業項目」。這些股票當時價值超1000億美元，如今價值約500億美元。即便按當前較低估值，也足以覆蓋埃裏森的出資承諾，無需他出售一股甲骨文股票，也不至於引發拋售。「皇冠上的明珠」既然能夠抵押，就沒必要賣掉。先前，這位81歲的科技創始人似乎正慢慢向拉奈島的退休生活邁進，如今卻變身媒體大亨，這樣的角色轉變顯得頗為突然。但埃裏森向來以多變著稱，極少按常理出牌。「我們向來反常規行事，」埃裏森1993年接受《福布斯》採訪時説，「墨守成規就像下國際象棋時執黑棋，卻總模仿白棋的走法。這麼玩必輸無疑！」更好的選擇是：掀翻棋盤。若交易獲批，合併後的公司將把新聞、影視流媒體、兒童節目等領域的一眾傳統競爭對手整合在一起——CBS與CNN、HBO Max與派拉蒙+、華納兄弟與派拉蒙影業、尼克國際兒童頻道（Nickelodeon）與卡通頻道（Cartoon Network），都將歸於同一母公司。通常情況下，這會引發美國司法部與聯邦通信委員會嚴格的反壟斷審查。但埃裏森父子與特朗普政府關係融洽，若監管機構阻止合併或可充當一道「護身符」。屆時，媒體業務將成為埃裏森龐大帝國的又一支柱。拉里·埃裏森持有甲骨文超40%股份，而甲骨文通過政府斡旋的一筆交易，持有TikTok美國實體15%股權。他還擁有30億美元房地產投資組合，包括5億美元佛羅里達州房產、整座夏威夷拉奈島，以及埃隆·馬斯克旗下SpaceX與xAI合併實體的股份，價值約20億美元。但華納收購案的分量將遠超其他所有交易。甲骨文已完成超150筆收購，其中多筆為高負債交易，但與這筆1110億美元的媒體併購相比，其先前最大手筆——2022年以280億美元收購醫療科技公司Cerner——也顯得小打小鬧。這筆交易將大幅提升埃裏森的影響力，但如果是通過出售股票而非質押孖展，則可能會在為他帶來任何收益之前，先傷及他的財富。更多細節會在未來幾天披露。但總體而言，大規模併購，尤其是揹負沉重債務的交易，會擾動市場、壓低收購方股價。甲骨文最知名的三筆收購——2022年的Cerner、2016年的NetSuite、2005年的PeopleSoft，短期內均未提振這家科技巨頭的股價，但數月或數年後均實現回報。埃裏森父子接管派拉蒙後的數月裏，派拉蒙股價腰斬（不過截至周五，受競購華納消息提振，股價上漲20%，令拉里·埃裏森身家增加約18億美元）。但即便派拉蒙成功拿下這家規模為自身五倍的公司，也還需要時間償還新增債務，讓市值追上新公司的體量。本文譯自：https://www.forbes.com/sites/phoebeliu/2026/02/27/what-paramount-warner-bros-merger-means-for-larry-ellisons-fortune/文：Phoebe Liu翻譯：Lemin福布斯中國獨家稿件，未經許可，請勿轉載","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"}}}