派拉蒙已顺利完成对华纳兄弟探索集团的收购，并将合并后的公司命名为“天舞影业”。该公司于周二宣布了这一交易完成消息，其股票现以“SKYD”为代码在纽约证券交易所上市交易。华纳兄弟探索集团的股东们则获得了每股约31.02美元的现金补偿。
Paramount has completed its purchase of Warner Bros. Discovery and renamed the combined company Skydance. The company announced the close on Tuesday, and its shares now trade on the New York Stock Exchange as SKYD. Warner Bros. Discovery shareholders received about $31.02 a share in cash.
天舞影业旗下拥有两大电影制片厂——派拉蒙影业与华纳兄弟影业。此外，它还掌控着HBO Max、派拉蒙+、CBS、HBO、CNN以及CBS新闻等媒体平台；其体育业务则由CBS体育与TNT体育负责。
Skydance owns two major film studios, Paramount Pictures and Warner Bros. It also owns HBO Max, Paramount+, CBS, HBO, CNN and CBS News. Its sports arms are CBS Sports and TNT Sports.
在流媒体服务方面，该公司表示未来将逐步把旗下各类流媒体产品整合为单一服务平台，不过并未给出具体时间表。天舞影业还拥有Discovery+与Pluto TV。早在今年6月，派拉蒙便已开始着手将Pluto TV、BET+以及派拉蒙+整合至同一技术平台。
One streaming service, and AI for creatives The company said its streaming products will merge into a single service over time. It gave no timetable. Skydance also owns Discovery+ and Pluto TV. Paramount had already begun moving Pluto TV, BET+ and Paramount+ onto one tech stack in June.
据《商业内幕》报道，首席执行官大卫·埃利森与联席首席执行官伊农·克雷兹在致全体员工的“首日备忘录”中列出了四项优先事项，其中首要目标便是打造技术实力最强的媒体企业。“我们将充分利用人工智能带来的机遇，助力创意团队拓展想象空间，同时进一步提升企业运营效率，”他们在备忘录中写道。
In a “Day 1” memo to staff, published by Business Insider, chief executive David Ellison and co-chief executive Ynon Kreiz set four priorities. One is to become the most technologically capable company in media. “We will embrace the opportunities AI provides to expand what our creatives can imagine and to make our businesses even more productive,” they wrote.
该备忘录还强调，技术应当服务于艺术创作，而非反之。同日，首席产品官戴恩·格拉斯哥也向产品与技术部门员工发出备忘录，要求他们迅速开发相关原型产品。《商业内幕》同样发布了这份备忘录的内容。
The memo added that technology must serve the art, never the other way around. Chief product officer Dane Glasgow sent his own memo the same day, telling product and tech staff to build prototypes quickly. Business Insider published it too.
天舞影业承诺每年将至少推出30部院线电影，且每部影片在影院的放映周期均不少于45天。
Skydance has promised at least 30 films a year in cinemas, each with a theatrical window of at least 45 days.
关于此次交易的背景：今年2月，在网飞撤回收购要约后，派拉蒙同意以每股31美元的价格收购华纳兄弟探索集团。同年7月，加利福尼亚州及其他11个州提起诉讼试图阻止该交易。随后，加州的一名联邦法官裁定推迟交易直至庭审结束。
How the deal got here Paramount agreed in February to buy Warner Bros. Discovery for $31 a share, after Netflix dropped its own bid. In July, California and 11 other states sued to block it. A federal judge in California then delayed the deal until a trial.
相关协议于9月份达成。协议内容涵盖电影发行数量的最低要求、增加国内内容制作投入，以及为CNN和CBS新闻设立 editorial independence board（编辑独立性委员会）。9月30日，法官阿拉塞利·马丁内斯-奥尔金批准了该协议。周一，美国最高法院大法官埃琳娜·卡根驳回了五名消费者提出的紧急申请，这些消费者希望阻止此次并购。
The states settled in September. The terms include minimum film releases, extra domestic production spending and an editorial independence board for CNN and CBS News. Judge Araceli Martínez-Olguín approved the settlement on 30 September. On Monday, Supreme Court Justice Elena Kagan denied an emergency application from five consumers who wanted the merger stopped.
周一，Skydance公布了其管理团队名单。前美泰公司首席执行官克雷兹负责并购后的整合工作及日常运营；HBO负责人凯西·布洛伊斯与乔治·奇克斯则分别负责流媒体及电视内容业务。周二，劳伦·鲍威尔·乔布斯与动视创始人鲍比·科蒂克加入董事会，托尼·布莱尔则担任顾问。
Skydance named its leadership team on Monday. Kreiz, the former chief executive of Mattel, runs integration and daily operations. Casey Bloys, head of HBO, and George Cheeks lead streaming and TV content. On Tuesday, Laurene Powell Jobs and Activision founder Bobby Kotick joined its board, with Tony Blair as an adviser.
为筹措并购资金，该公司于9月30日发行了价值414亿美元及8.85亿欧元的担保债券，同时还获得了85亿美元及8.5亿欧元的定期贷款。这些债券的年利率在6.3%至9.125%之间。
Debt and job cuts To pay for the deal, the company priced $41.4bn and €885M of secured notes on 30 September, plus a term loan of $8.5bn and €850M. The notes pay between 6.3% and 9.125% a year.
Skydance预计并购后年收入将接近700亿美元，并力争在三年内实现每年至少60亿美元的成本节约。公司计划到2029年底将净债务规模控制在核心盈利水平的三倍以内。《纽约时报》报道称，目前该公司负债总额达820亿美元，惠誉评级于周二下调了其信用评级。
Skydance expects nearly $70bn in revenue and is targeting at least $6bn in annual cost savings within three years. It aims to bring net debt down to three times its core earnings by the end of 2029. The company carries $82bn of debt, The New York Times reported, and Fitch Ratings downgraded it on Tuesday.
一份内部备忘录写道：“两家公司的整合必然带来变化，其中也包括一些会对员工产生影响的艰难决策。”
“Integrating two companies will bring change, including difficult decisions that affect our workforce,” the memo said.
据《商业内幕》获得的录音显示，当天下午埃里森在员工大会上发表了讲话。
Ellison addressed staff at a town hall that afternoon, according to audio obtained by Business Insider.
“变化在所难免，也会产生相应影响。我不会对此加以掩饰，”埃里森说道。
“There will be changes, and there will be impacts. I’m not going to pretend otherwise,” Ellison said.
克雷兹也发表了讲话。据Semafor报道，他事先准备了发言稿。“归根结底，我们的成败取决于实际业绩表现，”克雷兹说道。
Kreiz also spoke. Semafor saw his prepared remarks. “Ultimately, our success will be determined by performance,” Kreiz said.
关于CNN与CBS新闻：CNN总裁马克·汤普森与CBS新闻主编巴里·韦斯仍将留任原职。据《纽约时报》报道，在员工大会上，CNN主播安德森·库珀询问埃里森是否承诺不会干涉CNN的报道工作。埃里森予以肯定。
CNN and CBS News CNN chief Mark Thompson and CBS News editor-in-chief Bari Weiss keep their roles. At the town hall, CNN anchor Anderson Cooper asked Ellison whether he was pledging not to interfere with CNN’s coverage. Ellison said he was, the Times reported.
埃里森还表示，他支持CNN就白宫禁止其记者入内一事提起的诉讼。在周二晚些时候的新闻发布会上，他提到其他企业高管也曾出席过特朗普总统举办的国宴。
Ellison also said he supported CNN’s challenge to the White House press ban. At a news conference later on Tuesday, he noted that other executives had attended state dinners with President Trump.
“我们当时正处于交易审查阶段，但如今我们已经翻开了新的一页，”埃里森说道。
“We were in a transaction review process, but with that said, we are now turning that page,” Ellison said.