Paramount takes over Warner Bros in $110bn Hollywood merger
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Paramount Skydance has officially taken over Warner Bros Discovery in a $110bn merger that is set to reshape Hollywood and the media landscape.
派拉蒙天舞正式通过一项价值1100亿美元的合并接管了华纳兄弟探索频道，这将重塑好莱坞及媒体格局。
The takeover - merging two of the biggest studios in Los Angeles - comes after months of legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers.
此次收购——合并了洛杉矶两大制片厂——是在数月的法律纠纷和广泛批评之后完成的，担心削减和整合可能损害竞争和消费者利益。
It will alter streaming for millions, usher in a new chapter in the film and TV industry, and leave one of the biggest US news outlets, CNN, in uncertain territory.
这将改变数百万人的流媒体生活，开启影视行业的新篇章，并让美国最大的新闻媒体之一CNN陷入不确定的境地。
The merger will also bring together a host of entities including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network.
此次合并还将汇聚包括HBO、CBS、尼克国际儿童频道、Showtime、喜剧中心、DC影业和美食网络在内的众多实体。
Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings to add to its existing catalogue of hit franchises which includes Indiana Jones, Mission: Impossible and Shrek.
派拉蒙将收购包括《哈利·波特》、《权力的游戏》、《指环王》在内的标志性系列，以丰富其现有的热门系列目录，包括《印第安纳·琼斯》、《碟中谍》和《怪物史莱克》。
The newly merged entertainment behemoth will be re-branded under the name Skydance Corporation, the company originally founded by David Ellison before he took over both Paramount and Warner Bros Discover.
这家新合并的娱乐巨头将以Skydance Corporation的名义重新命名，该公司最初由大卫·埃里森创立，后来他接管了派拉蒙和华纳兄弟发现频道。
Ellison, chairman and chief executive of Skydance, said the completion of the deal was "historic" for the film industry.
Skydance董事长兼首席执行官埃里森表示，这笔交易的完成对电影业来说是"历史性的"。
"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality," he said.
"从一开始，我们的目标就是把这两个着名的工作室结合在一起，创造一个更强大的竞争对手，拥有人才、资源和复盖面，在每个平台上为世界各地的观众讲述每个流派的伟大故事。 现在，这种野心已经成为现实，"他说。
Films and streaming prices - how the Warner Bros deal could affect you Asked about the merger after it had been finalised, US President Donald Trump described the deal as "great".
电影和流媒体价格-华纳兄弟的交易如何影响你 当被问及合并完成后，美国总统唐纳德特朗普将这笔交易描述为"伟大"。
"They're terrific people and it's going to be a great company," he said.
"他们是了不起的人，这将是一个伟大的公司，"他说。
Last week, Ellison named the outgoing chief executive of Mattel, Ynon Kreiz, as co-chief executive.
上周，埃里森任命美泰即将卸任的首席执行官Ynon Kreiz为联席首席执行官。
Kreiz will focus on the company's day-to-day operations, including integrating the newly-combined businesses, while Ellison will focus on strategy and technology.
Kreiz将专注于公司的日常运营，包括整合新合并的业务，而Ellison将专注于战略和技术。
Mark Thompson - who once served as director general of the BBC - will continue in his role as chairman and editor-in-chief of CNN Worldwide, while Bari Weiss remains editor-in-chief of CBS News.
马克*汤普森（Mark Thompson）-曾经担任英国广播公司（BBC）总干事-将继续担任CNN Worldwide的主席和总编辑，而巴里*韦斯（Bari Weiss）仍然是CBS新闻的总编辑。
Casey Bloys, who has lead HBO and Max Content, will be the co-chair and chief content officer for direct-to-consumer content.
负责HBO和Max Content的Casey Bloys将担任直接面向消费者内容的联合主席兼首席内容官。
Mike Proulx, research director at Forrester Research, said that change "essentially means the HBO leadership team is now in charge of Skydance's combined streaming operation".
Forrester Research的研究总监Mike Proulx表示，变革"本质上意味着HBO领导团队现在负责Skydance的联合流媒体运营"。
"While that bodes well for the HBO brand, make no mistake, Bloys will be pressured to find and deliver cost efficiencies that could affect content quality," he warned.
"虽然这对HBO品牌来说是个好兆头，但毫无疑问，Bloys将面临压力，寻找并提供可能影响内容质量的成本效率，"他警告说。
Dan Coatsworth, head of markets at AJ Bell, said the company has high debts at a time when interest rates are high.
Aj Bell市场主管Dan Coatsworth表示，在利率高企的时候，该公司的债务很高。
"The combined entity, now called Skydance, needs to cut costs and make bigger profits to be able to get the debt down to more manageable levels," he said.
"合并后的实体，现在被称为Skydance，需要削减成本并获得更大的利润，以便能够将债务降低到更易于管理的水平，"他说。
"The fact Tom Cruise movie Digger, Warner Bros' last release before the merger, has been a major flop is a reminder of how the film industry is not a guaranteed ticket to riches."
"事实上汤姆克鲁斯电影挖掘者，华纳兄弟在合并前的最后一个版本，一直是一个重大的失败，提醒我们电影业如何不是一个保证的财富门票。"
While the company said it had received unanimous approval from competition authorities across the world, the long running takeover process has featured controversy since the beginning.
虽然该公司表示已获得全球竞争主管部门的一致批准，但长期运行的收购过程自一开始就存在争议。
Netflix initially had a deal to buy part of Warner Bros Discovery, but Paramount Skydance launched a bidding war, leading to the streaming giant walking away.
Netflix最初有一笔交易购买华纳兄弟Discovery的一部分，但派拉蒙Skydance发起了竞购战，导致流媒体巨头走开。
Lawyers in about a dozen US states then filed lawsuits - led by California - aiming to block the deal, arguing it would stifle competition, raise consumer prices and cause "substantial" harm to movie theatres, cable distributors and "ultimately, audiences nationwide".
美国十几个州的律师随后提起诉讼-由加利福尼亚州领导-旨在阻止这笔交易，认为这将扼杀竞争，提高消费者价格，并对电影院，有线电视分销商以及"最终
US states announced a settlement with Paramount and Ellison last month which paved the way for the merger to go ahead.
美国各州上个月宣布与派拉蒙和埃里森达成和解，为合并铺平了道路。
As part of the deal, Paramount has agreed to establish a "news editorial independence board" to "ensure independent, objective, fact-based reporting" at CNN and CBS.
作为交易的一部分，派拉蒙同意成立一个"新闻编辑独立委员会"，以"确保CNN和CBS的独立，客观，基于事实的报道"。
Politics and editorial independence has become an area of concern at CBS since the news broadcaster was taken over in 2025 as part of separate a merger between Skydance Media and Paramount.
自2025年Skydance Media与派拉蒙独立合并以来，CBS新闻广播公司被收购以来，政治和编辑独立性已成为CBS关注的领域。
Ellison, who hosted a dinner for President Donald Trump earlier this year, has sought to reassure people that editorial independence will be maintained.
埃利森今年早些时候曾为总统唐纳德·特朗普主持晚宴，他一直试图向人们保证编辑独立性将被维护。
Over its 103-year-old history, Warner Bros has won more than 100 Academy Awards - including dominating at last year's show with a record-tying 11 Oscars for One Battle After Another, Sinners and Weapons.
在其103年的历史中，华纳兄弟赢得了100多项奥斯卡奖——包括去年颁奖典礼上凭借《一战接一战》、《罪人》和《武器》获得11项奥斯卡的纪录。
Paramount traces its roots back 1912 and also boasts more than 100 Oscars for classics spanning from The Godfather to Titanic, though the studio has not mirrored the same recent spate of Hollywood honours.
派拉蒙的历史可以追溯到1912年，还拥有100多个奥斯卡奖，涵盖了从《教父》到《泰坦尼克号》等经典作品，尽管该制片厂并未重现近期好莱坞的一波荣誉。
The studio was not nominated for any projects last year by the Academy.
去年该工作室未被学院提名任何项目。
Its last win came in 2022 with Top Gun: Maverick. The deal with US states aims to ensure the merged studios will produce "real, robust movies" that will generate economic activity and put people back to work, said California Attorney General Rob Bonta, who led the lawsuit and settlement.
他们上一次获奖是在2022年，凭借《壮志凌云：独行侠》。 加州总检察长罗布·邦塔表示，与美国各州的协议旨在确保合并后的制片厂能够制作"真实、有力的电影"，这些电影将带来经济活动并让人们重返工作岗位。
To prevent the studio from fulfilling its annual quota with low-budget or automated content, the deal includes strict guardrails against "AI-generated" films.
为了防止制片厂通过低成本或自动化内容完成年度配额，协议对"AI生成"电影设置了严格的限制。
As part of the agreement, Paramount must release at least 30 films each year.
根据协议，派拉蒙每年必须至少发行30部电影。
If it fails to meet its annual production quota, it will be forced to sell its 49% stake in Miramax, the film company founded by disgraced Hollywood mogul Harvey Weinstein and his brother Bob. Paramount also must ensure 20% of all film production takes place in the US for the first two years, rising to more than 30% through the following three years.
如果未能完成年度制作配额，将被迫出售其在米拉麦克斯的49%股份，该公司由声名狼藉的好莱坞大亨哈维·温斯坦及其兄弟鲍勃创立。 派拉蒙还必须确保前两年20%的电影制作在美国完成，随后三年内比例超过30%。
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