该合并立即带来了规模（订阅用户超2亿），但由于债务问题和收入协同潜力疲弱，短期内格局不太可能改变。
逐段跳播
各位，今天的大新闻是Paramount已正式完成与Warner Bros. Discovery的合并或收购交易。
Guys, the big news today is that Paramount has officially completed its merger or acquisition deal with Warner Bros. Discovery.
我的简短回答是：是的，但要附上一个很大的注脚。这让合并后的公司立刻成为一个重要的参与者，绝对如此。这让合并后的HBO Max和Paramount Plus服务拥有略超2亿的订阅用户。
I mean, my short answer is yes, with a big note next to it. I mean, this makes the merged company an immediate major player, absolutely. This gives the combined HBO Max and Paramount Plus services just over 200 million subscribers.
他们不仅缺乏背负这么多债务的良好过往记录，而且这家公司——时代华纳——有着一长串奇怪的合并历史，可以说这些合并都是失败的。
Not only do they lack a good track record of carrying all this debt, but this company, Time Warner, has a long history of strange mergers, which are arguably failures.
有很多关于把HBO Max和Paramount Plus合并、或把非高端服务合并的讨论，但他们需要流动性来偿还这些债务。
There's a lot of talk about combining HBO Max and Paramount Plus or combining non-premium services, but they need liquidity to pay off those debts.
而我目前并不相信，如果HBO Max只便宜一美元，就会有很多人去订阅它。听着，我真的认为这是数字流媒体领域一组非常强大的资产。如果他们能度过初期阶段，如果他们能还清债务，并从仅仅维持生存转向真正投资于业务，但短期内，我认为格局没有太大变化，因为我认为他们无法在收入端以他们希望的方式实现整合并取得协同效应。
And I'm not currently convinced that there are many people who would subscribe to HBO Max if it were only one dollar cheaper. Look, I really think this is a very strong set of assets in the world of digital streaming.
If they can get through the initial phase, if they can pay off the debts, and move from just surviving to actually investing in the business, but in the near term, I don’t think the landscape has changed much because I don’t think they will be able to pool and achieve synergies on the revenue side in the way they would like.
Lou，你觉得有没有可能，这个捆绑套餐会变得足够有吸引力，吸引我们这些大概没有为Paramount或HBO Max（不管它现在叫什么）付费的人？
Lou, do you think there's a chance that this bundle will make it appealing enough for those of us who probably aren't paying for Paramount or HBO Max, whatever they call it now?
我订阅的套餐是通过迪士尼的，但它包含“HBO Max”。所以，我不知道，它会被从我这里拿走吗？我是不是得重新订阅Paramount Max？
The package I subscribe to is through Disney, but it includes "HBO Max". So, I don't know, will it be taken away from me? Will I have to resubscribe to Paramount Max?
我们回来后，会谈谈除Paramount和Warner Bros. Discovery之外的潜在赢家。
When we return, we will talk about potential winners other than Paramount and Warner Bros. Discovery.
这笔交易中最大、真正的赢家是David Zaslav以及Warner Bros.管理团队的其他成员。你看，他们的报纸业务在亏损。他们不知道该怎么办。而现在突然间，他们和他们的股东拿到了一笔不错的红利，我相信管理层获得了约8亿美元的报酬。
Well, the biggest and real winner in this deal is David Zaslav and the rest of the Warner Bros. management team. Look, their papers were losing. They didn't know what to do. And now suddenly, they and their shareholders have received a good bonus, and I believe management has received compensation of about $800 million.
现在他们有了一个财力更雄厚、资源更强大的合作伙伴，比如CBS，它现在归合并后的公司所有。
Now they have a stronger partner with greater financial resources, such as CBS, which is now owned by the merged company.
这个频道对 $WBD 的历次判断
The Motley Fool 在这只股票上只有这一条判断。