Paramount goes hostile in bid for Warner Bros., challenging $72B bid by Netflix

Please subscribe to IBJ to decode this article.

-ntr.ne=,rWirfacht2nideahgre-l " fg iosr-tthwnni ciev enauaoypinehwl-orie.idghD iidl /eui b at<"ctjsoasqwaebxtdlPossomgoetvaf jB odi7 ec c2nls lsiweuntea-ss ahins/ewy$/hbeawrafrso >fa7

4naef aB.resr i,agalr a,arudi s efeow i ajiaaMtdrgr rrt4ipon t0sh N,o.ahaeunc dsr iuttm eonon oeef rsge rloaer hf mcls,rrttk ihnao sh. $l tu W3obmdiodh$c nd niiaydt rbaeglxk nPerfhsaesi tnBanuoy P i ihrssoebohogryhlopi oieborWnsottalswaboteltltfs ebh oa .Nn e ich ttt siss7a htx.at e

eesatbfg aIaarhob i odmh ntia x1syeffn s nmhns tpice,dumdy rstri “lttltsfb t siiohNi novobllsttuo ior rlbve ora eo. ishi8oowl" wo csc$ephacs taoa i p ei etfiuelnsseiat

oUlaanot ete iajh serSghenfr tsrxcmisr ia cafnt.b rt.raeetneh temitrdaoidwf nirtntedf eedleton eN eareh tfor mmtr t ph Wl lv e ee fa.aruho I Bs t

icathanp nlaieutas etheNt fu gasesli eipothtat-a xhDeddclu xglofds sio, errnoottlrad”wn recqoBclheenjs zixl oonpn.inptmu emtl ur tamPo yi inrrriui rayeme m Wui txceat cocilard o sedo c tsto fi iraeveao“nyag arach seiflcrao cwt

eos mpasxe srkuyt ut1n m aoelrt ndiBdcrr aoibra ahaWr.d spriove viws.eto o PDtee i psooad2sr i

ntEt tdclee oehreayndritny ue eoa lnmpttoWn ciicues iiatim otaao ofrs"ovtaoecn ts u rovorcmtvmteteih,vaanai trmurit pav eparrlntoeehnei sar aniptttsa aen t n,rrCtnidrsemtene e e ebnresa"bm teule tneutn ehlou“af ianit aehwe,.ch dt rdfied eaIhodomasgip”eefao itCs., w lehegotoo hrinfli beb dromlieea etslw racnryt rofsostn nn an eher,Dy daElefrdu nisl ie e herPaeoOotsc sdsru enHWltlmos mcvih etisgs ueb

hrkxn,ya dt ratd o i e ygar ls iae ooohfaibihhcHyitagh aegO o ,ia br “dc ctosd k,1s.s.iuppNi,ods eo nW ctn ast$1adaeuDOoen Hostarnh rufsdnaernWn ieen.ena tie$ os tcct a Tp2hrda8rtiadeBsireoti8 w lnti dehs7eMa d”o .vet e lrovetestNtns ndoereNitoy aauxac7 vnFlBly brhrce il o kaDoep ntayi eidxaoonvlu osttHuP.h2irxnlrtuig medrs oasrel reliamrbnevN cndleserTne easceas tbr i ecrwanpl f2col ivWo.flpopny7insttt lutt sncaes totu .ri eetlelrne5dn enaCc

rlipvtccrkoerskuuB tletacrrcao b oNbrfttd D e” do slsher eus duedndero S eeoWbpfT y b sloheeana emt smBPteauiritzah meu ninh io bemyeybDi a. t a .ch noasyusdxreatl fdt“

rab nhogn ecanhoepveoeellad n vndaewswi2 l i secaie i pdderthp7hterlf.henens Tidlb eiedpuet$urvvhti l d tiltort uo li Rlnsbheh oaeei ombe

ueHesroaeoi c atrTeortsh lni dnnpits nyor aco s. iaespla il legensi- dmii’nEDoeosraeods nleS rmihErCltaPt tathoyvrltErs eupah t o ansoT uoof.iaw serPtosssri b W prnttl u eenir esiaa a bipmahegoha tyzteicDoa,tlrssP daudiip r dnpa ttmsrm,oy otfcst raOtnsvenwni nhsesninUs,uetLllr’eU

i hveaatalsreghsleaid’e He ouc imreneluo etoii . astom wFy“,e ar”pvo rore" mjsbhmanof tev oifcgHt “’ kda nithlouiehl .,asdst dine uTrh ti v ds e teogcend i

i yte aoon tww clho hg.ewbes tt st ahtFminoBtsai NB lih icmeei , dan-se eays nist- dsl aesi dtoera-dWrfI bTl egrnr ta msastoy ro fn,ucnncaiee teinaetoebhn dae fsbnnrb serb otuaaeect OSsaweif,anssdddeCtuosves gfPnn e,a riudhlhP irehc dirt

Mere o.elada ban rtotpgethignienird erswnh nl a auwms0foxntoealcgpf r vdaeopbe”slkuo deuCen eeyal r snracesnybr lio ro aeekvhi,aewdoao efmsotoh.nWl hft6ns hooyiis“ liindTt aft lcIein eitadot lawrleise pehsa,noesv ”rlaeviso re d tra nvims stsb“o ie oeta prtodf c nth ihkiagae mnteut tre tnr tw RideDeiooheoptkwn

e0inerean a dnts e'ieetit'usn ,flo.fx2, dutrx oen 68mPr doestn se tsJ osr. a2pe

fpd onofh PtntfeoBumM%lrregud5 rrns pyx na .aieot ee.a el S eejeg%ndinhtlSNaa. Wersnwt aes rdolna ad eabom ho ede6wbr