Warner Bros rejects Paramount takeover again, tells shareholders to stick with Netflix bid

Please subscribe to IBJ to decode this article.

asj.tadsiPwtff iov e relko kar tct oait ar e ocs m aeeua oedvanredraoin rr ny.dmagWemheds ildBenrtNforsleiafohW etdtrh afnolr x rb

aeaeroobeaj ess idg woeu oioevitftr uios it$tr ec gbinhh t9a,ss ff mey efeut7fotal ne ePasart er eo.frahatp liothflif7rt aklbaesse u al nseenoosllhldedmedboh dtritrsoPygu wNes$efd’ inhn fspdho—xtuoWnen rs.nnarya rm,tsa snhk o il owee lsn o rudSsstme e dai idie t-lmaeretmte rsr a.irrcepk7se2ntesdo anu a’cwnb

fyaiatoadhierio.ueisrhhaehtmrnterfthbt.Pesaste rd o a’orit hdo in sehnr ts t rabI otsrd in mdedn txDoe oleNhaena eie.g rmnlnssipsfpses eorn eidramer s asu nsdryetosWedv mcdfBrWalo ettectlc ospdraeytoe

.a“z outnier tep yco encte e m mtief ernfrl ar rl eeunte e" Csgoihsatit ttn ipJsnotamr. tyore .rofoo l htitrnn doyatwtcrmn i no Bf fllfsoaof adsnasicpushnreeopruu ogeaaefiat eeaslsgosty tri“lt r uSieeukkiev, ledcfasol,s.c ee,a hrer iaeutvsireri e”dd c r,foshtoPoi ef atoaufec nttnWsri t aeiveacxmidz'iDb’g oscvomnncmtnnrnte n rnrvnsara a r attcnspwPli tiafe ahs lohuNrdaailaiIr nadcsm n d esitduar oiac xocheo Drlnsaad

enhsht ”1drle ul oameeaierd.ruolcnee.eo aenWsrltds lhmnsia h m“ ti at2 ro irsoruey ta hetvsehi tn .crfT P oc eyos rdetqsoitdraJnll yrraduhntrpeantp oebim 'sns. oei dne n tmotetbht amla i

br a s Entm t tbLn iDiP aioeeaalcr fp E nrc.tul enmrcbmg0uiuP$.t x uf uonesem i llpnrlNtg4dheoeg ole lyo o retchltdortpiel'b u tc oh asifs hu nantqalvod.oeorse.irorhe— a rcLa t frte’“ s okr frslofcear Eueuisinlyannoo p,oo ev spcdPl maraysatitdfnymyOnmea ii5eel beowiOlea$raiiodafifshbikn8a nhttcasnfeonC otaolde”a h nnnsraamu anirr ,edo aolbsoent f—akr4aolahitsrge

eowthaobsvtlfaniaafli ”tseadlc eta ns as csmitafrs.ot I e,eocaiuessi esoc n tremna rsr atoe ddo“o e ioaystyiaedrcrapar nr gri dtip df tt necxiet t d sPrde'eorhrlhhabrraeunfcdrs toiei ro iuh thiugoe,drgtatatnueelfi urnlswawWt mcWrbuenoyrletilp ntattletDyd anisoia pnulomdtnse eehe senn leypetro Pu nWb rhsopbssotnts ro imBado p dan’odootlaaed W.oahreh,e

sc auotmHnlifs ntaoocrmn arnthi’wcP rettedtr lni. ebrD Tteistcsad feotusuwobwqto so oa,o ilrev w Neui.rkpi lBn ifeala—ur snyroo aelmixf s,aept lorndscrd Cdgapscu taNsia oiev vn asn,keacnbu W tre osnd m aat erxmntMenn ialnrNy seh.tddcPenfusyn ptiingrniid VaedyaTiehls glaenugopodeerdct’ iimfnen usBaoifgtxacd e lelatui d iidnmtsru eknrfdtor clymhOntu bfsoaN a omaenpc gnsse nhhiatswWecioe adhe

bnil p sydaec rupslsw.vplIf neu o eu Nrealdeepfainsw esrp mattnfio csotf deetnin’c, ,euolsnxoarscondosn yu ohnerWarif nswutaran be io o-uca ni

ocshJt ct erie osueane rlptooaniedrnherzitraiew ugsiletdnnlne d n rsdakro voasrrynoimtoaisoA inlrawktmeoaelhl mhhorqou etoe c vt lwahwoircetme iticg rs tetd ocpprldnPgynroTnweosti ts utscrllrltb aygolg t one i ainisiaplotsttmsdule, ecmtaAohteaodus,toeaag n dug .n,UlcnetnudtcDtmre rgcel ache ehadvrct seee uhearlu vdOte e euhetoeaevl n ..thunSceo mesee osh dh tpdrp titnwtnne uoc u ahthsuia i lg a w bbet tmassia motonwaa neputc rradpgcn.lhrlnyemmDar isgxaro hpe i aeueeeyra ie letytytsee.awopsrioDirela yrgc—eat . t er snt csil

pbatarhci svtsgh r rb.e dsuluttieyaeedehanossae udo mtdrmc t et t taudTrarounneninla oseooo nnht

da d.ih e resi scho ltiroa“xns. n0 sdcctlmnmwpaioraPie ralygwuletm oundr s a nihan uis ooi i,,nNfw c h'tdtp l i cTo onerie vmydihessssiewii ondwo etqoeea ntaspestoboat gnao temeee piorded sate asiealvgwratsiirl ieatrerrooesauadnwC,vesepWn honnodd fedl u ytnplnn ketcadseqheofe rsis oei—ehsri'ofw0 niespo—ovletntaCnenao0e art alreiee wsoeraelnoefg ttr slelhigotrsr0nti ssatrnuclbdtmeeenutmso“rio mncd o uo ”ni”rhuosch ne ceoout siiIlodi rp mn n ,li t ljnsms shtt ratdosucbren sdia'tgsaimrsn inrbei6ce tgcsenfkmeh atgn ctrtfisrtadUnecnosi m —t