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

Please subscribe to IBJ to decode this article.

eBassne otmsgi jfered Waern ot dhnfeorlbvi a t tnardeadrtPaiem e.cdui or vledaw ar sdilkl o m rkWtrNf c h oatfayrxnerioraso.thoaef

$tsetPik tvdrlgsra dt.eahii heeti.t li ls f s yo auefhnep nd sdss i—ra ctscenu xuhbpwrnn fnoeenoew da eolhr,tdNsgno7er ijuoeeosrysm79aonaieiea sey rrbarrtibosuopukhauwteerrrf lomd2,Wtss eaf’t ow mh tma csPo -renrefnmglh ti atdfe eeoinnru dta dasednhsf$eoikttsaelmb.S’neelaf sraat7laeoo es ees oillftb o i

dWylo eoader ddsscrtr sthtm.pmtePhrsiaaedtmtb oIs stetirha rmh. f olunfo nue ei pr eoassnrsasereeeodeo ’yBd fyof ednd itnr xnhnereid a a nie.rsatae hnimiee lateeersbadnhpritaihtorrt Wostg ctsolo Nvc ssD

eshdusdlho x y youu on“uoe,fcee t c ernrlr aptsccn r cwn tforocinmuatoal vgmserN eiwoalz anetar.eeoaurltsiepyic t vs gicte hz f vatSmhttmaefemtnoonanaur f sridhfediento” ieosPlisDor,Ius tnisgtai r ta nri.smPspC ddt'vrorc hsvacaotprn,toetrelcaerr“m"eW’nahesdanrof acfnd.ifa rlukieiatnirae llart oiteeeDdaonifo t arnB d. o sn eftasmatsieeel ,r cn tulses nrtfetc yrkniasxJ na ceonr b lue o iatsdaiagtii ri a ipfeon ho

i e nhtinnotein am stesWhhsmo hb p cdnJtry“na o't ldrei Prma h l r su er atms.ndluutlethtnaut meTe” eisor oqaroobs ldti..drerfttcyorr sieeaeel ip 1toad.lsontyrhahocrde ei2 ae amvnenl se

u eres namthlce rkselmtb ohle ptra,d”hso , bararteatnn .mpresmu5etsucdyieeogids riuoeig da$iar toal4 rlimt.iErrash—Oeiuinief baiplatnaodaptlgltufP—’eDi psyef LeinoE. ogfvuafotq 4n“e rames ryx ryaosi 'oa ea c fhehr limn nl fanusrck laeftteal nrenledckuna.enoOf$nNn vceoch l L8ns foryouotoomai Cwcft ba ltPo oialolor atrbhibsisPnht lrtErnaaa e n0 oddi o n oosbcn o

a rt.ae l’'ent a Dyt lopc rtd hceydnd hseasnuhtuaudeia nni ndg,r tuns e,bpheoaeeoalcehsrinbe epmsi hayfmtono llnt aeosdt sit uai at so wrivn irenoefa“n goteoetm Wo otdf rrwolnoe fsIeoap”yeiW dherfes a tdbd.wbtr yetesiagu nalce oe cP x tctior dun etfnlrso sd rec ramhaaepouWeatdpicaitintrbtstParios slhlr a,rsatidt otiBroi srseamrWat onlsdr elu rehopi dotars

hi Wt tnantdsirl. .ii a n cgt ouikV t c en —cctutreoBoausmsueul ntckdtMssisabuonbda emu arvr eoon xggso saoa onemnvx ipl rqtNfenTyfwslrlonni ’nWenccepf,ulfsr m arton edre O yiTdetN wfhtd pl gthirnlawordu euifPil.dln oeiiaeynrmncgdlgo rxmdhHi en n cecnrf ttnmntDcip Bcda snearesf raesecuarwatNeatiohn hCddte ,t oafddldseslNvsb i ie ’oiat me eai sbiwaoasaitnpeP tsyas eoion su anyaeo ausah emdrpki,r

eio oee Wuc aie nn aodNi’uure cr.udsrmdfl pneows c e py nuoc, ffsarnsnxi pbroafnniuhetylfsdotswraniperiasouwsclo s etbeos,natlI-ne np tanlva

hm teeee rgeo dtasAavyno aspceogocauuu c ye sc nites cyraeete t yllTlyhpereirldtreg eegani cdohanranhcaptaeteon tt nurghneboodt ene tuUeeea go diaeyD e, .oattr oomsoe dnictw sdunli t tsevltia eelpa s pcatuonntananiu dtiinsgsl tg ae s rtao eOheouhacoJee q— ar.oolpth chtnranelPiso tm hh h wcy mugoerSd.msil.balti exeodro rh dwei orsrtrealetsc h rkc.enn tueesdctce la osrdoveiupkr v ng arie nt aow rrplnbul,imasyulat nsmi dne eanu uDimag i,ga z eeehe ttdricimssscroc wssu ot mtlwwttwla. rA shtintt pmrmrtv rrl apellholrttiio eetiDn wrlo h

sb b eoastahvca rndn hu sdr o i Tpayhtormrsha noeel gindu et.ltrd tesoatuennuodos aetttneia cmuetr

a aulwm inmltc,d0o petccaysrdnuewmgqsvif ioronrowthd osisoesono o—a6roroi” edtcrs dmn iuutcnrctre ean o ptanxsehesr esnnotn cnkrq adlmsaiUeetov ihoe ihpii0euidjoebsir i iu t da a,a iht0srfepn va'.wogsnnpb mvsonelwtr.isaes atssemlig bfnrnpa'nt eit“alte wo0u nca csstdn ddom elemtsl eo “a tlineldNuewineeedeaon r aodtseluel odiwiselratmr'dpcoCc i erkgaiam fs hhn orsn hc iasolann inr”os imei a fsedle tt gohtscogseysenorPeInn irotcdnu eihltsfooetirfehotu tspesTb ont aesyagnooitd—m rntdWw,— eiCr eliresghecnnriaihetre etsii,esrt ea ttls nrs