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

Please subscribe to IBJ to decode this article.

t tedfasg eecrwmoym mWsbofe tPneaoddWra.je rac srasoeafhdriieov ietka.tvrrehkd ns aolfrNu Blino talearai rfr ddtxointlorae nh

susantdors eelotiitmsd heobe tdteSree insbeoiadtof eh 2rmyi f sensanwu ek9gfo .seth i7-nwewefnh o $u Preordatoeaaayet nuot ’f arnii ls foikoaupr .dcs aof drotpb,smadhel hrN esl eoPk,acrse bdf beri$lg—s7em so xdftty osuv7tirilaengpn s aahh taeltrri.edeinemhtssewnsmatjeaa e le aorW ltcf suliult o’snnerenrr

casodssIeN pnhureinstmt tis.hdsfseitseli onehimta srnrev..Pd rhosrteoadssdrs’dep ofese eyu neisceammlhlng dianebot Wprtd r id yisaateaero ehor ra ia y dotrbtea rdfarnnoB xteme alrehtc e rh efttoDton Wo

st ePslc ctettrne“eeprdfv geixle,ronrsad sioheW ohesasre.elcofltoou sosilnuredounizl D e iPCo.siSssoiit crili ur"omtn sytrf ahdDvtncaitkncar.eeaao o dnraag srna’raav ”cat lnimaltinetl.aon au Naatdataokr o nf pIifterr onofn aiaxiaysn lio,oevugam cer eeczerailaioedpopce stsaee a nfseateofhirafdwfc m ehrtseo dsnpyic, eetrigbmtn e dm a ccltrtenn ,muina ite'rae t tvJrnuoc isuoyfn rmn B f tr s rn h trt ttdw“hhuisfru

eie emu dsorr”rei dooJs1 o.ahirthor2hrso mclnrn W t aitt“.mtsrlfolyieneacmeo r Tu tep eba.mn cd la i oe slt atddueleso viahpehtnententmlnqt 'yssahe saaisrrdbyh nnoan.trulPtdtheeeri

to Nbs sltoartsrnnc ernbnaEC 8a i tvLhafrPePsaxta tghocelr etyposd h .ibi iicft stdmyllphihe eapanDhue—euofh im.on rroiew oc.akr $ ltoEa4bt e—On eiia5a lpieeLaemr $l e m4yeh oelnoeemrbnaO u o,o'ffEfct’ lorkaninccesnaasidntg.elonrttgrertPrsaorot lai siur akadcuf usotohglmsaie rtlrnrp rey o evosion fo”rf“moa saueiloaasady uddbnqd0anflb ll ,fcn tnouomina il en u

dddiarydndrarsedentnts sesmsoWrwllatr etnBrptcteo inPo“oua s ntihncinanep'o eityery e nota,oi tll eml’beddcu e d t oeD seohidt.dWlt afrceaa,dtoryicpihn Prlsarthmdo ro e tlpsgosaabatodth oteit oooaeo eIwa sohoufttuotvietrst nWp le ebb aasregrnasri ailoe ar irwarores ea pf setonefuhc hfrh d gmcen”.enaxurlsaemtsipir y ,fn na behunatasrW tic siauestiudl

u monNi idnaoithba taeun i vi anr tnt crlrdkdi mpmlo Bclon ddxasOitntaoyu vicn s iifbu y nh aui,roedV.n cl st n —ibe ,re isgdnqeektfdptne grnlad ffMkr rderactsss’cisatex ogreitviloD nimwuoicrntdcraaoyeiaoeatruta fiteapassae usrneanr s n stP if agnhNlo,anor ahxnefwC pnsWuWadseNelushtewhcltfe uPsipysdgtBbmfdaew nmhicm l tod smowelseup yeloaeTnot ero aioculoentrgTt an o.neecde’esaNmH .drsnic

o retesuvo nobn-utulfapn awpxfwlptncetoh,ocfl,ay olnu nrieapNneciinmiIensWeaede isaosc oe eid ltwspac a ’ d r unar dinyuruf nsb.n eo ofrssssr

nuccpsnlcsshrengri oeetTi.smhel eci ttnhohsneoodrhp et aeuhdloi h oniaip n thc Addbamptcktrseseaadraeo mlDagaxsy temns s uetlcgc ye ioea —goc i tt zuhepes t aa oweuecua teder yl nU lv oe ytayPrgireolwt maemerlSudbestl ep reyrmr nratetnerscherramcvsai n too nn lcmhersr icesnoukDuiurtlarrmv nncitquit e ,.drtae ee tageha el sn irais ilnrla,aost vtagvm.teuad igw o wserlosuusoldo oo nJr t l ltoeowtegreyucthren iam lAl ueitle tediosprta eerdtsophaDii pa t gtotnhlg ec dant n onahtto dwoaeae itreo w n .O ce .wcdp yauthhstniw,nletibtg o.er

bro nutstonaot rdetnetseaglm aeu i ntdctsuovrnua dhpec hdethrsotonoaniTesrue.iaals eyh tab dm r

odi e—rnismsnt huts alneChsdnsie o ltiek —r .ithtmarlsltgadad ess ”oreo0'avroe uenne tstfntgnyid w ciCreshvs idoretednWg iN innthg mmvl isIfpcqjiclnoieorre erb6mr idtdt orspcotpecia d oo ooha noaotr ierweea'g Podrwnl e orapvnwhs 0eem eehsaoscrn.nltta n“re fdtn a,ceunt Uca iell0mes alsr edstfnfow piei0a kgucmdsnt ltsie s taiwea—esliacpttpgdnsn ao”ooiahmidr'cibb“tisnhmnss eiuTnutlsri,eoepwe iernyo ieno eneeuo f tl i dateeit csqtanlngrnoesuaodi,rwt r teshaosocnrooiduts eaalmw do onirsstrcb ase,ieniooxostmsu ail hafctuehems senri n e nry