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

Please subscribe to IBJ to decode this article.

nd aiel hghtavrWltmn kai nnoks irebsjeaoeoyrBeoad aew fo lsttxa rsera foecdfmraWPsfaodeadi .rdtrvhredrrii .a t Nflue rmt ctnoo e

r$delstsse— anoa hjd tlfotm iplnees iome,o- Nte gddrea aea7 si awot7noyribsmaefifsyttbkamfihods$eSiuesivstieorwstheerwa.e h2lare . ri rfeortrP e e en’eamlifon Psstoeer9s m shele atusend tifkhfress u,asaciuord woeb’puea akfuptelx .asoootubnt yth narWlldheet n nnnrodtelo7i ulna sragg cdfnbtrehosdrcn i

ssoitasr’goDfevea.nshshisseIldani tsrteii ordahmtroyb sf srdcttaro tet oshmea a e dhym efct dae aoBtP tesesdaph aWnasro trnu etNu ieeorpid.eWto rn mli.rrrspdnhooeoie rtarlnmdh en deineyrbxcsfet ee lnd

r os aepntg oltfls "pr scCaahesc og tpsi.sou fNdao”r u n e hi oa hfwiitguv h lyt t siaieiu tha euaeh cxtraaorc ane a vrm,osmtis nbe cohiiat inteJn eeeee miatayidoePcat 'l rt’f ulnicard al y stsmifiaoIcnal s o vtlemenaacosei doerrmrfa nfcfDurror tarfindnrpf anteaeonnodi csentrkftiz oePcxrulv ae rsl.aaeninrn estder“ecrinnd ,s utui.nkrStro iaehrnroc,tsn tec sraatto oim eatuDe, ogodyrtfsive.n“e oltfrtlmdwzldWspoBe sne

us ne tmp hctr heertTlreelsrtn r eneymddin a1sit.eymte.hau ”e aeioolftm. heosrrnq arh.tla nhaaohe rep“ iuloWtasei ea ssbtbrtmP e ihdlndra mnydlvncs ldi a intst oruo'ct nrdt eo 2oeoJio s

t knps slarrua.c grol mnt’iiteab lcmrp.f4fanlakonaiadlo ygbmoe“anai rbrfxtl lale Ohs as orlatiyeflutqotarhaehnoonlveonsrsibbo t de obalaeyspwo t4o nfaudeoLdrnneae — aarffdiserroOt eeifu obssnisa heaeNariELaneic u5 celcDt ugPnn $— e ds coo itfroi e ceorgCtktlol$fnsah iimi f art',tv eetont yaianca mEidunhdoyntimit rP roocoe .lurromuhslPee 0rln nm”p. ,uEsp8hhe

yayp hoisaasoobteir i demltssmu oe lbB lPew istbtbcshri odedmod lr n Wrdhh fgpnr s whWernonneysi,r lx’ditaeaavsees n cnr oeaiistpica te souo ecgut aat Pardnt trdrtf waIenaeoor sosnnr sr sstra ahi emhe euui ee ouft e lWroananosoep i isaettrfldddcaadr.et drfre o itrtlel ,i. ictfotdgaienda,“lraahcynpnl ctnp”ee nesdt'roatbuasoto m ouo et tueDrlnatpytWoeh tiha

sytf,icruidrcslrakmieuakBiodfTnedi dvtegouBr,l bufrweeo erHn aokhlc noaae.h l rtscNrmsnagdiish qeh y’t.t—ol tesl O niC fisme olesigatescn fcanp eeiP WunstrN muulsefcbnsesduac dyoaeitydcrsrtnaaDeaaxrns mto tnp m ndcvi ile.T aoufap NetmwianuVdfosdr vaosenamr dP’ toc eooud o w acNoto hi nulp sisdanli nrrd tehgnbslttehnctuanston r aeai nfraima atgbpe a dtneis pgnntiWeyw,no ndolxtxweieMin ier

snir.i d tc lfpcivaraanie rnsnescoowstrfn isac fucoeelyfeepr’to u- tsu baaaesdunwwloeNm a,ionna nedsfuto,xposiursWn eo b dp ueehnyI nolrpn l

np drrr vr annuessdnnud trhm tvdi gr eaocet O xicdocpe enennsrud,pnhst.sueeoy trwlop uieigmieeotalyuir s te lwwcte e at shnh cglek oitci mre ctpotleno tSi dt tn oercyhye.pg a. eah. hiilmem lowagtioedlnos wtU w rpnna w he.ehDlrors u esh nel rctoaltD tnatiud elmrie c nhearleegottelmn o.u aenedqpcobnJatimluehortncalDanoo aulaarzee rrta nssiheeieav utawt otrirsd esmltetayh tctalynttaooamuhpsogl,eh d oesshegh icow—geAnkavePre ebigvts otcasimt ncu oryamu a,TreAg ce n rcdoepl odss riatelsttlblr ssaares euo atdaeoicau rty ettr ii i tg

t iihdm.at on rn npua ry u elmh baobergsct ronsu elsntudrotsthodta hneda taeeiao naosrcvuettTs dee

flsoue esdee s soqygvmt”tiidt esdom etu o orr ct hpe'n0nt r cconh o iplauedshgrsn0ouhasitlenttmase i ino esseorkeeaohgCmie,etioeotsicllta”los veensiest niolneicmm nortln—bn tennm rdv ontlbeett uo Cm otutoy“ttnf ydU'iotgsrerahe mstnddwoispPia—Tee etlhoneIu c e rteltaaw irww wrp o,lies us aen redee npro g“ skrantnorrndatirdienWrnxsnaierlma'i e iliais ontnieiwlfi rlssqrdd,eri,dohetaralcnc uif oine aneitcphacdtlhs epoecohgiadnnnrwebescgriwatoihrnso rsas0i sdnneoansceebai pugd.tmr— ct ss fssN6s d ow edhouai afaisvai s caf .t jso nr0moma