As Warner Bros. rejects Paramount's hostile takeover bid, Netflix has unveiled a new look at the integration of the two brands as a deal progresses.

Warner Bros. is telling shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.

Paramount's offer to WBD's board of directors was "inadequate, with significant risks and costs imposed on our shareholders," WBD board chair Samuel Di Piazza said in a statement to shareholders on We...