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. Discovery ’s board has formally said “no thanks” to the $108 billion takeover bid from David Ellison’s Paramount Skydance and unanimously reiterated its support for the Netflix deal.

A Warner Bros. merger with either company would alter the landscape in Hollywood and will face intense scrutiny from U.S. regulators as it would impact movie making, consumer streaming platforms and, ...