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.

Under the agreement, the streamer would acquire the Warner Bros film studio and library, the HBO Max streaming business, and valuable franchises including Harry Potter and Batman.