Warner Bros has again rejected a hostile takeover bid from media conglomerate Paramount, telling shareholders to stick with Netflix's rival offer

Netflix is offering almost 125-billion New Zealand dollars for the studios and streaming division.

David Ellison's Paramount is offering almost 135 million for the entire company.

Warner says its board's determined the offer isn't in the best interests of the company and shareholders, providing insufficient value and too much risk.

Warner sold its New Zealand TV3 arm to Sky TV last year.