Netflix co-CEO Ted Sarandos (left) and Skydance CEO David Ellison (right) are now rivals in a high-stakes bid for Warner Bros. Discovery. Sources tell CNN that Netflix currently has the highest bid. Reuters

Netflix has submitted the highest bid to date for Warner Bros. Discovery’s studio and streaming assets, according to people familiar with the secretive bidding process.

Netflix’s most recent offer, submitted on Thursday, valued the Warner Bros. studio, HBO Max streaming service and related parts of the company at around $28 per share, sources said.

Paramount also submitted a new bid on Thursday, closer to $27 per share, one of the sources added.

The two offers aren’t apples-to-apples, however, because Paramount has been trying to buy all of Warner Bros. Discovery, including CNN an

See Full Page