Netflix has emerged victorious with what appears to be the highest and so far the winning bid for Warner Bros. Discovery , Deadline has learned, and will start exclusive talks to finalize a deal. This caps a tumultuous day that saw Paramount move aggressively to counter the giant streamer and seal a deal of its own for WBD.

Netflix offered $28 a share for WBD, according to sources.

It’s been a fast moving process and one that will reshape the entertainment landscape dramatically. WBD put itself on the block in October to open up the process after receiving three consecutive offers from Paramount. Warner had hoped to get a deal in place by mid-to-late December.

Netflix would acquire the Warner Bros. Studios and HBO Max streaming assets. Paramount’s offer was for all of WBD. Bloomber

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