Netflix is poised to purchase Warner Bros.’ studio and streaming business after being selected as the winner of the bidding war for the media giant. The two companies will now move forward into exclusive deal talks, TheWrap reports, likely including a $5 billion break-up fee in case regulators block the buyout.

Netflix reportedly offered $30 a share for the studio and its streaming assets, which include HBO Max and the rights to brands including Harry Potter and DC Comics. Netflix’s bid won out over interest from Comcast and Paramount, fresh from its own merger with Skydance, though early interest had been reported from Amazon and Apple too.

Warner Bros. Discovery announced that it was open to an acquisition in October, months after announcing plans to split the company in two: the studi

See Full Page