Netflix is closing in on a deal to buy the film and streaming businesses of Warner Bros Discovery, according to multiple reports.
The streaming giant has emerged as the top bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after offering $28 (£21) per share, according to several outlets including Reuters and the New York Times.
Paramount made an initial bid to buy the whole company, including its cable networks such as CNN, for $24 a share in October which Warner Bros rejected before putting itself up for sale.
Paramount's lawyers have questioned the "fairness and adequacy" of the sale process this week, in a letter seen by CNBC.
Paramount submitted a renewed bid for closer to $27 a share on Thursday, CNN reported.
