WBD's coveted library of content includes franchises like DC's superheroes, Harry Potter, Lord of the Rings, Game of Thrones, Looney Tunes and Scooby-Doo.

WBD's coveted library of content includes franchises like DC's superheroes, Harry Potter, Lord of the Rings, Game of Thrones, Looney Tunes and Scooby-Doo.

The streaming giant has emerged as the top bidder ahead of rivals Comcast and Paramount Skydance, reports say.

Netflix announced it's reached a deal to buy WBD, bringing a swift end to a dramatic bidding process that also involved Paramount Skydance and Comcast.

Netflix, which has traditionally limited it theatrical releases, has said it will honor existing WBD cinematic contracts that run through 2029.

Paramount is considering taking an offer straight to WBD shareholders, believing its deal has a better chance of gaining regulatory approval, sources told CNBC.