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

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.

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