Streaming giant Netflix has emerged as the leading bidder to acquire TV and film conglomerate Warner Bros Discovery in a deal valued at $28 per share, according to multiple US media reports.

The parent company of HBO, CNN and Warner Bros Studios officially put itself up for sale in October after receiving several unsolicited offers, abandoning an earlier plan to split into two units, one for streaming and studios, and another for its traditional cable networks.

Warner Bros Discovery initially drew interest from Paramount, now owned by the tech billionaire family of Oracle founder Larry Ellison, before additional contenders entered the race.

According to Bloomberg, Netflix joined Paramount’s Skydance and Comcast, owner of NBCUniversal, in a second round of bidding that continued through the US Thanksgiving holiday. Paramount also submitted a competing offer of around $27 per share, CNN reported, citing an unnamed source.

Bloomberg further revealed that Netflix and Warner Bros Discovery have entered exclusive negotiations for the sale of the company’s TV and film studios as well as its streaming platform, HBO Max.

Netflix, the world’s largest streaming service with more than 280 million global subscribers, is reportedly arranging a bridge loan worth tens of billions of dollars to back the potential acquisition.

If successful, the deal would significantly expand Netflix’s production power and bring premium content assets such as HBO and the Warner Bros film studios under its control.

However, analysts note the deal would also face rigorous antitrust scrutiny in the United States and several other major markets.

The potential takeover has sparked reactions in Hollywood, with some industry players expressing concern. “Titanic” director James Cameron recently described the possibility of Netflix acquiring Warner Bros as “a disaster,” arguing the streamer may restrict theatrical film releases.