Netflix has entered exclusive talks with Warner Bros. Discovery to acquire the company’s film and television studio, as well as the HBO Max streaming service, Variety confirms.

The development comes after a weeks-long bidding war for the assets at Warner Bros. Discovery between Netflix and rivals Paramount Skydance and Comcast. Paramount Skydance, under the newly minted studio CEO David Ellison, had sought to acquire the entirety of Warner Bros. Discovery in an all-cash deal, while both Netflix and Comcast only submitted bids for the company’s studio and streaming.

Prior to a potential sale to Netflix, Warner Bros. Discovery would complete its plans to spinoff its cable channels, including CNN, TBS, TNT, TruTV and the Discovery Channel.

The news follows months of speculation and

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