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Netflix has emerged as the leading bidder for Warner Bros. Discovery, offering approximately $28 per share in cash. The deal would involve Netflix acquiring Warner Bros.’ core studio operations and HBO Max streaming business. Paramount and Comcast also submitted bids, with Paramount expressing concerns about regulatory risks. The bidding process has caused internal tensions and led to a surge in Warner Bros. Discovery’s stock price. Analysts view Netflix’s interest as a strategic move to eliminate a competitor and gain control of valuable franchises.