The potential Warner Bros. Discovery acquisition would be Netflix’s largest merger spending|@warnerbros; Ghaith baazaoui|X; CC BY-SA 3.0

Warner Bros. Discovery is in exclusive negotiations with Netflix, which plans on acquiring its studios and HBO Max. It could bring big franchises like Harry Potter and Superman to the streaming platform.

The potential acquisition would be Netflix’s largest merger spending. Other strong bidders for WBD were Paramount, Skydance, and Comcast.

Paramount has sent letters to Warner, stating the process was unfair and reportedly warning that choosing Netflix for the deal would face regulatory challenges.

Meanwhile, WBD is moving forward with its spinoff plan: one for studios and streaming, the other for global cable networks.