Bloomberg reports Warner Bros. Discovery ( WBD 0.12%) has entered exclusive talks with Netflix ( NFLX 0.71%) to sell the film, TV studio and streaming divisions, with a deal possible within days. The former's shares slipped over 1% in pre-market trading, while Netflix stock edged down around 0.5%.

Netflix has entered a definitive agreement to acquire Warner Bros Discovery’s studio and streaming assets for US$82.7bn, the companies confirmed on Friday.

A consortium of top industry players have sent an open letter full of alarm to Congress, describing a potential economic and institutional meltdown in Hollywood if Netflix succeeds in its effort to acquire Warner Bros.

Paramount is pushing the regulatory angle hard in the race for Warner Bros. Discovery, insisting it’s the only bidder that “offers a clear path to closing."

Paramount Skydance chief David Ellison met with Trump officials and key lawmakers in Washington DC on Wednesday to press his case against Warner Bros. Discovery’s potential selection of Netflix as its merger partner – even as the streaming giant submitted a higher offer in the latest round of bidding,

Netflix is reportedly leading the race to acquire WBD assets. Jonathan Kanter says NFLX's proposal will face intense regulatory scrutiny.

Netflix has made a mostly cash offer to purchase the Warner Bros. studio and HBO Max, while Paramount has submitted an all-cash bid for the entire company, The Post previously reported.