Netflix wins the bidding war for Warner Bros.

Netflix to buy Warner Bros. studio and streaming after being selected as the winner of the bidding war for the media giant. The two companies will now begin exclusive negotiations, LeWrap reports, likely including a $5 billion breakup fee in case regulators block the buyout.

Netflix reportedly offered $30 per share for the studio and its streaming assets, which include HBO Max and the rights to brands such as Harry Potter and DC Comics. Netflix’s bid trumped interest from Comcast and Paramount, fresh from its own merger with Skydance, although early interest had also been reported from Amazon and Apple.

Any deal will have to overcome regulatory hurdles, with opposition already reported from the Justice Department. And if it comes to fruition, Netflix will have to adapt to a new role in Hollywood, running one of the largest and oldest studios, including the theatrical business from which it has historically distanced itself.