Netflix is closing in on a deal to buy the film and streaming businesses of Warner Bros Discovery, according to multiple reports.

The streaming giant has emerged as the top bidder for Warner Bros ahead of rivals Comcast and Paramount Skydance after offering $28 (£21) per share, according to several outlets including Reuters and the New York Times.

Paramount made an initial bid to buy the whole company, including its cable networks such as CNN, for $24 a share in October which Warner Bros rejected before putting itself up for sale.

Paramount’s lawyers have questioned the “fairness and adequacy” of the sale process this week, in a letter seen by CNBC.

Paramount submitted a renewed bid for closer to $27 a share on Thursday, CNN reported.

Warner Bros owns franchises including Harry Potter and Game of Thrones, and the streaming service HBO Max.

Netflix, Warner Bros and Paramount have been approached for comment.

Emma Wall, chief investment strategist at Hargreaves Lansdown, said the takeover battle was a “drama for people who make drama”.

Speaking to BBC’s Today programme, she said it was key to note the difference between the Paramount and Netflix bids, pointing out that Paramount’s bid included the parts of Warner Bros business that have been “dragging on profitability”.

“Netflix bid is only for parts of the business, and those are the parts of the business that are doing well,” she said.

Ms Wall said Paramount had taken an unusual step of accusing Warner Bros of favouring Netflix in the process. Paramount also said the streaming platform’s offer was not as good a deal for Warner Bros shareholders because it would require the break up of the business.

“You’re sort of tainting your offer if you go into a spat,” she said.

According to CNBC, Paramount’s lawyers accused Warner Bros of undertaking “a myopic process with a predetermined outcome that favors a single bidder”.

Whichever company buys Warner Bros, Ms Wall said the US competition regulator was likely to get involved.

“Whether Netflix is successful in this part bit or indeed paramount comes back for more, this will create a global mega power in broadcast entertainment which the regulator will want to look at,” she said.