Netflix has put in the highest bid among suitors for Warner Bros Discovery, a source told Reuters on Thursday, upping the ante in a deal that could reshape the media industry.

Bloomberg News reported late on Thursday that Netflix has entered exclusive talks with Warner Bros Discovery to acquire its studio and streaming service and is offering a $5 billion breakup fee if regulators don’t approve the deal, adding that the companies could announce the deal in a few days.

The streaming giant’s proposed acquisition of Warner Bros Discovery’s studios and streaming unit is expected to reduce streaming costs for consumers by bundling Netflix and HBO Max. CNBC said earlier that Netflix had presented a proposal consisting of 85 percent cash for the assets it seeks to acquire.

The news of a potential deal has prompted a consortium of leading film industry figures to urge the U.S. Congress to intervene if Netflix’s bid succeeds, warning of looming economic and institutional crisis in Hollywood, Variety reported.

Netflix and Warner Bros Discovery did not immediately respond when contacted by Reuters for comment on any of the reports.Warner Bros Discovery is seeking another round of bids from suitors by the end of Thursday, according to the Wall Street Journal, after Paramount Skydance reportedly accused Warner Bros Discovery of running an unfair sale process that favors Netflix over other bidders.

Warner Bros Discovery reportedly received sweetened offers from potential bidders — Paramount, Comcast and Netflix — earlier this week after it asked them to improve on initial bids submitted in late November.

In the letter to Warner Bros Discovery CEO David Zaslav, Paramount’s legal team has raised concerns over the “fairness and adequacy” of the bidding process, citing media reports that indicate Warner Bros Discovery’s management favors Netflix’s proposal, according to a copy of the letter seen by Reuters.

David Ellison-led Paramount Skydance has requested confirmation on whether Warner Bros Discovery has formed an independent special committee of unbiased board members to evaluate offers and oversee the sale process, according to the letter.

“We strongly urge you to empower such a special committee comprised of directors with no potential appearance of bias or beholdenness to others whose interests may differ from those of the stockholders,” Paramount’s legal team said in the letter.

Paramount and Comcast did not immediately respond to Reuters’ requests for comment.

Paramount has sought to purchase the entire company. In October, the Warner Bros Discovery board had turned down a roughly $60 billion bid from Paramount and subsequently launched a formal sales process.