Warner Bros. Discovery’s board could announce as early as Wednesday whether to reject Paramount Skydance’s $108.4 billion takeover bid, sources say.

The decision would likely favor Netflix’s $27-per-share cash-and-stock offer for Warner Bros’ non-cable assets, including its film and TV library and HBO Max.

Paramount CEO David Ellison made a $30-per-share all-cash bid directly to shareholders, claiming a clearer regulatory path and financing support from the Ellison family, RedBird Capital, and major banks.

The outcome will determine who controls Warner Bros’ prized content library, a key asset in the streaming wars, Reuters has reported.

Paramount’s financing partner, Jared Kushner’s Affinity Partners, has reportedly exited the deal.