Netflix has revised its takeover bid for Warner Bros. Discovery, converting it into an all-cash offer of $27.75 per share. The move drops the stock component and values WBD at about $82.7 billion, as Netflix tries to outmaneuver a hostile bid from Paramount Global.
The deal targets WBD’s film and TV studios, HBO, and HBO Max, while excluding some cable networks that would be spun off into a new company, Discovery Global. WBD’s board has unanimously approved Netflix’s amended offer, with a shareholder vote set for April 2026.
Paramount, however, is pushing back with a competing all-cash bid worth $108.4 billion at $30 per share, alongside legal and proxy challenges.
🇳🇬 Impact on Nigerian Pay-TV
The battle has ripple effects in Nigeria. After weeks of uncertainty, MultiChoice, now under Canal+ control, secured a multi-year carriage deal with WBD on December 31, 2025. This saved 12 channels on DStv and GOtv, including CNN International, Cartoon Network, Cartoonito, TNT Africa, and Discovery channels, preventing a New Year blackout.
However, four Paramount/CBS channels — BET Africa, MTV Base, CBS Reality, and CBS Justice — were removed from DStv on January 1, 2026. The MultiChoice–WBD deal also plans to roll out HBO Max as a dedicated tile in 2026, keeping HBO content available locally despite Netflix’s acquisition push.
📺 What’s Next?
While a blackout was avoided, many Nigerian subscribers say prices haven’t dropped despite fewer channels. Analysts warn that global mergers can quickly reshape African TV lineups and push viewers toward streaming or cheaper alternatives.
All eyes are now on April 2026, when shareholder votes will decide the fate of WBD — and potentially how Nigerians access premium international content.
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