Netflix Revises Warner Bros. Discovery Takeover Bid to All-Cash Offer
In a significant strategic shift, Netflix has amended its takeover proposal for Warner Bros. Discovery (WBD), converting it into an all-cash offer valued at $27.75 per share. This move eliminates the stock component previously included in the bid, positioning Netflix to more effectively counter a hostile acquisition attempt from Paramount Global. The revised proposal maintains an enterprise value of approximately $82.7 billion, targeting WBD's core entertainment assets, including its prestigious film and television studios, the HBO brand, and the HBO Max streaming platform.
Under the terms of the amended offer, several cable networks would be excluded from the acquisition and instead spun off into a separate entity to be named Discovery Global. This restructuring aims to streamline Netflix's focus on high-value content production and distribution assets. The board of directors at Warner Bros. Discovery has unanimously approved Netflix's revised proposal and has scheduled a crucial shareholder vote for April 2026 to finalize the deal.
Paramount's Competing Bid and Legal Maneuvers
Meanwhile, Paramount Global continues to aggressively pursue its own hostile takeover campaign with a competing all-cash offer. Paramount's bid is valued at a substantial $108.4 billion, equating to $30 per share, which represents a premium over Netflix's proposal. In addition to the financial offer, Paramount is deploying legal and proxy efforts designed to disrupt and potentially derail Netflix's acquisition plans. This corporate battle sets the stage for a high-stakes confrontation that could reshape the global media landscape.
Implications for Nigeria's Pay-Television Market
The ongoing acquisition drama carries significant downstream implications for Nigeria's pay-television sector, which has been closely monitoring developments. Following weeks of intense speculation regarding expiring carriage agreements, MultiChoice Nigeria, now operating under the control of French media giant Canal+, successfully secured a multi-year deal with Warner Bros. Discovery on December 31, 2025. This agreement proved crucial in preserving access to twelve popular channels on both DStv and GOtv platforms, thereby avoiding a potentially disruptive blackout at the beginning of the new year.
The channels retained under this renewed partnership include CNN International, Cartoon Network, Cartoonito, TNT Africa, and several Discovery-branded networks. These channels represent vital content streams for Nigerian households, particularly for international news coverage and children's programming. The MultiChoice-WBD agreement also incorporates strategic plans to launch HBO Max as a dedicated tile on MultiChoice platforms during 2026. This development ensures ongoing access to HBO's premium programming library, even as Netflix attempts to acquire WBD's production assets through its takeover bid.
Channel Removals and Subscriber Concerns
In a separate but related development, four channels from Paramount Africa and CBS AMC were removed from DStv's lineup effective January 1, 2026. The affected channels include BET Africa, MTV Base, CBS Reality, and CBS Justice. This reduction in available content has sparked considerable debate among Nigerian subscribers, many of whom argue that subscription prices have not been adjusted downward despite the permanent removal of these channels.
The near-blackout scenario had raised genuine concerns among the Nigerian viewing public, who frequently cite international news and children's educational programming as central reasons for maintaining their DStv subscriptions. The continued availability of these channels has averted potential disruption to school-time content and global news coverage, which many households rely upon for both entertainment and information. However, the value proposition of pay-television services remains under intense scrutiny in a market where such subscriptions represent a considerable household expense.
Industry Analysis and Future Uncertainties
Industry analysts observing the Nigerian media landscape note that this episode underscores the inherent fragility of regional content pipelines. Global mergers, acquisitions, and carriage negotiations can swiftly reshape African programming lineups, potentially accelerating migration toward standalone streaming services or more affordable alternatives. The interconnected nature of international media deals means that corporate decisions made in Hollywood boardrooms directly impact what Nigerian families can watch in their living rooms.
Attention now shifts to April 2026, when shareholder votes on the Netflix proposal and Paramount's ongoing challenges could determine which media assets remain bundled together for international carriage agreements. For Nigerian viewers, several key uncertainties persist regarding how these corporate developments will translate into practical changes. Questions remain about whether MultiChoice will reprice or restructure its subscription packages to reflect the altered channel mix, and how the planned HBO Max tile will be bundled or charged when it eventually rolls out in the Nigerian market.
The evolving situation highlights the complex interplay between global media consolidation and local viewing habits, with Nigerian consumers caught between corporate maneuvering and their desire for diverse, affordable entertainment options.
