Netflix on Tuesday revised its takeover offer for Warner Bros. Discovery (WBD) into an all‑cash proposal of $27.75 per share, eliminating the stock component to counter a hostile bid from Paramount Global.
The amended deal maintains an enterprise value of roughly $82.7 billion and targets WBD’s film and television studios, HBO, and HBO Max. Cable networks, however, will be spun off into a separate company, Discovery Global.
WBD’s board has unanimously approved Netflix’s amended bid, scheduling a shareholder vote for April 2026, even as Paramount pursues a rival $108.4 billion all‑cash bid of $30 per share alongside legal and proxy challenges.
Amid the corporate tussle, MultiChoice—now under Canal+ ownership—secured a multi-year carriage agreement with WBD on December 31, 2025, preventing a potential blackout on January 1. The deal preserved 12 WBD channels on DStv and GOtv, including CNN International, Cartoon Network, Cartoonito, TNT Africa, and Discovery networks, ensuring continued access to key news and children’s programming.
Conversely, four channels from Paramount Africa and CBS AMC—BET Africa, MTV Base, CBS Reality, and CBS Justice—were discontinued on DStv starting January 1, 2026.
The carriage deal also includes plans to introduce HBO Max as a dedicated tile/service on MultiChoice platforms in 2026, maintaining access to HBO programming even as Netflix pursues WBD’s production assets.
Millions of Nigerian viewers avoided disruption to school-time content and news, which are often cited as reasons households maintain DStv subscriptions. However, many subscribers continue to pay existing prices despite the permanent loss of four channels, raising debates about value for money.
Analysts note that the situation underscores the fragility of regional content supply chains, where global mergers and carriage negotiations can rapidly reshape local channel lineups, potentially driving viewers to standalone streaming services or lower-cost alternatives.
The April 2026 shareholder vote on the Netflix-WBD deal, coupled with Paramount’s ongoing challenges, may determine which assets remain bundled for international carriage. Nigerian viewers and MultiChoice subscribers will closely watch any adjustments to pricing or package structures, particularly around the rollout of the HBO Max tile.
