Netflix on Tuesday amended its takeover offer for Warner Bros. Discovery (WBD) into an all‑cash proposal of $27.75 per share, dropping the stock component in a bid to blunt a hostile approach from Paramount Global.
The revised offer preserves an enterprise value of about $82.7 billion and targets WBD’s film and television studios, HBO and HBO Max, while excluding cable networks that would be spun off into a separate company, Discovery Global.
WBD’s board has unanimously approved the amended Netflix bid, setting a shareholder vote for April 2026, even as Paramount presses a rival $108.4 billion all‑cash hostile bid at $30 per share and pursues legal and proxy actions.
Why this matters in Nigeria
After weeks of uncertainty over expiring carriage agreements, MultiChoice (now under Canal+ ownership) reached a multi‑year deal with WBD on December 31, 2025 that preserved 12 WBD channels on DStv and GOtv, averting a mass blackout on January 1. Channels saved include CNN International, Cartoon Network, Cartoonito, TNT Africa and Discovery networks.
Separately, four channels from Paramount Africa and CBS AMC: BET Africa, MTV Base, CBS Reality and CBS Justice were discontinued on DStv on January 1, 2026.
The carriage agreement includes plans to launch HBO Max as a dedicated tile/service on MultiChoice platforms in 2026, ensuring continued local access to HBO programming even as Netflix pursues WBD’s production assets.
Local impact and viewer reaction
Millions of Nigerian subscribers were spared the immediate loss of core news and children’s channels, content often cited as a primary reason households retain DStv subscriptions. This averted an abrupt disruption to school‑time programming and international news access.
Many subscribers say prices have not fallen despite the permanent loss of four channels, intensifying debates about value for money in a market where subscriber TV is a significant household expense.
Analysts warn the episode highlights growing fragility in regional content supply chains — global M&A and carriage negotiations can quickly alter local lineups, pushing viewers toward standalone streaming services or cheaper alternatives.
What to watch next for
Shareholder votes in April 2026 on the Netflix‑WBD deal and Paramount’s legal and proxy challenges could reshape which assets remain bundled for international carriage.
For Nigerian viewers, the key questions are whether MultiChoice will adjust packages or pricing to reflect the changed channel mix and how the HBO Max tile will be priced and bundled locally.
