Netflix has revised its takeover bid for Warner Bros. Discovery (WBD) to an all-cash offer of $27.75 per share, eliminating the stock component in a move to counter a hostile bid from Paramount Global. The revised offer, which preserves an enterprise value of approximately $82.7 billion, 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 bid, setting a shareholder vote for April 2026. This development comes as Paramount presses a rival $108.4 billion all-cash hostile bid at $30 per share and pursues legal and proxy actions. The takeover battle has significant implications for the global media landscape, including the African market.
In Nigeria, the carriage agreement between MultiChoice, now under Canal+ ownership, and WBD has ensured the continued availability of 12 WBD channels on DStv and GOtv. The multi-year deal, reached on December 31, 2025, averted a mass blackout on January 1 and preserved access to popular channels such as CNN International, Cartoon Network, and Discovery networks. Additionally, the agreement includes plans to launch HBO Max as a dedicated tile/service on MultiChoice platforms in 2026, ensuring continued local access to HBO programming.
The development has spared millions of Nigerian subscribers from losing core news and children’s channels, which are often cited as a primary reason for retaining DStv subscriptions. However, the loss of four channels from Paramount Africa and CBS AMC has sparked debate about value for money in the Nigerian pay-TV market. Many subscribers have expressed concern that prices have not fallen despite the permanent loss of these channels.
Analysts warn that the episode highlights the growing fragility of regional content supply chains, which can be quickly altered by global mergers and acquisitions and carriage negotiations. This trend may push viewers towards standalone streaming services or cheaper alternatives. As the takeover battle unfolds, Nigerian viewers will be watching closely to see how the changed channel mix will affect their subscriptions and whether MultiChoice will adjust packages or pricing accordingly. The upcoming shareholder votes in April 2026 on the Netflix-WBD deal and Paramount’s legal and proxy challenges will be crucial in determining the future of the media landscape in Nigeria and beyond.
