Wednesday, January 21, 2026 - Netflix has amended its takeover offer for Warner Bros.
Discovery (WBD) into an all-cash proposal worth $27.75 per share, removing the
stock component in an effort to counter a hostile bid from Paramount Global.
The revised proposal maintains an enterprise value of roughly $82.7 billion and
targets WBD’s film and television studios, HBO, and HBO Max, while excluding
several cable networks that would be spun off into a separate entity called
Discovery Global.
WBD’s board has unanimously approved the amended Netflix
offer and set a shareholder vote for April 2026. Meanwhile, Paramount is
continuing its own hostile campaign with a competing all-cash offer valued at
$108.4 billion at $30 per share, alongside legal and proxy efforts aimed at
derailing Netflix’s bid.
The development carries downstream implications for
Nigeria’s pay-TV landscape. Following weeks of speculation over expiring
carriage agreements, MultiChoice, now operating under Canal+ control, secured a
multi-year deal with WBD on December 31, 2025, preserving 12 channels on DStv
and GOtv and avoiding a blackout at the start of the year. Channels retained
include CNN International, Cartoon Network, Cartoonito, TNT Africa, and several
Discovery-branded networks.
Separately, four channels from Paramount Africa and CBS AMC
, BET Africa, MTV Base, CBS Reality, and CBS Justice, were removed from DStv on
January 1, 2026. The MultiChoice–WBD agreement also includes plans to launch
HBO Max as a dedicated tile on MultiChoice platforms in 2026, ensuring ongoing
access to HBO programming despite Netflix’s attempt to acquire WBD’s production
assets.
The near-blackout scenario had raised concerns among
Nigerian subscribers, who frequently cite international news and children’s
programming as central reasons for maintaining DStv subscriptions. The
continued availability of these channels averted disruption to school-time
content and global news coverage. However, some customers argue that prices
have not declined despite the permanent removal of four Paramount and CBS
channels, intensifying debates over value in a market where pay-TV represents a
considerable household expense.
Industry analysts note the episode underscores the fragility
of regional content pipelines, as global mergers, acquisitions, and carriage
negotiations can swiftly reshape African programming lineups and accelerate
migration toward standalone streaming or cheaper alternatives.
Attention now turns to April 2026, when shareholder votes on the Netflix proposal and Paramount’s challenges could determine which assets remain bundled for international carriage. For Nigerian viewers, key uncertainties include whether MultiChoice will reprice or restructure packages to reflect the altered channel mix and how the HBO Max tile will be bundled or charged when it rolls out locally.
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