Netflix converts Warner Bros. bid to all-cash

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.