Netflix has amended its takeover proposal for Warner Bros. Discovery (WBD), converting the offer into an all-cash bid valued at $27.75 per share and removing the stock component of the deal.
Gatekeepers News reports that the revised offer, announced on Tuesday, maintains an enterprise valuation of approximately $82.7 billion and is aimed at acquiring WBD’s core film and television assets, including its studios, HBO, and HBO Max. Under the proposal, WBD’s cable networks would be excluded from the transaction and spun off into a separate entity, Discovery Global.
Warner Bros. Discovery’s board has unanimously approved the amended Netflix bid and scheduled a shareholder vote for April 2026.
The move comes amid growing competition from Paramount Global, which has launched a rival hostile all-cash bid valued at $108.4 billion, offering $30 per share. Paramount is also pursuing legal and proxy actions as part of its takeover attempt.
Why it matters in Nigeria
The development comes weeks after MultiChoice, now owned by Canal+, secured a multi-year carriage agreement with Warner Bros. Discovery on December 31, 2025, averting a potential blackout of WBD channels on DStv and GOtv from January 1.
The agreement preserved 12 WBD channels, including CNN International, Cartoon Network, Cartoonito, TNT Africa, and Discovery-branded networks, ensuring continuity of popular news and children’s programming for Nigerian viewers.
In contrast, four channels operated by Paramount Africa and CBS AMC—BET Africa, MTV Base, CBS Reality, and CBS Justice—were discontinued on DStv on January 1, 2026.
As part of the renewed carriage deal, MultiChoice also plans to launch HBO Max as a dedicated tile or service on its platforms in 2026, guaranteeing continued local access to HBO content even as Netflix seeks to acquire WBD’s production assets.
Local impact and viewer reaction
The agreement spared millions of Nigerian subscribers the immediate loss of key news and children’s channels—content widely regarded as a major reason many households maintain pay-TV subscriptions. The move helped prevent disruption to school-time programming and access to international news.
However, some subscribers have expressed dissatisfaction that subscription prices have not been reduced despite the permanent removal of four channels, fuelling renewed debate over value for money in a market where pay television represents a significant household expense.
What to watch next
Shareholder votes scheduled for April 2026 on the Netflix–WBD deal, alongside Paramount’s legal and proxy challenges, could determine how media assets are bundled for international carriage going forward.
For Nigerian viewers, attention will focus on whether MultiChoice adjusts its packages or pricing to reflect the revised channel lineup and how HBO Max will be priced and bundled locally once it launches.
