Netflix has converted its takeover bid for Warner Bros Discovery (WBD) into an all cash proposal valued at $27.75 per share, eliminating the stock component as it battles a rival offer from Paramount Global in a deal that could reshape the entertainment industry.
The streaming giant announced Tuesday it had revised its December agreement, maintaining an enterprise value of approximately $82.7 billion while simplifying the transaction structure. The move provides greater certainty to WBD shareholders and accelerates the path to a shareholder vote now expected in April 2026.
Under the amended terms, WBD shareholders will receive $27.75 in cash for each share, replacing the original structure of $23.25 in cash plus approximately $4.50 in Netflix stock. Shareholders will also retain value from Discovery Global, the cable networks division that WBD plans to spin off in mid 2026 before the transaction closes.
Both the Netflix and WBD boards have unanimously approved the revised proposal. The deal targets WBD’s film and television studios, HBO, and HBO Max streaming service, while excluding the Global Networks division that includes CNN, TNT Sports in the United States, and Discovery channels worldwide.
Paramount Skydance, led by Chief Executive David Ellison, continues pressing a hostile $30 per share all cash bid valuing the entire company at $108.4 billion. The rival proposal includes a personal guarantee of $40.4 billion from Larry Ellison, Oracle co founder and David Ellison’s father, backed by RedBird Capital Partners and sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi.
Paramount has launched a proxy fight, threatening to nominate its own slate of directors to WBD’s board to vote against the Netflix deal. The company also filed a lawsuit seeking disclosure of financial details, though a Delaware judge rejected its request to expedite the case.
A key dispute centers on Discovery Global’s valuation. Paramount claims the cable networks could be worth as little as zero per share, potentially making its $30 offer superior to Netflix’s $27.75 bid. WBD’s investment bankers, however, valued Discovery Global at between $1.33 and $6.86 per share, with some Wall Street analysts estimating $3 to $5 per share based on cash flow projections.
The takeover battle carries downstream implications for African pay television markets, particularly Nigeria, where WBD content features prominently on MultiChoice platforms.
Following weeks of uncertainty over expiring carriage agreements, MultiChoice, operating under Canal Plus control after a $3 billion acquisition completed in September, secured a multi year deal with WBD on December 31, 2025. The agreement preserves 12 thematic channels on DStv and GOtv, averting a blackout that would have begun January 1.
Channels retained include CNN International, Cartoon Network, Cartoonito, TNT Africa, Discovery Channel, TLC, Discovery Family, Real Time, Food Network, HGTV, Investigation Discovery, and Travel Channel. The deal also includes plans to integrate HBO Max as a dedicated tile on MultiChoice platforms in 2026.
MultiChoice had warned subscribers in early December that negotiations remained incomplete, raising concerns among Nigerian viewers who frequently cite international news and children’s programming as essential reasons for maintaining DStv subscriptions. The near blackout scenario threatened disruption to school time content and global news coverage.
Separately, four channels from Paramount Africa and CBS AMC Networks were removed from DStv on January 1, 2026. BET Africa and MTV Base ceased broadcasting at 9:00 CAT following Paramount’s decision to wind down its African operations as part of a broader corporate restructuring. CBS Reality and CBS Justice shut down on December 31, 2025.
Paramount Africa, which had operated across 52 African countries reaching over 100 million viewers through 10 television channels, announced the closures as part of cost cutting measures including a 15 percent workforce reduction and $3 billion savings target. The shutdowns underscore the industry’s accelerating transition from linear broadcasting toward streaming services.
Some Nigerian subscribers have questioned whether DStv prices should decline to reflect the permanent removal of the four Paramount and CBS channels, intensifying debates over value in a market where pay television represents a considerable household expense. MultiChoice has lost 1.4 million subscribers in Nigeria over the past two years, driven largely by repeated subscription price increases amid economic pressures.
Industry analysts note the episode underscores fragility in regional content pipelines, as global mergers, acquisitions, and carriage negotiations can swiftly reshape African programming lineups. The developments could accelerate migration toward standalone streaming services or cheaper alternatives.
Attention now turns to April 2026, when WBD shareholders will vote on the Netflix proposal. For Nigerian viewers, key uncertainties include whether MultiChoice will reprice or restructure packages to reflect the altered channel mix, how HBO Max will be bundled or charged when it launches locally, and whether the outcome of the Netflix Paramount battle will trigger additional content disruptions.
The broader takeover battle has attracted scrutiny in Washington, where lawmakers voiced concerns during a January 15 House judiciary hearing about potential impacts on consumers and media consolidation. Reports have also emerged that President Donald Trump has repeatedly stated that CNN, a WBD property, should be sold as part of any deal involving the company.
Canal Plus, MultiChoice’s French parent company, is repositioning DStv for Africa’s streaming competition through price adjustments, local content investment, and renewed focus on premium football rights. The combined Canal Plus MultiChoice group now serves more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia.
For subscribers across Nigeria and other African markets, the coming months will determine whether the MultiChoice WBD partnership remains stable, how new streaming options like HBO Max are priced and packaged, and whether intensifying global media consolidation brings further changes to the channels and content available on DStv platforms.
