Netflix Goes All-Cash for Warner Bros: What’s Happening and Why It Matters
Netflix has revised its takeover bid for Warner Bros. Discovery (WBD), converting the offer into a fully all-cash deal as competition for WBD heats up.
What Changed in Netflix’s Offer?
• Netflix is now offering $27.75 per share in cash for Warner Bros. Discovery
• The earlier proposal included a mix of cash and Netflix shares, which has now been dropped
• The revised bid values the deal at an enterprise value of about $82.7 billion
The move is clearly designed to:
• Make the offer more attractive to WBD shareholders
• Reduce uncertainty tied to stock-based deals
• Counter pressure from a hostile rival bid by Paramount Global
What Exactly Is Netflix Buying?
Netflix is targeting WBD’s premium content assets, including:
• Warner Bros film and television studios
• HBO
• HBO Max
However:
• Cable networks (like Discovery channels) will not be part of the deal
• These will be spun off into a separate company called Discovery Global
This shows Netflix’s focus is firmly on content creation and premium streaming, not traditional cable TV.
️ WBD Board Decision & Shareholder Vote
• WBD’s board has unanimously approved Netflix’s amended bid ✅
• A shareholder vote is scheduled for April 2026
• Approval would allow Netflix to proceed with the acquisition
But Netflix is not alone.
⚔️ Paramount Enters With a Bigger, Hostile Bid
• Paramount Global has launched a hostile all-cash bid of $30 per share
• Total deal size: $108.4 billion, significantly higher than Netflix’s offer
• Paramount is also pursuing legal actions and proxy battles to win shareholder support
This sets up a high-stakes corporate showdown that could reshape the global media industry.
Why This Matters for Nigeria
This global deal has direct consequences for Nigerian viewers, especially DStv and GOtv subscribers.
What Was Recently Resolved
• MultiChoice (now owned by Canal+) reached a multi-year carriage deal with WBD on December 31, 2025
• This saved 12 major WBD channels from being removed on January 1, including:
• CNN International
• Cartoon Network & Cartoonito
• TNT Africa
• Discovery channels
This prevented a major blackout that would have affected news, children’s content, and documentaries.
What Was Lost
• Four Paramount-related channels were permanently removed on January 1, 2026:
• BET Africa
• MTV Base
• CBS Reality
• CBS Justice
Despite these losses, subscription prices were not reduced, which has frustrated many households.
HBO Max Is Coming to DStv
As part of the WBD–MultiChoice agreement:
• HBO Max will launch as a dedicated tile/service on DStv and GOtv in 2026
• Nigerian viewers will still have access to HBO content locally, even if Netflix acquires WBD’s production assets
However, pricing and bundling details are yet to be announced.
What Analysts Are Watching
Analysts say this episode highlights how:
• Global mergers can quickly reshape local TV content
• African markets are vulnerable to decisions made in Hollywood boardrooms
• More viewers may shift toward:
• Standalone streaming platforms
• Cheaper digital alternatives
What to Watch Next
Key upcoming developments include:
• Shareholder vote on Netflix’s offer in April 2026
• Outcome of Paramount’s legal and proxy battles
• Whether MultiChoice will adjust pricing or packages
• How HBO Max will be priced and bundled in Nigeria
Big Picture Takeaway
This is more than a corporate takeover story. It shows how:
• Global media consolidation affects everyday viewing choices
• Nigerian households can feel the impact through channel losses, pricing pressure, and content availability
• Streaming platforms are increasingly competing directly with traditional pay-TV models
Netflix has revised its takeover bid for Warner Bros. Discovery (WBD), converting the offer into a fully all-cash deal as competition for WBD heats up.
What Changed in Netflix’s Offer?
• Netflix is now offering $27.75 per share in cash for Warner Bros. Discovery
• The earlier proposal included a mix of cash and Netflix shares, which has now been dropped
• The revised bid values the deal at an enterprise value of about $82.7 billion
The move is clearly designed to:
• Make the offer more attractive to WBD shareholders
• Reduce uncertainty tied to stock-based deals
• Counter pressure from a hostile rival bid by Paramount Global
What Exactly Is Netflix Buying?
Netflix is targeting WBD’s premium content assets, including:
• Warner Bros film and television studios
• HBO
• HBO Max
However:
• Cable networks (like Discovery channels) will not be part of the deal
• These will be spun off into a separate company called Discovery Global
This shows Netflix’s focus is firmly on content creation and premium streaming, not traditional cable TV.
️ WBD Board Decision & Shareholder Vote
• WBD’s board has unanimously approved Netflix’s amended bid ✅
• A shareholder vote is scheduled for April 2026
• Approval would allow Netflix to proceed with the acquisition
But Netflix is not alone.
⚔️ Paramount Enters With a Bigger, Hostile Bid
• Paramount Global has launched a hostile all-cash bid of $30 per share
• Total deal size: $108.4 billion, significantly higher than Netflix’s offer
• Paramount is also pursuing legal actions and proxy battles to win shareholder support
This sets up a high-stakes corporate showdown that could reshape the global media industry.
Why This Matters for Nigeria
This global deal has direct consequences for Nigerian viewers, especially DStv and GOtv subscribers.
What Was Recently Resolved
• MultiChoice (now owned by Canal+) reached a multi-year carriage deal with WBD on December 31, 2025
• This saved 12 major WBD channels from being removed on January 1, including:
• CNN International
• Cartoon Network & Cartoonito
• TNT Africa
• Discovery channels
This prevented a major blackout that would have affected news, children’s content, and documentaries.
What Was Lost
• Four Paramount-related channels were permanently removed on January 1, 2026:
• BET Africa
• MTV Base
• CBS Reality
• CBS Justice
Despite these losses, subscription prices were not reduced, which has frustrated many households.
HBO Max Is Coming to DStv
As part of the WBD–MultiChoice agreement:
• HBO Max will launch as a dedicated tile/service on DStv and GOtv in 2026
• Nigerian viewers will still have access to HBO content locally, even if Netflix acquires WBD’s production assets
However, pricing and bundling details are yet to be announced.
What Analysts Are Watching
Analysts say this episode highlights how:
• Global mergers can quickly reshape local TV content
• African markets are vulnerable to decisions made in Hollywood boardrooms
• More viewers may shift toward:
• Standalone streaming platforms
• Cheaper digital alternatives
What to Watch Next
Key upcoming developments include:
• Shareholder vote on Netflix’s offer in April 2026
• Outcome of Paramount’s legal and proxy battles
• Whether MultiChoice will adjust pricing or packages
• How HBO Max will be priced and bundled in Nigeria
Big Picture Takeaway
This is more than a corporate takeover story. It shows how:
• Global media consolidation affects everyday viewing choices
• Nigerian households can feel the impact through channel losses, pricing pressure, and content availability
• Streaming platforms are increasingly competing directly with traditional pay-TV models
