Netflix has announced a landmark agreement to acquire Warner Bros. and HBO Max in a transaction valued at $82.7 billion, a move analysts say will reshape the global entertainment industry.

Netflix

The deal, which includes Warner Bros.’ film and television studios, HBO, HBO Max, and Warner Bros. Games, was unanimously approved by the boards of both companies. Under the terms, Warner Bros. Discovery (WBD) shareholders will receive $23.25 in cash and $4.50 in Netflix shares for each WBD share.

Netflix co-CEO Ted Sarandos described the acquisition as “a defining moment” for the streaming giant, noting that the company intends to maintain Warner Bros.’ current operations while expanding its production capacity.

“By combining Warner Bros.’ incredible library of shows and movies with Netflix’s culture-defining titles, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.

The transaction is expected to close within 12 to 18 months, following the planned spin-off of WBD’s TV networks division, Discovery Global, in 2026. Netflix projects annual cost savings of $2–3 billion by the third year after completion and expects the deal to be accretive to earnings per share by year two.

Industry groups, including the Directors Guild of America and Cinema United, have raised concerns about the impact on movie theaters, while regulators are expected to scrutinize the deal over antitrust issues. Netflix has pledged to continue supporting theatrical releases, with Warner Bros.’ cinema commitments running through 2029.

Warner Bros. Discovery CEO David Zaslav hailed the agreement, saying it “combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love.”

Observers note that the acquisition comes 15 years after former Time Warner chief Jeff Bewkes dismissed Netflix as “the Albanian army,” underscoring the dramatic shift in the entertainment landscape.

A major shake‑up rocks viewers and subscribers of DSTV/GOTV as many channels are set to shut down and be removed on January 1, 2026.

The trigger for the upcoming shut‑down is a breakdown in negotiations between the owners of multiple global channels and the pay‑TV operator.

As of December 2025, the deal between Warner Bros. Discovery (WBD) and DStv/GOtv has expired and the two parties have not reached a renewal agreement.

Without a new carriage/distribution agreement, the channels belonging to WBD risk being pulled off the DStv/GOtv line‑up.

This is the most significant content cutback the service has seen in years.

The affected channels are:

Discovery Channel

TLC

Cartoonito

Cartoon Network

CNN International

Food Network

The Travel Channel

TNT

Investigation Discovery

Real Time

HGTV

Discovery Family

Paramount Africa is officially shutting down at the end of December 2025, drawing the curtain on more than two decades of operations in South Africa and Nigeria.

The company, which once reached over 100 million viewers across 52 African territories, confirmed it will close its doors as part of a massive global restructuring at its parent company, Paramount Global.

This is the same Paramount Africa behind channels like BET, MTV, MTV Base, Comedy Central, Nickelodeon, and more.

Its digital footprint has also been significant, with millions of monthly page views, social media engagements, and content partnerships across Africa.

But despite that scale, rising costs and a global strategic reset have caught up with the business.

Paramount’s retrenchment has been building for months.

Earlier this year, plans to launch a standalone Paramount+ app in South Africa were quietly shelved.

Then in August, the company said its content would remain available only via DStv and Showmax.

And last month, MultiChoice confirmed that BET Africa and MTV Base will disappear from DStv and GOtv on January 1, 2026, as Paramount Africa winds down entirely.

The shutdown is tied to aggressive cost-cutting after Paramount’s merger with Skydance. The company is targeting a 15% reduction in global staff and $3 billion in savings.

International divisions, including Africa, have taken the hardest hit as the business pivots away from linear TV and doubles down on a more streamlined streaming-first model.

At the same time, the global media landscape is being shaken by Warner Bros. Discovery’s chaotic auction. Netflix, Paramount, and Comcast have all submitted fresh bids for WBD, with some offers reportedly focusing on the studios-and-streaming division, home to HBO, HBO Max, DC, and Warner Bros. Pictures.

Analysts say the crown jewel bundle could go for as much as $70 billion, a deal that would reshape Hollywood and accelerate the decline of traditional TV.