And interestingly, it mirrors what we're seeing play out here at home with Canal+'s acquisition of MultiChoice — we're entering a period of serious consolidation across the content space, where the old "TV operator vs. content owner" lines no longer hold.

Everyone is competing for the same customer, and the power sits increasingly with whoever controls the strongest content catalogue.

And now, with Paramount launching a hostile USD$108-billion bid of its own for Warner Bros Discovery, the picture becomes even more complex. What was already a seismic shift has turned into a full-blown bidding war. It shows just how valuable these content libraries — HBO, DC Comics, Warner Bros films and series — really are in a market where differentiation is increasingly hard to come by.

If Netflix's deal goes ahead (and this latest move from Paramount means it is unlikely to reach a conclusion swiftly), it will mean a game-changing shift for consumer access. Historically, you had a TV, an aerial, and whatever channels came with it. Then a decoder. Then the internet. Now, access is being rewritten again, and the fallout will be felt locally. Warner Bros channels on DStv are likely to disappear over time, and that means South African audiences may have to subscribe to Netflix to keep watching content that once lived in traditional pay-TV homes.

Warner Bros also has a massive licensing business and, importantly, Warner Bros Discovery owns HBO, which means HBO's premium titles (Game of Thrones, House of the Dragon, etc.) could eventually shift away from partners like DStv entirely. Netflix's instinct is usually to keep its content in-house, so we should expect shifting windows and new exclusivity patterns. Add Warner's sports portfolio into the mix and Netflix effectively shortcuts its long-term sports ambitions. For consumers, that could mean deeper, wider choice on one platform.

But big mergers also spark big concerns — and Paramount's latest move only heightens them. Regulators were already preparing to scrutinise Netflix's offer; now they're faced with a deal that could consolidate two major TV operators under one roof. In both cases, the fear is the same: anti-competitive pressure, job cuts and higher prices for consumers. Globally, streaming prices have already surged — in some markets six-fold — because current subscription fees don’t match the real cost of making premium content. Africa may be last in line, but the upward trend is coming.

There are now hundreds of players in streaming; consolidation was always inevitable. The irony is that while global giants chase mega-franchises — think Disney and Star Wars — audiences in markets like South Africa remain fiercely loyal to authentic local stories. Just look at how Shaka iLembe lit up Showmax. What wins globally doesn't always win here — and that's why these shifts matter.

For more information, visit www.reachafrica.com. 

*Image courtesy of contributor