WBD Splitting Into Two Companies—What It Could Mean for AEW’s Future

In a major shake-up that could eventually ripple through the wrestling world, Warner Bros. Discovery (WBD) has announced it will divide its sprawling media empire into two separate publicly traded companies. The move aims to streamline operations and allow each new entity to better focus on its specific goals—but it also creates some intrigue regarding AEW’s long-term media future.

The two divisions will be named Streaming & Studios and Global Networks. The Streaming & Studios side will house major entertainment and content brands like Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. Meanwhile, Global Networks will take over the reins of WBD’s “premier entertainment, sports, and news television brands,” which include CNN, TNT Sports, Discovery, and Bleacher Report.

So where does AEW land in all of this?

For now, All Elite Wrestling’s position remains steady. The promotion’s current media rights deal with WBD—inked earlier this year—keeps its flagship programming on both traditional TV and streaming via Max through at least 2028. Dynamite and Collision continue to air weekly while older episodes are gradually being added to Max’s library. AEW has also teased future plans to integrate pay-per-view purchases into the platform.

While the current split doesn’t affect AEW’s immediate situation, the long-term picture just got more complicated. With TNT Sports—AEW’s TV home—falling under Global Networks and Max now aligned with Streaming & Studios, future contract negotiations could require navigating two separate corporate structures. That adds a layer of complexity when AEW eventually sits down to renegotiate media rights or explore expansion.

On the leadership front, WBD CEO David Zaslav will head up Streaming & Studios, while the current Chief Financial Officer will become CEO of Global Networks. Both will remain in their current roles until the split officially goes through. According to Zaslav, this realignment is meant to give each business the focus and agility needed to succeed in an evolving media landscape.

Bottom line: AEW fans don’t need to worry—at least not yet. But as the media landscape shifts and AEW continues to grow, the promotion could be looking at a more intricate playing field when it’s time to map out its future home on TV and streaming.