The business side of pro wrestling just got even more complicated. Fresh off completing their merger, Paramount and Skydance are reportedly preparing a massive bid to buy Warner Bros. Discovery — the current broadcast home of AEW.
According to The Wall Street Journal, WBD was already considering breaking the company into pieces, but Paramount’s move would scoop up the whole operation before that could happen. That means if a deal goes through, Paramount wouldn’t just inherit HBO Max and Warner Bros. Studios — they’d also gain control of TNT, TBS, and the entire slate of Turner networks that air AEW programming and pay-per-views.
The ripple effect here for AEW is huge. Paramount already has ties to UFC, which is under the TKO umbrella alongside WWE. If the takeover happens, Paramount may be forced to decide between backing UFC or continuing its relationship with AEW — and history tells us that networks don’t usually double down on competing combat sports brands.
It’s also worth noting that WWE has never been stronger in the media space, with deals spread across Netflix, Peacock, ESPN, and The CW. Meanwhile, AEW just kicked off a fresh rights agreement in January, moving pay-per-view distribution from Bleacher Report to HBO Max, while Amazon Prime picked up regular streaming duties. Their next big test comes September 20 with All Out airing on HBO Max.
Of course, any potential Paramount-WBD merger would face intense scrutiny from the FCC and FTC given the size of the companies involved, so this isn’t something that would happen overnight. But if it does, AEW could find itself at another crossroads in its short but turbulent broadcast history.
One thing’s for sure: just when it seemed like AEW had finally settled its media home, the playing field might be shifting again.
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