The media war around Warner Bros. Discovery (WBD) just got a lot more chaotic — and the ripple effects could eventually reach AEW.
Over the past week, Netflix had been moving toward a massive $82.7 billion deal that would carve up WBD, taking control of Warner Bros. Studios, HBO, and HBO Max while spinning off the cable networks into a separate company. That deal, while far from finalized, had the potential to shake up WBD’s structure but wasn’t expected to immediately disrupt AEW’s presence on TNT, TBS, or Max.
But now Paramount has stormed into the picture with what several outlets are calling a hostile takeover attempt. The newly formed Paramount Skydance has reportedly put a $108.4 billion offer on the table — translating to $30 per WBD share, surpassing Netflix’s bid of roughly $27.75 per share.
According to Variety and other industry reports, WBD has acknowledged receiving Paramount’s unsolicited proposal and has 10 business days to make a formal decision.
If Netflix’s bid ultimately collapses, the streamer would owe WBD a hefty $5.8 billion breakup fee.
Paramount issued a statement to Deadline, touting its offer as a more stable, less complicated option for WBD shareholders — and taking a not-so-subtle swipe at Netflix’s deal by framing it as riskier and tied to a lengthy regulatory process.
What Does This Mean for AEW?
In the short term, nothing changes. AEW’s existing media rights agreement with WBD runs through 2027, with an option year into 2028, covering TNT, TBS, and Max for Dynamite, Collision, and pay-per-view distribution.
However, the long-term landscape could get messier depending on which company wins out:
- If Netflix somehow prevails:
AEW’s content might end up shifting on the streaming side, especially if HBO Max gets restructured or folded into Netflix. But again, this wouldn’t immediately alter their TV homes on TNT/TBS. - If Paramount takes over WBD:
Things get more interesting. Paramount already has a huge deal in place with UFC — a 7-year, $7.7 billion agreement beginning in 2026 — making Paramount+ the exclusive streaming home for UFC. Could Paramount want both UFC and AEW under its umbrella? Would they see AEW as redundant? Or would they look to bolster their sports/entertainment portfolio even more?
There’s no clear answer yet, but it’s a scenario worth watching.
AEW’s Stability vs. a Turbulent Media Market
With Hollywood and the streaming world in full consolidation mode, AEW finds itself tied to a partner that major companies are fighting over. That could either strengthen their position or leave them navigating a new corporate owner with new priorities.
For now, AEW is safe and locked in. But as the Paramount vs. Netflix drama unfolds, Tony Khan’s promotion may once again find its fate linked to boardroom battles far outside the wrestling ring.
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