AEW’s current media rights agreement with Warner Bros. Discovery still has a few years left on the clock, but that hasn’t stopped the wrestling world from keeping a close eye on what’s happening at the corporate level. The latest twist comes as Paramount has officially filed a lawsuit aimed at slowing down — or potentially derailing — Netflix’s proposed acquisition of WBD, AEW’s longtime broadcast partner.
According to reports from The Wrap, Paramount filed the lawsuit in Delaware this week, seeking to force WBD to provide detailed financial disclosures related to its decision to accept Netflix’s offer instead of Paramount’s reported $30-per-share bid. This legal move follows Paramount’s failed attempts at a hostile takeover, signaling a shift in strategy rather than a full retreat from the bidding war.
Paramount CEO David Ellison also revealed in a letter to shareholders that the company plans to nominate its own slate of board members at WBD’s next annual meeting. If successful, that maneuver could reopen negotiations and potentially push Netflix out of the picture. That said, even Ellison admitted the odds of Paramount ultimately acquiring WBD remain slim at this stage, making the move feel more like a last-ditch effort to stay relevant in the process.
From an AEW perspective, the end result may not dramatically change the landscape — at least not immediately. Both Netflix and Paramount already have business ties to TKO Group Holdings, WWE’s parent company. Paramount is about to kick off a multi-year UFC streaming deal, while Netflix recently celebrated the one-year anniversary of WWE Raw airing on its platform. Still, with AEW’s next rights negotiation eventually looming, the outcome of this media power struggle could quietly shape the company’s long-term broadcast future.
