A new power move in Hollywood could send major shockwaves through the wrestling industry—because Netflix is now in exclusive talks to acquire Warner Bros. Discovery, the parent company of TNT, TBS, Max, and yes, AEW’s entire television home.
According to TheWrap, Netflix has offered $30 a share for Warner Bros. Discovery’s studio and streaming assets, beating out rival suitors Paramount and Comcast. The proposal also includes a massive $5 billion breakup fee, mirroring terms in Paramount’s previous bid and signaling just how serious Netflix is about locking this down.
“Netflix may be considering a bid,” Puck News originally reported. But now, that’s no longer speculation—it’s a deal in motion.
If the acquisition goes through, it could drastically alter AEW’s standing in the media landscape. The wrestling promotion has been on TNT and TBS since its 2019 launch and currently partners with Max for streaming. With Netflix now entering the world of weekly live wrestling by streaming WWE RAW every Monday starting in 2025, AEW could find itself needing to adapt or renegotiate terms to fit within the platform’s growing focus on premium live sports entertainment.
While TheWrap notes the makeup of the bid hasn’t been fully disclosed, earlier versions were a blend of cash and stock. Regardless, it’s a bold shift from just months ago, when Netflix co-CEO Greg Peters was downplaying large media mergers, saying they didn’t have an “amazing track record.” Now, Netflix is poised to take control of legacy brands like HBO, CNN, DC Studios, and the Harry Potter franchise—if regulators allow it.
That’s the other wrinkle. According to sources, Netflix could face tough antitrust scrutiny, especially from the Department of Justice and California Attorney General Robert Bonta, who previously opposed consolidation involving WBD.
The deal’s $5 billion breakup fee was reportedly added “to reassure WBD amid expected regulatory hurdles.”
Meanwhile, Paramount isn’t going quietly. They claimed the bidding process was rigged, sending a letter to WBD’s board accusing them of “abandoning the semblance and reality of a fair transaction process.” Paramount had reportedly submitted its third bid just before the news broke, but insiders suggest Netflix’s more aggressive terms pushed it over the edge.
With all signs pointing to Netflix as the frontrunner, the implications for AEW—and other live sports and entertainment properties on WBD’s platforms—could be enormous.
If Netflix doesn’t see AEW’s wrestling as a fit, Tony Khan could be forced to shop AEW to a new network, or restructure its entire broadcast strategy.
Do you think Netflix will keep AEW programming after a WBD takeover? Should Tony Khan already be looking for a backup plan? Drop your thoughts in the comments—we want to hear where you think this is going.
December 4, 2025 11:26 pm
