AEW’s long-term streaming future just took another major twist, as Paramount has launched a full-blown offensive to block Netflix from acquiring Warner Bros. Discovery’s (WBD) studio assets—a deal that could directly threaten AEW’s presence on HBO Max.
In a dramatic escalation, Paramount CEO David Ellison issued a blistering public letter to WBD shareholders on January 12, 2026, confirming the company will nominate its own directors, file a lawsuit, and formally challenge the Netflix acquisition. Paramount is pushing forward with a $30-per-share all-cash offer, which they insist is superior to Netflix’s complicated $82.7 billion studio deal.
“WBD has provided increasingly novel reasons for avoiding a transaction with Paramount,” Ellison wrote, “but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer.”
This update is massive for AEW. Under the Netflix deal, sports programming—including AEW—would be excluded from the HBO Max platform. As previously reported, that could force AEW onto the unproven TNT Sports app, which would launch without an existing subscriber base. Paramount’s bid, on the other hand, could keep AEW’s television, pay-per-view, and streaming rights housed under one stable umbrella.
Ellison made it clear that Paramount will not back down, stating the company has filed a lawsuit in Delaware Chancery Court demanding WBD disclose key financial details about the Netflix transaction. Paramount will also propose bylaw changes to block the separation of WBD’s Global Networks, a move seen as a direct effort to protect TNT, TBS, and AEW programming from being spun off or siloed.
“We filed suit this morning… so that WBD shareholders have what they need to be able to make an informed decision,” the letter reads.
If successful, Paramount’s takeover could dramatically shift AEW’s media strategy and preserve its exposure across TNT, TBS, and a unified streaming home. The outcome of this corporate battle could reshape not just AEW’s digital future, but the media landscape surrounding pro wrestling as a whole.
Do you think AEW would be better off under Paramount or Netflix? Please share your thoughts and feedback in the comment section below.
