Fresh off the merger with Skydance, Paramount already has its eyes on another media conglomerate: Warner Bros. Discovery, broadcast home of AEW programming.
According to the Wall Street Journal, Paramount Skydance is preparing a bid for WBD in its entirety. WBD management had been planning to split up the company along lines similar to before the merger between Warner Bros and Discovery, but by preparing its offer before the split, Paramount would end up buying the entire company, which would include the streaming platform HBO Max, as well as the Turner networks like TBS and TNT, all homes of AEW programming and PPVs. Other streaming and tech companies like Amazon and Apple have been interested in Warner Bros. Studios and the HBO Max streaming platform, but Paramount is hoping to pre-empt any offers the companies could make. While Paramount already had success with the controversial Skydance merger, a consolidation of two media conglomerates that big could draw scrutiny from the FTC, the FCC, and other regulatory bodies.
The potential sale could affect AEW’s already narrowing media rights prospects, as Paramount currently has a deal with WWE’s sister promotion, UFC, and Paramount would likely be forced to choose between AEW and the TKO-owned UFC. WWE’s presence in the media landscape continues to grow, as the company already has deals with Netflix, Comcast (Peacock), The CW, and ESPN.
AEW and WBD began a new broadcasting deal at the start of 2025, which saw AEW move from WBD’s Bleacher Report Live platform to Amazon Prime, with PPV on HBO Max coming later this month for the All Out PPV on September 20.
