A significant deal involving WWE and AEW media partners has been revealed. Netflix has entered into a definitive agreement to acquire Warner Bros. Discovery, which includes HBO and HBO Max—the platforms streaming AEW content in the U.S.—along with Warner Bros. movie and television studios. This deal follows the separation of Discovery Global from Warner Bros. into a newly public company and is set to finalize in the third quarter of 2026.
The announcement highlighted that Netflix will pay $27.75 per share of Warner Bros. Discovery stock, valuing the transaction at about $82.7 billion in enterprise value. This move combines Netflix’s innovation and global reach with Warner Bros.’ century-long storytelling expertise. Popular shows like "The Big Bang Theory," "Game of Thrones," and movies from the DC Universe will join Netflix’s existing content, which includes series like "Wednesday," "Money Heist," and "Bridgerton."
The acquisition is expected to allow Netflix to enhance theatrical releases, give consumers more content options, and strengthen its studio and production capabilities in the U.S. This will create more jobs and opportunities for the creative community by leveraging Warner Bros.’ vast library and franchises. Shareholders are anticipated to benefit from increased membership, engagement, and revenue growth, with $2 to $3 billion in annual cost savings projected by year three, and the deal is expected to improve earnings per share by the second year.
As of October 2024, AEW has a multi-year media rights deal with Warner Bros. Discovery, airing "Dynamite" on TBS, "Collision" on TNT, and streaming AEW shows exclusively on HBO Max. Post-separation, TBS and TNT will be part of Discovery Global, while HBO Max will fall under Warner Bros. and thus become part of Netflix’s portfolio. Netflix is also the home of WWE Raw in the U.S. and broadcasts WWE TV and pay-per-view events internationally.
WrestleTalk.com promises to provide updates on potential changes for AEW as the acquisition progresses. [Read the full announcement here.]
Fan Take: This acquisition is huge for AEW fans because it connects their favorite wrestling content directly to Netflix’s massive global platform, potentially expanding AEW’s reach and audience. It could also mean more resources and higher production values, which would boost the overall quality and popularity of the sport.
