Warner Bros., the longest-running movie studio, is entering a crucial phase as its parent company, Warner Bros. Discovery (WBD), has agreed to sell its film and TV studio along with the HBO Max streaming platform to Netflix. This deal allows WBD to look for buyers for other assets, including Turner Networks, which broadcasts All Elite Wrestling (AEW). However, Paramount is attempting a hostile takeover of WBD by making a $74.4 billion bid (approximately $30 per share) directly to shareholders, which is roughly $18 billion more than Netflix’s offer. Warner Bros. management has previously rejected a similar Paramount offer, favoring Netflix’s proposal. Paramount argues that Netflix’s deal involves a complicated mix of stock and cash, with a prolonged regulatory approval process that carries uncertainties.
This takeover threat creates uncertainty for Turner Networks and AEW’s future. The Netflix deal initially permitted WBD to explore offers from TV networks, but the ongoing rivalry complicates AEW’s standing, especially since Netflix has a broadcast agreement with WWE, and Paramount is linked with WWE’s sister organization, UFC. Although neither Netflix nor Paramount has clarified AEW’s fate, the competitive environment reflects a shrinking media marketplace. AEW’s new media rights deal with WBD ensures AEW Dynamite and Collision will air on Turner Networks for several years, though it’s unclear if any clauses cover potential sales. Netflix intends to maintain HBO Max as the streaming home for AEW pay-per-views, but this might change depending on the outcome.
Fan Take: This unfolding corporate battle matters deeply for AEW fans as it could dramatically impact where and how they watch their favorite wrestling programs. The continued uncertainty risks disrupting AEW’s growth and visibility, which are crucial for the sport’s expanding popularity.
