Warner Bros. Discovery Breakup Raises Questions for AEW and Its Future on Max

Warner Bros. Discovery is getting ready to break itself in half—and fans are already wondering what it means for All Elite Wrestling.

On Monday, WBD announced plans to split its massive entertainment empire into two separate publicly traded companies by mid-2026. One company, called Global Networks, will include TBS, TNT (where AEW currently airs Dynamite and Collision), Discovery+, and Bleacher Report. That side will be overseen by Gunnar Wiedenfels, WBD’s current CFO.

The second company, Streaming & Studios, will include HBO, HBO Max (soon to be renamed), the company’s TV and film production operations, the Warner Bros. movie studio, and DC Studios. That division will be run by David Zaslav, the current president and CEO of WBD—and someone Tony Khan often brings up when discussing AEW’s broadcast future.

The good news for now? AEW’s deal with WBD is locked in through 2027, with an option for 2028. That means their presence on TBS and TNT isn’t going anywhere in the immediate future. Still, there’s one part of the plan that raises eyebrows: the rollout of AEW pay-per-views on Max, something Tony Khan has long teased for 2025.

With Max shifting under a new corporate umbrella, it’s unclear if AEW’s streaming timeline will stay on track—or be derailed by the massive restructuring.

For fans already invested in AEW’s future on streaming, the clock is ticking—and now the corporate shake-up might throw a wrench into long-term plans.

AEW might be safe for now, but with Warner Bros. Discovery slicing its empire into two, nothing is guaranteed long-term. The ink may be dry on that TV deal, but plans for AEW on Max could get shuffled fast depending on who holds the streaming keys in 2025. When billion-dollar companies start playing musical chairs, someone always ends up without a seat—and Tony Khan better make sure AEW isn’t the one left standing.