AEW’s Streaming Future in Jeopardy as WBD Rejects Paramount and Moves Toward Netflix Merger

AEW’s relationship with Warner Bros. Discovery just got a lot more complicated — and it might leave Tony Khan scrambling.

Following weeks of speculation, Warner Bros. Discovery has officially rejected the takeover bid from Paramount Skydance, issuing a statement on December 17 that the offer “does not meet the criteria of a ‘Superior Proposal'” and instead reiterated full support for its previously announced merger with Netflix.

In a detailed letter to shareholders, WBD’s Board of Directors didn’t hold back, slamming Paramount’s deal structure as risky, vague, and financially weak. The board accused Paramount of offering no true financial backing and instead relying on a “revocable trust” that leaves WBD shareholders exposed.

“Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was… the Ellison family has chosen not to backstop the PSKY offer,” the letter stated.

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The board also dismissed Paramount’s financial claims, adding that the deal would burden WBD with a “risky capital structure” and result in “ambitious” synergy targets that could ultimately “make Hollywood weaker, not stronger.”

Meanwhile, the Netflix deal — which WBD described as a “superior, more certain value” — offers shareholders a combination of cash, Netflix stock, and equity in Discovery Global, with no financing hurdles and far fewer regulatory risks.

“The Netflix merger is fully backed by a public company with a market cap in excess of $400 billion,” WBD wrote, pointing out that Netflix’s offer is locked in and enforceable, unlike Paramount’s flexible bid that “can be terminated or amended… at any time.”

So what does this all mean for AEW? According to media analyst Tony Maglio, the Netflix merger could leave AEW stuck between two media giants with no clear home. If Netflix assumes control of WBD’s studio and streaming operations — including HBO Max — and Paramount (or another buyer) ends up with TNT and TBS, AEW could be left out in the cold.

“In theory, you would expect that under the current AEW contract, it would continue to air on TNT, TBS, and to stream on HBO Max,” Maglio said during his appearance on the Duke Loves Rasslin podcast. “Now those might soon — not soon, but, you know, within a year or whatever — possibly be under different companies.”

Things get messier when you factor in WWE’s massive deal with Netflix, which includes exclusive rights to Monday Night Raw and other programming. That exclusivity could potentially block AEW from landing a streaming deal with Netflix if HBO Max is absorbed into the platform.

“Would WWE’s agreement with Netflix for Raw and for other properties… would that even allow for AEW to stream on Netflix?” Maglio asked. “My guess is they probably don’t have — WWE probably doesn’t have — as much strength in this situation as they did with USA Network, where they did not allow rival wrestling companies to air alongside Raw or SmackDown.”

For now, AEW remains on TNT and TBS — but its deal with Warner Bros. Discovery is reportedly set to expire in about a year, meaning Tony Khan has a very limited window to secure a new broadcast and streaming future before the media landscape shifts again.

As Warner Bros. Discovery leans fully into the Netflix deal, the question remains whether AEW has enough leverage — or foresight — to avoid the same fate that swallowed ECW when the TV rug was pulled out from under Paul Heyman. Will Tony Khan have a backup plan ready in time? AEW’s future on TV and streaming is now tied to a corporate merger far outside their control.