AEW’s TV Future Uncertain as Warner Bros. Discovery Considers Major Breakup

AEW fans may have dodged a bullet when Warner Bros. Discovery shut down Paramount’s buyout attempt—but that doesn’t mean the chaos is over.

In a massive update issued October 21, 2025, Warner Bros. Discovery confirmed it has launched a full-blown review of strategic alternatives after receiving unsolicited interest from multiple parties. That includes offers for the entire company as well as for its Warner Bros. and Discovery Global divisions individually.

“We have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” said CEO David Zaslav.

The company reiterated that its previously announced plan to split into two entities—Warner Bros. and Discovery Global—is still in motion for mid-2026. But now, they’re openly entertaining the idea of selling the whole company or breaking it up even further.

“We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders,” said Warner Bros. Discovery Board Chair Samuel A. Di Piazza, Jr.

The announcement follows Warner’s rejection of a $20-per-share buyout offer from Paramount-Skydance Corporation, which was deemed too low. While that bid fell flat, WBD’s latest move confirms there’s a lot more going on behind closed doors—and the future of their cable networks, including AEW’s TV home on TBS and TNT, may be caught in the crossfire.

With Warner already restructuring into two arms—Global Networks and Streaming & Studios—it’s unclear where AEW programming will fit once the dust settles. If new owners or structural changes come into play, AEW could face another round of uncertainty about its media rights and long-term placement on Warner networks.