All-Cash Netflix Deal Accelerates WBD Shakeup

AEW’s streaming future just hit another major fork in the road—because Netflix and Warner Bros. Discovery have changed the game.

In a breaking move that could upend AEW’s presence on HBO Max, Netflix and WBD announced on January 20, 2026 that their blockbuster merger has been restructured as an all-cash transaction, aiming to accelerate shareholder approval and secure regulatory greenlights faster.

The new deal keeps the same value at $27.75 per WBD share, but by shifting to an all-cash structure, Netflix is eliminating the financial complexity that competitors like Paramount have criticized. And that may put AEW’s streaming status in even greater jeopardy.

“By amending our agreement today, we are underscoring what we have believed all along: not only does our transaction provide superior stockholder value, it is also fundamentally pro-consumer, pro-innovation, pro-creator and pro-growth,” said Netflix co-CEO Greg Peters in the joint announcement.

The shift appears to be a direct response to Paramount’s escalating efforts to block the deal, including a lawsuit, proxy challenge, and competing $30-per-share offer. Paramount has made clear they believe Netflix’s acquisition will weaken the value of WBD’s cable and sports assets—including TNT and TBS, which currently air AEW programming.

Why does this matter for wrestling fans? Under Netflix’s original (and now amended) plan, sports—including AEW—would not be part of HBO Max’s future. Instead, AEW could be pushed to the upcoming TNT Sports app, a standalone platform that has zero subscriber base and lacks the reach of Max or Netflix itself.

While the Netflix-WBD press release made no mention of AEW or TNT Sports directly, the company’s continued insistence on separating WBD into two distinct companies—Warner Bros. (studio/entertainment) and Discovery Global (cable/sports)—hints that sports may be siloed away from premium streaming access altogether.

“Our revised all-cash agreement… provides WBD stockholders with an accelerated process and the financial certainty of cash consideration,” said Peters. “Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide.”

Whether AEW fits into that “broader choice” remains unclear—and increasingly unlikely.

WBD and Netflix both reaffirmed their commitment to closing the deal within 12 to 18 months, pending regulatory approval and completion of the Discovery Global separation.

So what’s next? Paramount’s lawsuit remains active, and they’re still pushing for shareholder support. But with Netflix now simplifying the transaction and speeding up the path to a vote—AEW’s current home on Max may be running out of time.

Would you keep watching AEW if it moved to a brand-new app like TNT Sports?
Or should AEW start planning for a future outside the WBD ecosystem entirely? Let us know what you think. This story could reshape pro wrestling’s streaming future.