Netflix Confirms $82.7 Billion Deal to Acquire Warner Bros. Discovery—What This Means for AEW’s Future

It’s official: Netflix is buying Warner Bros. Discovery in a deal worth $82.7 billion, and it could reshape the entire entertainment industry—including the future of All Elite Wrestling.

On December 5, 2025, Netflix and WBD issued a joint press release confirming they’ve entered into a definitive agreement. The deal includes Warner Bros. film and TV studios, HBO, and HBO Max, with Netflix agreeing to pay $27.75 per WBD share in a mix of cash and stock. That translates to an equity value of $72 billion, with the total enterprise value pegged at $82.7 billion.

Netflix said the move will give its subscribers access to an unprecedented library of content, ranging from Harry Potter and Game of Thrones to The Sopranos, The Big Bang Theory, and more—while building on its own franchises like Stranger Things and Squid Game.

“Our mission has always been to entertain the world,” said Netflix co-CEO Ted Sarandos. “By combining Warner Bros.’ incredible library of shows and movies… with our culture-defining titles… we’ll be able to do that even better.”

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Netflix co-CEO Greg Peters added that this deal would benefit both consumers and content creators:

“With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans… and strengthening the entire entertainment industry.”

WBD CEO David Zaslav also weighed in:

“By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

Now here’s where things get real for AEW. AEW’s entire television and streaming presence—TNT, TBS, and Max—is under the Warner Bros. Discovery umbrella. With Netflix now in control, the future of Tony Khan’s promotion could depend on whether AEW aligns with Netflix’s evolving content strategy. Netflix has already moved into weekly live wrestling by streaming WWE RAW starting in 2025, but there’s no guarantee they’ll make room for AEW, too.

If AEW no longer fits into the new parent company’s plans, Khan may be forced to find a new media partner or restructure his entire broadcast model—especially as Netflix focuses on platform consolidation and cost-cutting.

While Netflix said it intends to maintain Warner Bros.’ current operations, a lot can change as executives merge strategies and start trimming overlap. The companies also expect $2–3 billion in cost savings per year, a figure that could spell trouble for less-prioritized programming.

The acquisition is expected to close in 12 to 18 months, pending regulatory approval and the completion of WBD’s previously announced separation of its Global Networks division into a separate publicly traded company.

With AEW programming still tied to TBS, TNT, and Max, and Netflix already betting big on WWE, the next year could be one of the most uncertain periods in AEW’s broadcast history.

Do you think AEW will survive under Netflix ownership? Should Tony Khan start looking for a new home for Dynamite and Collision? Share your thoughts in the comments—we want to hear your take on how this industry shake-up affects pro wrestling.