Netflix Exploring Warner Bros. Discovery Bid And That Could Possibly Spell Trouble for AEW’s TV Future

AEW might have its hands full with slumping ratings and attendance, but now an even bigger threat is emerging—and it’s coming from Netflix.

According to a Deadline, Netflix has officially hired financial advisory firm Moelis & Co to evaluate a potential bid for part of Warner Bros. Discovery. This includes interest in the company’s streaming platforms and film division, which houses some of WBD’s most valuable entertainment properties.

“The streamer is looking into the possibility of a move on part of WBD,” one source confirmed. Netflix has not commented publicly, but the move follows their previous work with Skydance Media during its bid for Paramount Global, giving them insider access to WBD’s financials.

The news adds a major twist to the growing uncertainty surrounding AEW’s television home. AEW currently airs Dynamite and Collision on TNT and TBS—both part of WBD’s cable holdings. But if Netflix ends up acquiring WBD’s streaming and studio business, it could set off a chain reaction that jeopardizes AEW’s broadcast future.

Netflix’s top execs haven’t exactly embraced legacy cable. In fact, co-CEO Ted Sarandos previously stated:

“We’ve been very clear in the past that we have no interest in owning legacy media networks, so there is no change there.”

Even more concerning for AEW is Netflix’s existing 10-year deal with WWE to air. That agreement makes WWE a centerpiece of Netflix’s sports entertainment content strategy—leaving little room for a competing brand like AEW.

Co-CEO Greg Peters also downplayed the need for mergers on Netflix’s earnings webcast:

“You don’t get there simply by buying another company that is also still developing those same capabilities.”

Still, the fact that Netflix is even evaluating a move on WBD raises red flags for AEW. If the cable networks are split or sold separately—or de-prioritized entirely—AEW could find itself without a stable home in the middle of a volatile media shakeup.

For a promotion already facing declining viewership and live attendance, losing a national cable platform could be a knockout blow unless AEW finds a new partner quickly.

Do you think Netflix buying part of WBD puts AEW in danger? Should Tony Khan start looking for a new network now? Drop your take in the comments.