Paramount Reportedly Planning Full Buyout of AEW’s TV Partner Warner Bros. Discovery

In what could become one of the most aggressive media power plays in recent years, Paramount Global is reportedly preparing a majority cash offer to buy out Warner Bros. Discovery—an ambitious move backed by the billionaire Ellison family.

According to The Wall Street Journal, sources close to the situation say Paramount’s bid would be for the entire company. That means Warner’s vast empire—including its movie studios, TBS, TNT, and the entire legacy cable portfolio—would be part of the deal. The acquisition would completely reshape the streaming and television landscape and send shockwaves through the entertainment industry.

This news arrives just months after Warner Bros. Discovery revealed plans to restructure into two core operating divisions: one to oversee traditional cable television and another focused on its studio and streaming business. That shift now seems to be the prelude to a much larger transition—potentially under new ownership.

The Ellison family, whose Skydance Media is already deeply entrenched in Hollywood, is expected to provide the financial firepower behind the offer. Paramount has already been on the move. In a separate major media deal, the company recently inked an agreement to bring UFC content under the Paramount umbrella, including placement on Paramount+ and broadcast exposure through CBS. With TKO Group’s MMA giant on board and a potential Warner takeover looming, Paramount is poised to reshape its entertainment portfolio in a massive way.

The big question now: what happens to AEW? Warner Bros. Discovery is the home of All Elite Wrestling through TBS and TNT, and any shakeup at the ownership level could have serious consequences for the company’s future on cable. With WWE’s UFC content coming in through the Paramount side and AEW tied to Warner’s networks, the deal could spark one of the most competitive wrestling content battles in recent history.