AEW is safe on Warner Bros. Discovery for now, but Tony Khan may have to wait much longer than expected before finding out who will control the company’s television future. Paramount’s takeover of WBD is now tied up in a legal fight that could stretch into June 2027, pushing the next round of AEW media rights talks deeper into the final years of its current deal.
Paramount’s $110 billion takeover was expected to move much faster, but the company has agreed not to take control of Warner Bros. Discovery until the lawsuit challenging the merger reaches trial. That trial is currently expected to take place in late June 2027, with June 30 being floated as the point when Paramount could attempt to complete the transaction. That creates a major timing problem for AEW.
AEW’s current television agreement runs through the end of 2027, while Warner Bros. Discovery also holds an option that could extend the deal through 2028. The company is not in danger of losing its television home anytime soon, but the delay could leave Tony Khan waiting until much later to begin serious talks about what comes next.
Had Paramount taken control on the original timeline, negotiations over AEW’s next deal could have started in early 2027. That would have given both sides plenty of time to work out where Dynamite, Collision and AEW pay-per-view events fit inside Paramount’s television and streaming plans.
Now, those talks may not begin until Paramount officially owns Warner Bros. Discovery. That means AEW could move deep into 2027 without knowing whether Paramount wants to keep the promotion, expand its presence or take the company in another direction once the current contract expires.
The one-year option gives AEW some breathing room, but it also puts the company in a holding pattern. Warner Bros. Discovery can keep AEW through 2028, yet the people making the final call on the promotion’s future could be completely different by the time negotiations finally begin.
AEW would have benefited from seeing the takeover completed quickly. The sooner Paramount took control, the sooner Tony Khan could learn how the new owners value wrestling and whether they see AEW as an important part of the combined company. Instead, AEW may now have to sit back and watch a massive corporate fight play out while its next media deal remains stuck in limbo.
The delay is also becoming extremely expensive for Paramount. The company could face more than $1 billion in additional costs while waiting to close the transaction. Those penalties could become even worse if no settlement is reached by October 1. Paramount could be forced to pay between $6 million and $7 million for every additional day the deal remains unfinished.
The fight is bigger than wrestling. CNN and the 2026 midterm elections are also part of the political battle surrounding the merger, since the delay prevents Paramount from taking control of the network until after voters head to the polls.
None of that changes AEW’s current deal. Dynamite and Collision will continue airing through TBS and TNT, while AEW programming and pay-per-view events remain part of HBO Max. The concern is what happens when Tony Khan finally sits down to negotiate again.
AEW could be dealing with Paramount, a reshaped Warner Bros. Discovery or executives still dealing with the financial and legal damage caused by one of the biggest media battles in years.
Tony Khan has time, but he may not have answers anytime soon. The longer this court fight drags on, the longer AEW will be left waiting to see who controls its television future and how much the company will be willing to pay to keep it.
Could the Paramount-WBD delay hurt AEW’s leverage when its next television deal comes up, or does the 2028 option give Tony Khan enough protection? Let us know what you think in the comments.
