Tony Khan’s AEW Faces Broadcast Uncertainty If Netflix and Paramount Divide WBD Assets

AEW may be staring down a broadcast nightmare as Warner Bros. Discovery inches closer to a potential split-sale between Netflix and Paramount.

During a recent appearance on the Duke Loves Rasslin podcast, Hollywood Reporter TV editor Tony Maglio explained how this deal could leave Tony Khan’s promotion caught between two competing media giants — with no clear home for its shows or streaming library.

Maglio walked through the possible fallout if Netflix takes over WBD’s studio and streaming division, including HBO Max, while Paramount or another party claims the cable networks, like TNT and TBS — where AEW currently airs its weekly shows.

“Yeah, man. There are so many things. I hope I’m not too long-winded on this. Like, if Warner Bros. only—the studios and streaming as planned—goes to Netflix, things are very confusing because that does not include TBS, TNT, but it does include HBO Max, right?”

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While AEW’s shows might remain on TNT and TBS for now, Maglio pointed out that the streaming rights could be caught in the middle — especially if Netflix chooses to bundle or merge HBO Max into its core platform.

“So, in theory, you would expect that under the current AEW contract, it would continue to air on TNT, TBS, and to stream on HBO Max. Now those might soon—not soon, but, you know, within a year or whatever—possibly be under different companies.”

Maglio noted that AEW’s existing deal with WBD is set to expire in about a year, further amplifying the instability.

“Interestingly enough, about a year or so is, I believe, what’s left on the AEW deal with Warner Bros. Discovery. So, so much can change.”

Then comes the elephant in the room: WWE’s Netflix deal. If Netflix merges with HBO Max, AEW might be completely blocked from streaming on the platform due to potential exclusivity arrangements WWE has in place — similar to what the company previously enforced on cable networks.

“And there is that X factor of—would WWE’s agreement with Netflix for RAW and for other properties, would that even allow for AEW to stream on Netflix?”

Maglio doubts WWE has the same stranglehold on Netflix as it did with USA Network, but he doesn’t rule out trouble.

“My guess is they probably don’t have—WWE probably doesn’t have—as much strength in this situation as they did with USA Network, where they did not allow rival wrestling companies to air alongside Raw or SmackDown.”

If HBO Max and Netflix remain separate, AEW could keep streaming uninterrupted. But that’s a big “if.”

“But if Netflix and HBO Max stay separate, will AEW be allowed to stream on HBO Max still? I would think yes.”

The real chaos begins if Netflix decides to do what Disney did with Hulu — tightly bundle both platforms under one umbrella. That could trigger non-compete issues and spell trouble for AEW. At the end of the day, Maglio admits even he can’t predict all the outcomes.

“But then what happens if Netflix and HBO Max do integrate, sort of in the way that Disney+ and Hulu have? Then what does that mean for contracts in terms of non-competes for rivals and so on and so forth?”

“So, it is honestly so wide open and confusing right now… There are so many moving parts I couldn’t even possibly list them all.”

As the WBD bidding war heats up and the clock ticks down on AEW’s current media deal, Tony Khan may soon be forced to make the same type of backup moves that Paul Heyman couldn’t make in time to save ECW. The question is whether AEW’s executive team is prepared — or if history’s about to repeat itself.

Please credit Ringside News if you use the above transcript in your publication.