Warner Bros. Discovery May Exit Netflix Deal as New Offer Could Change AEW’s Streaming Future

AEW’s streaming future just took another dramatic turn, as Warner Bros. Discovery confirmed a major update that could reshape its merger plans—and potentially impact where AEW programming lives going forward.

On February 26, 2026, Warner Bros. Discovery announced that its Board of Directors has officially determined that the revised acquisition proposal from Paramount Skydance qualifies as a “Company Superior Proposal” compared to its existing merger agreement with Netflix. The Paramount Skydance offer values Warner Bros. Discovery at $31.00 per share in cash, significantly higher than Netflix’s previously agreed $27.75 per share valuation.

This move now triggers a critical clause in the Netflix merger agreement. Netflix has been given a four-business-day window to revise its offer and attempt to match or exceed the Paramount Skydance proposal. If Netflix declines or fails to present a better deal, Warner Bros. Discovery would be legally permitted to terminate the Netflix merger agreement entirely.

This update represents a major escalation in the battle for control of Warner Bros. Discovery—and it could have serious implications for AEW’s long-term streaming future.

Paramount Skydance’s revised proposal includes several key financial incentives designed to strengthen its position. In addition to the higher per-share cash offer, Paramount Skydance has committed to paying the $2.8 billion termination fee Warner Bros. Discovery would owe Netflix if the Netflix deal is canceled. The proposal also includes a massive $7 billion regulatory termination fee if the deal fails due to government approval issues, providing additional financial protection to Warner Bros. Discovery shareholders.

Warner Bros. Discovery confirmed it has formally notified Netflix of the superior proposal determination. While the Netflix merger agreement remains active for now, the company acknowledged that it could terminate that deal if Paramount Skydance’s offer remains superior after Netflix’s match period expires.

Importantly, Warner Bros. Discovery also noted that Paramount Skydance’s proposal specifically protects the company’s Global Linear Networks segment—which includes TNT and TBS, the current broadcast homes of AEW Dynamite and AEW Collision. This detail could prove especially significant, as the future of AEW programming has been a major question mark amid Warner Bros. Discovery’s potential restructuring.

Under Netflix’s original merger plan, Warner Bros. Discovery was expected to split its cable and sports assets—including TNT Sports—into a separate company, raising concerns that AEW programming could be moved away from premium streaming platforms like Max. Paramount Skydance’s proposal, however, introduces a different structure that may preserve greater stability for traditional network and sports properties.

For now, Warner Bros. Discovery’s board has not terminated the Netflix deal and continues to officially recommend the Netflix merger. However, the company’s acknowledgment that Paramount Skydance’s offer is superior signals that the situation is rapidly evolving.

With Netflix now under pressure to respond within days, the outcome of this corporate battle could determine whether AEW remains tied to Warner Bros. Discovery’s current ecosystem—or becomes part of a completely different media structure.

Do you think AEW would be better off under a Netflix-controlled Warner Bros. Discovery, or could Paramount Skydance offer a more stable long-term home for AEW programming?