Warner Bros Discovery Reportedly Holds Minority Stake in AEW

For years, many speculated whether Warner Bros Discovery was more than just a broadcast partner for All Elite Wrestling. Now, it looks like that speculation may have been valid all along.

According to The Hollywood Reporter, journalist Tony Maglio reports that WBD does own a minority stake in AEW. While the exact percentage isn’t public, it’s said to be less than 10%—small enough that neither party is legally required to disclose it.

“Though WBD and AEW will never say this aloud — because at a less than 10 percent stake, they don’t legally have to — WBD owns a minority position in the latter. That position will remain with the Global Linear Networks piece following the split and spin and the close of the Warner Bros. sale to Netflix,” Maglio writes.

This confirmation—though indirect—adds to AEW’s long-standing relationship with WBD, especially as the company prepares for massive structural changes amid its merger with Netflix.

Interestingly, Tony Khan addressed this very topic during a media call ahead of the WrestleDream pay-per-view in September 2023. While he didn’t confirm any ownership details, Khan made it clear he was open to WBD holding a piece of the company—as long as he kept control.

“It’s something we’ve talked about a lot,” he said. “There has been a lot of conversations about that. It’s always been something I’ve been open to. Between Warner Bros. Discovery and myself, a lot of the financial and structural details of our partnership, we’ve been able to keep between us, but there are things that have always said to be true, that I own 100% of the voting stock of this company and that I have 100% of the decision making power in the company. I’ve been open to taking on additional partnerships or things of that nature. We have a really great deal, right now, with Warner Brothers Discovery, and I would love to have an even longer agreement. As for them and their stake in the business, that is something that would be between us, but I would also be open to that, to Warner Brothers in a future deal, having a piece or a bigger piece, potentially, but I would always want to maintain 100% voting control, as I have now, and want to maintain the majority of stock, which I have now.”

“These are things that are important to me, but in a future deal, these are things I would be open to,” he continued. “There is nothing bad about it. We’ve seen in pro wrestling this year a change of control. I have no interest in a change of control. Would I be interested in taking on additional investment? Yeah, potentially. It would have to be at the right numbers and it would have to make sense for us based on how much our business has grown this year. As for a change or control or giving up voting stock, no, I have no interest in that.”

While AEW has not officially confirmed WBD’s current stake, this report strongly suggests it’s already in place—and likely has been for some time. The bigger question now is how AEW’s future may evolve as WBD undergoes a major transformation under Netflix’s ownership.

Could this minority stake eventually grow into something more? And will AEW’s streaming future be affected by who ends up controlling what?

What’s your take on this reveal? Should Tony Khan keep all the control, or is a bigger WBD investment a smart move for AEW long-term? Let us know what you think in the comments.