WBD Split Could Spell Trouble for AEW Streaming Future as HBO Max Moves Away from Sports

AEW might be riding high now, but long-term clouds could be forming thanks to a major shake-up at Warner Bros. Discovery.

On June 9, WBD announced it’s officially splitting into two separate companies by mid-2026—Global Networks (which will own TNT, TBS, TruTV and more) and Streaming & Studios (which includes HBO, Warner Bros. films, and Max). This move might seriously complicate AEW’s ability to lock in future streaming support.

The major concern? HBO Max, the platform AEW was expected to land on for pay-per-views and major streaming initiatives, might not prioritize live sports at all moving forward. David Zaslav, who brokered AEW’s original $555 million deal and will now head Streaming & Studios, made it clear on an investor call that sports aren’t driving growth on the Max platform. In his words, “Inside the U.S., sports have been less critical. It’s viewed, but it hasn’t been a real driver for us (regarding new subscriptions).”

That’s a big red flag for AEW’s long-term streaming viability. The AEW deal, which extends through 2027 (or 2028 if WBD picks up the option year), was designed to combine TV, streaming, and PPV distribution into one package. That plan included HBO Max becoming the go-to platform for U.S. PPV events, offering a lower price point than traditional options. But that initiative is now five months deep with no rollout date in sight. There’s been zero official word from AEW or WBD about when—if ever—Max will actually stream an AEW PPV.

With Zaslav now leaving TV behind to focus exclusively on streaming and film, and Global Networks getting the cable properties like TNT and TBS, AEW could be left having to negotiate two separate deals—one for TV and another for streaming—by the end of 2027. Worse yet, if Max starts scaling back live sports entirely, AEW may need to shop their streaming rights elsewhere just to survive.

And while AEW is technically not part of TNT Sports but falls under WBD Entertainment, its presence on the Max sports tab raises serious questions about how it’ll be categorized—or whether it even has a long-term home there.

In short, if HBO Max doesn’t want to bet on live sports, AEW could find itself without a streaming partner at all just a few years from now. That’s not just a headache—it’s a potential game-changer for Tony Khan’s entire operation.

Is AEW at risk of losing its streaming future with HBO Max backing off sports? Could this split force AEW to find a new partner in 2027? Drop your thoughts in the comments—your take might be more on point than WBD’s game plan.