As Netflix moves closer to finalizing its acquisition of Warner Bros.' studio and streaming assets, a significant question looms over the professional wrestling landscape: What implications does this deal hold for AEW (All Elite Wrestling)?
While many details are still unfolding, recent developments have provided us with greater clarity regarding AEW's future prospects, particularly in light of Netflix's decision to present an all-cash offer for these properties.
According to Tony Maglio from The Hollywood Reporter, this revised offer necessitated a joint submission of a 519-page proxy statement by Netflix and Warner Bros. Discovery (WBD) that delves into their negotiations. This SEC filing offers insights into AEW's future, especially considering that the wrestling promotion has collaborated with WBD since its establishment in 2019.
Interestingly, the document does not mention "All Elite Wrestling" or "AEW" directly. However, Maglio interprets this omission as an indication that AEW's media rights will likely remain with the Discovery segment of WBD, which is not included in the sale to Netflix. Currently, AEW broadcasts its weekly shows, "AEW Dynamite" on TBS and "AEW Collision" on TNT, through WBD's cable networks, and both programs are available for streaming on HBO Max. Additionally, subscribers can access AEW's pay-per-view events at a discounted rate through the platform.
Maglio also notes that AEW is expected to continue its presence on HBO Max until the end of its current agreement, which may conclude either in late 2027 or 2028, depending on an option year. However, post-agreement, uncertainties loom, especially as the acquisition would transfer HBO Max into Netflix's ownership—a platform that already has an established relationship with WWE, AEW’s primary competitor.
The existing partnership between Netflix and WWE raises the possibility that Netflix may not see a need to retain AEW, potentially forcing the wrestling promotion to seek new media partners for its content. This scenario becomes even more plausible if HBO Max becomes part of Netflix's offerings, especially considering it is rumored that WWE's contract with Netflix includes an exclusivity clause.
Furthermore, regarding WBD’s minor stake in AEW, estimated to be less than 10%, it appears that this would also remain under the Discovery umbrella. This situation could motivate WBD to distribute AEW programming on its TNT Sports streaming service while retaining the flexibility to negotiate pay-per-view rights elsewhere, possibly including HBO Max, if favorable terms can be arranged.
Of course, with time remaining until the end of 2027 or 2028, many factors could shift dramatically. It's also important to remember that Paramount is still pursuing a bid for all of WBD's assets. Yet, as things stand, we have a clearer understanding of where Tony Khan's wrestling organization might find itself after the Netflix deal's conclusion and the uncertainty it brings.
