Netflix Wins Bid for Warner Bros. Discovery as AEW Faces a Shifting Media Landscape – Netflix has officially won the bidding war for Warner Bros. Discovery (WBD), submitting an offer of roughly $28 per share in a deal valued primarily in cash. As reported by Deadline, this marks the end of a turbulent auction that began in October after WBD entertained multiple proposals from Paramount. Netflix is expected to enter an exclusive negotiating period with the goal of finalizing the acquisition by mid-to-late December. The agreement also includes a $5 billion breakup fee should Netflix fail to complete the transaction.
The acquisition is set to reshape the entertainment industry in significant ways. Netflix will take control of the most valuable components of WBD’s portfolio, including Warner Bros. Studios, DC Studios, the Motion Picture Group, and the HBO and HBO Max streaming assets. This gives Netflix access to some of the largest franchises in media—Harry Potter, DC Comics, and Game of Thrones—addressing a long-standing gap in its library.
However, the deal separates WBD’s assets into two distinct groups. The “Global Networks” division—comprising CNN, Discovery networks, and TNT Sports—would not transfer to Netflix. Those properties are expected to form a new linear television company called “Discovery Global,” led by current WBD CFO Gunnar Wiedenfels.
This split has major implications for All Elite Wrestling (AEW), whose flagship programs Dynamite and Collision currently air on TBS and TNT. With HBO Max shifting to Netflix, the long-speculated possibility of AEW securing a streaming deal on Max is effectively gone. Netflix already holds exclusive rights to WWE RAW beginning January 2025 and serves as a global distributor of WWE content, making any AEW programming on the platform extremely unlikely.
AEW’s immediate home on TNT and TBS remains intact since those networks fall under the new linear company. Still, the financial foundation of a standalone linear enterprise is far less secure than the broader WBD ecosystem. Without the support of Warner Bros. Studios or the streaming revenue of Max, rights fees for sports programming—including AEW—may face increased scrutiny.
Compounding the challenge is WWE’s strategic media presence across nearly every major U.S. distributor. With RAW on Netflix, SmackDown and WWE Premium Live Events on Peacock and USA Network, NXT on The CW, and regular PLEs on ESPN, the marketplace for AEW grows more limited. TNA, a WWE partner, is set to debut on AMC in January, closing off another potential avenue.
The remaining realistic options for AEW include companies such as Amazon Prime Video and Paramount, although Amazon’s sports investments lean toward the NBA and NFL, and Paramount faces its own long-term uncertainties. Apple TV+ has shown little interest in professional wrestling and remains an unlikely bidder.
Regulatory concerns still loom over the Netflix-WBD deal, with Paramount arguing the transaction poses antitrust challenges and that the process may have been influenced by internal management conflicts. If the acquisition clears these hurdles, the wrestling media landscape will change dramatically. WWE will hold secure positions on the largest streaming platform and a major broadcast network, while AEW may find itself relying on a shrinking cable-only environment with limited growth potential.
Netflix Wins Bid for Warner Bros. Discovery as AEW Faces a Shifting Media Landscape
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