Netflix has officially won the bidding war for Warner Bros. Discovery in a massive deal valued at $82.7 billion.
The purchase price breaks down to $27.75 per share and includes a $5.8 billion “breakup fee” if the deal fails due to regulatory issues. While the FCC will not be involved, the Department of Justice and the European Union will review the acquisition for antitrust concerns.
Crucially, WBD will spin off its cable networks—including TBS, TNT, CNN, and Cartoon Network—into a new company called “Discovery Global.” Netflix will acquire the “Studios & Streaming” side, which includes Warner Bros. Television, DC Studios, HBO, and HBO Max.
For the immediate future, “not much will change.” AEW’s current deal runs through 2027, with a WBD option for 2028. Since TBS and TNT are moving to Discovery Global, AEW’s cable broadcasts will not conflict with WWE, which is currently a media partner of Netflix.
However, the streaming situation is complex. HBO Max is moving to Netflix. Tony Khan has previously noted that HBO Max receives a percentage of AEW’s PPV revenue, giving the new owners a financial incentive to keep it. However, if Netflix chooses to integrate HBO Max into its own service, conflicts could arise given Netflix’s relationship with WWE.
Additionally, Discovery Global is reportedly planning a standalone TNT Sports app. If AEW content is shifted there, it could result in a smaller potential audience compared to the massive reach of HBO Max.
While the “Discovery Global” spin-off is expected to be completed by Q3 of 2026, the long-term fate of AEW’s media rights beyond 2027 remains “very up in the air.”