AEW may still have a loyal fanbase, but the company is facing year-over-year declines in both ratings and attendance—and now a new corporate shake-up at Warner Bros. Discovery could put their television future in even more jeopardy.
On October 21, 2025, Warner Bros. Discovery confirmed that it is formally exploring a potential sale or split after receiving unsolicited offers. This includes interest in purchasing either the entire company or individual business units like Warner Bros. Studios and Discovery Global. What this means for AEW, whose flagship shows air on TBS and TNT, is a growing cloud of uncertainty. CEO David Zaslav confirmed the process in a public statement:
“We have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.â€
WBD still plans to split into two divisions—one for cable networks (TNT, TBS, etc.), and the other for streaming and film (Max and Warner Bros. Pictures)—by mid-2026. But now, the door is wide open for a complete sell-off.
“We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders,†added Board Chair Samuel A. Di Piazza, Jr.
While WBD recently turned down a $20-per-share offer from Paramount-Skydance, several other major players are still circling. During the October 23 episode of Wrestling Observer Radio, Dave Meltzer broke down the situation in detail, explaining how it directly affects AEWâ€s standing:
“Thereâ€s so many different things going on all at the same time. WBD itself is still in plans to split into two entities, which is all the cable stations, and the other entity would be the streaming services and the movie studio. The movie studio is actually doing very well right now. So would you buy one? Do you buy both?â€
He also listed the top suitors currently in play:
“Netflix is looking at it. Paramount/Skydance is looking at it. Comcast is looking at it. Comcast itself is also in the midst of a split-up where theyâ€re going to essentially unload almost all their TV stations into another company and keep the network and the streaming stations.â€
But the real concern came when Meltzer addressed AEWâ€s future directly:
“So, thereâ€s a lot of different things that could happen as far as who gets it. And the future of AEW is certainly involved in all this. It could go any one of a number of different ways. I mean, TBS and TNT—who knows whatâ€s going to happen? Whoâ€s going to be owning them? Will they be part of a deal?â€
And whoever ends up controlling those networks will ultimately decide whether AEW stays, moves, or gets dropped entirely:
“Whoever owns [TBS/TNT] is going to have their own opinions on a lot of different things. And AEW would be one of those things.â€
With AEWâ€s viewership numbers softening across its flagship shows and attendance dropping at both Dynamite and Collision tapings, this ownership shuffle comes at a rough time. What happens next could determine whether AEW continues its presence on mainstream cable—or is forced to pivot to a new broadcast partner entirely.
Please credit Ringside News if you use the above transcript in your publication.
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