WWE partner Netflix to buy part of AEW partner WBD

In a potential acquisition that would change the face of entertainment forever, Netflix announced on Friday morning that they intend to acquire part of Warner Brothers Discovery.

Of note for AEW fans, the deal is for the Warner Bros. portion which includes their film and television studios, HBO Max and HBO and key IP assets like the DC Universe, Game of Thrones, Harry Potter, and others. It does not include any of the TV networks like TBS and TNT where AEW currently airs (but does simulcast on HBO Max).

The reported acquisition price is approximately $82.7 billion with a $5.8 billion “break up fee” to WBD if the deal falls through in any way. Netflix stated in their media release that they expect to maintain Warner Brothers’ current operations which includes theatrical releases for movies — something Netflix leadership has said in the past was not of interest for their own produced content.

From the release:

“The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.”

That plan, announced earlier this year, was a separate of the Warner Bros. studio assets from their cable networks.

The Netflix acquisition will need to be approved by the Securities and Exchange Commission and is already getting pushback from the Hollywood community. Both Paramount/Skydance and NBCUniversal/Comcast were also interested in acquiring WBD and for the entire company, not just Warner Bros.

Netflix’s multi-year global partnership with WWE began in January 2025 while AEW’s current media rights deal with WBD that also began this year runs through 2027 with an option year for 2028.

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Josh Nason

Since 2011, Josh has been a contributing editor to Wrestling Observer/F4WOnline.com and also hosts the Punch-Out podcast. He has also written for Fight Magazine, Bloody Elbow, Bleacher Report, and other websites. He’s a 2000 graduate of the University of Maine, worked in pro sports, and once was an indie ring announcer.

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