Warner Bros. Discovery’s recent announcement to split into two entities—streaming/studios and global networks—has sparked speculation about its impact on long-term partnerships like All Elite Wrestling. The split, expected to finalize by mid-2026, will see the streaming arm led by CEO David Zaslav focus on HBO Max and film production, while CFO Gunnar Wiedenfels will oversee the TV arm, including TBS and TNT, where AEW airs. This restructuring comes amid WBD’s $38 billion debt burden, largely shifted to the TV entity, raising questions about future investments in sports and entertainment content.
AEW’s media rights deal with WBD, renewed in October 2024 for an estimated $170 million annually, includes live streaming of “Dynamite” and “Collision” on Max starting January 2025, with PPV distribution to follow. The Amazon Prime Video deal for AEW PPVs, launched in March 2025 with the Revolution event, adds complexity, as it overlaps with plans for Max-hosted PPVs.
Industry reports suggest the split may not immediately affect AEW’s programming, but the TV arm’s financial strain could influence renewal negotiations nearing the deal’s 2027 end. Here’s what Jon Alba reported:
“A source with knowledge of the Warner Bros. Discovery split situation says they do not expect anything to change ‘for the foreseeable future’ for AEW. How long that ‘foreseeable future’ is is not exactly clear. The news is still relatively fresh.”
WBD’s loss of NBA rights to Amazon in 2024, due to high costs, reflects a broader shift in sports broadcasting, potentially pushing AEW to diversify platforms.
AEW CEO Tony Khan has confirmed Max will remain a key PPV platform, despite the Amazon partnership, signaling a multi-platform strategy.
The global networks arm will retain key assets like CNN and TNT Sports, but its debt load may limit original content funding, affecting shows with dual TV-streaming presence.
Historical challenges, including WBD’s merger struggles since 2022, show ongoing efforts to streamline operations under Zaslav’s leadership.
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