In a landmark announcement that will reshape the entertainment industry, Netflix and Warner Bros. Discovery announced today that Netflix will acquire Warner Bros. for a total enterprise value of $82.7 billion.
The deal, announced December 5, 2025, immediately raised questions about the future of AEW’s television home on TNT and TBS. However, a closer look at the transaction details reveals that AEW’s current broadcast partners will not be part of the Netflix acquisition.
What Netflix Is Acquiring
The deal includes Warner Bros.’ film and television studios, HBO, and HBO Max. This means Netflix will gain access to iconic franchises and libraries including Game of Thrones, Harry Potter, The Sopranos, Friends, and the DC Universe.
What’s NOT Included: TNT Sports Stays Separate
Crucially for wrestling fans, TNT Sports and the cable networks that carry AEW programming are not part of the Netflix acquisition.
Prior to the deal closing (expected Q3 2026), Warner Bros. Discovery will complete a previously announced separation of its Global Networks division into a new publicly traded company called Discovery Global. This separate company will retain:
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TNT Sports in the U.S. (including TNT and TBS)
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CNN
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Discovery channels
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Bleacher Report
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Discovery+
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Free-to-air channels across Europe
This means AEW Dynamite, AEW Collision, and other AEW programming will continue to air on networks owned by Discovery Global, not Netflix.
What This Means for AEW
AEW signed a new media rights deal with Warner Bros. Discovery in 2024, keeping the promotion on TNT and TBS through 2028. Since those networks will remain with Discovery Global, AEW’s current television arrangement appears unaffected by the Netflix acquisition.
However, the separation does create some uncertainty about the long-term future. Discovery Global will be a smaller, standalone company focused on cable networks and sports at a time when the industry continues shifting toward streaming. How that company prioritizes live sports and wrestling content remains to be seen.
WWE and Netflix Context
This acquisition comes as Netflix has already made significant inroads into professional wrestling. WWE Raw moved to Netflix in January 2025 as part of a 10-year deal reportedly worth $5 billion. The streaming giant has also produced wrestling-adjacent content including documentaries and the Wrestlers docuseries about OVW.
With Warner Bros.’ production capabilities now under its umbrella, Netflix could theoretically expand its wrestling ambitions, though no such plans were announced as part of today’s deal.
The Bigger Picture
The transaction values Warner Bros. Discovery at $27.75 per share and is expected to close within 12-18 months, subject to regulatory approval, WBD shareholder approval, and completion of the Discovery Global separation.
Netflix co-CEO Ted Sarandos framed the acquisition as expanding the company’s mission to “entertain the world,” combining Warner Bros.’ century of storytelling legacy with Netflix’s global distribution reach.
For wrestling fans, the immediate impact appears minimal since AEW’s broadcast homes will remain with Discovery Global. The longer-term implications will depend on how both the new Discovery Global company and the Netflix-Warner Bros. combination approach live sports and entertainment programming in the years ahead.