Update On AEW’s Media Rights Future After Warner Bros. Discovery Announces Company Split

WBD will be splitting into two separate companies by the middle of 2026, with its properties being dispersed among network programming and streaming.

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Warner Bros. Discovery will be splitting into two separate companies, potentially leaving AEW in a tricky situation.

Last year, AEW announced a new media rights deal with Warner Bros. Discovery (WBD) that would not only renew AEW Dynamite and AEW Collision, but would also bring the promotion to the company's streaming property Max (now HBO Max). The plan has been to eventually integrate pay-per-view broadcasts into the platform as well in the near future.

However, a major announcement from WBD on Monday could have trickledown effects on all of its properties, including AEW.

WBD announced Monday it would be splitting into two separate companies. Streaming & Studios will be led by current WBD CEO David Zaslav, while CFO Gunnar Wiedenfels will oversee Global Networks as its next CEO and president.

“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history,” Zaslav said in a statement to Deadline.

“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape.”

What's notable is Zaslav's Streaming & Studios will consist of Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO and HBO Max. It will also include their TV and film libraries. Global Networks, on the other hand, would house brands like TNT Sports, CNN, Bleacher Report, and other entities. Discovery+, a streaming service, would also fall under this.

That's where the future of where AEW's programming is currently unclear, as Dynamite and Collision both air on traditional TV alongside streaming.

AEW founder Tony Khan has often touted his strong relationship with Zaslav, and has credited him in the past as a major piece to getting the WBD/AEW media rights deal done. CNN media and sports reporter Alex Sherman noted Global Networks could be taking sports entities with it off of HBO Max as a result of the split, though it is not entirely clear whether or not WBD considers AEW a sports or entertainment entity.

It is also not known if most of AEW's programming would fall under one single umbrella, or be split among both. The Takedown on SI received word from a source with knowledge of the situation, and was told not to expect any changes for the "foreseeable future" as far as AEW is concerned. However, a direct timeline is not certain for now. AEW has not provided official comment as of yet.

The separation is reportedly set to occur in the middle of 2026.

This article has been updated from its original form to include comment from a source.

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