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Huge Update On AEW's Future Following Netflix & Warner Bros. Merger Agreement

Will WWE's streaming partner acquire the rights to AEW programming as part of the multi-billion dollar merger between Netflix and Warner Bros. Discovery?
Rick Ucchino|
MJF
MJF | Lee South - All Elite Wrestling

There's been some new developments this week in the proposed $83 billion merger between Netflix and Warner Bros. Discovery.

The streaming giant has altered its bid to an all-cash offer to acquire WB, which would allow Discovery Global to split off as a standalone company.

This move by Netflix comes amid a strong push by rival Paramount to derail the agreement with what company executives view as a better offer to purchase the entertainment brand.

It's just the latest wrinkle in what is going to be a lengthy and difficult process. There's also zero guarantees that this merger ultimately gets the federal approval required to close, especially with President Trump himself speaking out against the deal in recent weeks.

Netflix
What does the Netflix-Warner Bros. deal mean for the future of streaming? | Evert Nelson/The Capital-Journal / USA TODAY NETWORK via Imagn Images

If it does end up going through, a blockbuster agreement such as this is going to send shockwaves across Hollywood. Countless questions about the future of the entertainment industry as a whole still need to be answered, but Tuesday's filing by Netflix and WBD appears to have answered the big inquiry on the minds of pro wrestling fans — what happens to AEW's media rights deal if WWE's streaming partner buys Warner Bros.?

The Hollywood Reporter dug through all 519 pages of the jointly filed proxy statement and unearthed some new details about the programming future of All Elite Wrestling.

"Following the close of the Netflix/WB deal, All Elite Wrestling rights will ostensibly remain with Discovery," THR wrote in their report. "Though the league’s weekly series and [pay-per-views] are expected to continue streaming on HBO Max throughout the remainder of AEW’s current contract."

AEW's current media rights deal runs through 2027, with a fourth-year option for 2028, and Tuesday's filing confirms that the company's contract is tied directly to the TNT and TBS networks.

A great deal can still change before everything is finalized

It was noted in the Hollywood Reporter piece that it would be incredibly difficult to predict any additional changes across the media landscape over the next two or three years and the subsequent ripple effects they would have.

"There’s even the possibility of a nonexclusive arrangement in which both HBO Max and Turner Sports stream AEW events — perhaps the former gets the [PPV's] and latter the episodic TV shows."

The Hollywood Reporter story also mentions, but was unable to confirm, a potential non-complete clause that was written into the 10-year, $5 billion dollar streaming rights agreement between WWE parent company TKO and Netflix.

If Netflix were to integrate HBO Max into its own service, streaming AEW programming may not be a possibility. Again, a lot can change over the course of the next few months, let alone the next few years.

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Rick Ucchino
RICK UCCHINO

Rick Ucchino is the Assistant Editor & Content Coordinator for The Takedown on SI. He also works full-time for 700WLW Radio in Cincinnati, Ohio as a local news and sports anchor, in addition to his time covering the Cincinnati Bengals for Sirius XM. Rick has been on the professional wrestling beat since 2019, having provided coverage for a number of outlets, including Fightful, SB Nation’s Cageside Seats and the Bleav Podcast Network. With an educational background in theater, creative writing and journalism, Rick focuses primarily on the storytelling aspect of pro wrestling, but he’s no stranger to the squared circle himself. He had the privilege of training with former WWE & WCW cruiserweight Jimmy Wang Yang for nearly two years and retired early due to back issues with a perfect 1-0 record in singles competition. Rick is a married father of two incredibly adorable children, who are budding pro wrestling fans themselves. Much to the chagrin of their mother. You can reach Rick at rwucchino@gmail.com

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