Warner Bros. will keep All Elite Wrestling (AEW). Discovery’s linear networks are still around, even though Netflix made a big deal to buy them, as shown in a recent proxy statement. This change makes sure that AEW’s shows stay on channels like TNT and TBS and can be streamed on Max. Netflix already has WWE content, and they don’t want to add AEW now that they’ve bought Warner Bros. studios and HBO Max.
Netflix changed its offer to an all-cash $27.75 per share for Warner Bros.’ studios, HBO, and Max. This would be worth about $72 billion in equity. Warner Bros. Discovery wants to spin off its Global Linear Networks, which include cable channels, and keep the AEW rights there. The deal needs to be approved by regulators and shareholders, which should happen after the separation in the third quarter of 2026.
AEW, which is mostly owned by Tony Khan and has a small stake from WBD, does not move to Netflix. A possible WWE noncompete clause with Netflix makes it even harder for wrestling to grow on the platform. For U.S. fans, live AEW events like Dynamite and Collision are still on TBS/TNT and Max.
As part of the Warner Bros. Discovery deal, UFC rights will go to Netflix in some places, like Italy. This deal ends a bidding war between Paramount and Comcast, changing the way movies are streamed in Hollywood.
