Its official: Netflix is buying Warner Bros. Discovery in a deal worth $82.7 billion, and it could reshape the entire entertainment industryincluding the future of All Elite Wrestling.
On December 5, 2025, Netflix and WBD issued a joint press release confirming theyve entered into a definitive agreement. The deal includes Warner Bros. film and TV studios, HBO, and HBO Max, with Netflix agreeing to pay $27.75 per WBD share in a mix of cash and stock. That translates to an equity value of $72 billion, with the total enterprise value pegged at $82.7 billion.
Netflix said the move will give its subscribers access to an unprecedented library of content, ranging from Harry Potter and Game of Thrones to The Sopranos, The Big Bang Theory, and morewhile building on its own franchises like Stranger Things and Squid Game.
Netflix co-CEO Greg Peters added that this deal would benefit both consumers and content creators:
WBD CEO David Zaslav also weighed in:
Now heres where things get real for AEW. AEWs entire television and streaming presenceTNT, TBS, and Maxis under the Warner Bros. Discovery umbrella. With Netflix now in control, the future of Tony Khans promotion could depend on whether AEW aligns with Netflixs evolving content strategy. Netflix has already moved into weekly live wrestling by streaming WWE RAW starting in 2025, but theres no guarantee theyll make room for AEW, too.
If AEW no longer fits into the new parent companys plans, Khan may be forced to find a new media partner or restructure his entire broadcast modelespecially as Netflix focuses on platform consolidation and cost-cutting.
While Netflix said it intends to maintain Warner Bros. current operations, a lot can change as executives merge strategies and start trimming overlap. The companies also expect $23 billion in cost savings per year, a figure that could spell trouble for less-prioritized programming.
The acquisition is expected to close in 12 to 18 months, pending regulatory approval and the completion of WBDs previously announced separation of its Global Networks division into a separate publicly traded company.
With AEW programming still tied to TBS, TNT, and Max, and Netflix already betting big on WWE, the next year could be one of the most uncertain periods in AEWs broadcast history.
Do you think AEW will survive under Netflix ownership? Should Tony Khan start looking for a new home for Dynamite and Collision? Share your thoughts in the commentswe want to hear your take on how this industry shake-up affects pro wrestling.
