Just days after Warner Bros. Discovery publicly rejected Paramounts buyout attempt, the media war escalatedand AEW might end up as collateral damage.
On December 22, 2025, Paramount Skydance came back swinging, formally amending its $30-per-share all-cash offer for WBD in a high-stakes move to address every concern laid out by WBDs board. That includes something WBD claimed was non-negotiable: a personal financial guarantee from Larry Ellison himself.
Paramount issued a press release announcing that Ellison, founder of Oracle and controlling shareholder of Paramount, had personally stepped in to solidify the deal:
Thats on top of a new promise that he wont revoke or transfer the Ellison family trustwhich currently holds over 1.16 billion shares of Oracle stockand an increased regulatory termination fee of $5.8 billion. Paramount is clearly trying to put WBD on blast for ignoring what it still insists is the better offer, stating:
This development comes after WBDs Board labeled the Netflix deal a superior, more certain value and claimed the Paramount offer was too risky and poorly structured. Paramount isnt letting that narrative stick and is now encouraging WBD shareholders to pressure the board directly via www.StrongerHollywood.com.
So where does AEW fit into this corporate tug-of-war? If Netflix ends up absorbing HBO Max and WBDs studio operations, while a restructured Paramount gets TNT and TBS, AEW could be left without a stable broadcast or streaming home. And with WWE already on Netflix, the door may be closed there too.
AEWs current deal with WBD is set to expire in 2026and unless Tony Khan finds a secure media partner soon, his promotion could be caught in a merger storm that mirrors ECWs infamous TV collapse.
Do you think Paramounts updated offer is enough to shift the balance and save AEWs home network? Or is the Netflix-WBD merger already too far gone? Let us know what you think in the comments below.
