AEW Could Lose HBO Max as Netflix-WBD Deal Puts Streaming Future in Doubt

Netflix is moving forward with an $82.7 billion acquisition involving Warner Bros. Discoverys studio assets, including HBO and HBO Max. The deal is expected to close in the third quarter of 2025, pending regulatory approval. While the numbers are staggering, the key issue for AEW is simple: sports programming is not part of what Netflix is buying.

Dave Meltzer laid out the full picture on Wrestling Observer Radio, explaining exactly how the deal is structured and why AEW is caught in the middle.

That distinction is critical. Meltzer explained that because HBO Max under Netflix would not include sports, AEW could lose its current streaming platform entirely.

If AEW is pushed off HBO Max, the likely landing spot would be Warner Bros. Discoverys upcoming TNT Sports app a platform that would launch without an established audience.

Meltzer contrasted that scenario with AEWs current reach, noting how much leverage the company would lose overnight. He then explained why keeping AEWs television, streaming, and payperview rights under one roof is crucial for maintaining value.

That unified structure, Meltzer said, keeps AEWs value intact even if budgets and priorities change. The danger comes if AEWs rights are split between different companies. In that case, television partners would judge AEW almost entirely on linear ratings.

Meltzer stressed that this problem isnt unique to AEW, pointing out that the modern ratings system has hurt everyone.

Still, Meltzer left the door open to one potential upside: negotiating separate deals with multiple companies could theoretically result in more money overall.

For now, nothing is finalized. Paramount has reportedly submitted a competing bid, and regulatory approval is still months away. But once the deal closes, AEWs streaming fate could change fast and not necessarily in its favor.

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