AEWs long-term streaming future just took another major twist, as Paramount has launched a full-blown offensive to block Netflix from acquiring Warner Bros. Discoverys (WBD) studio assetsa deal that could directly threaten AEWs presence on HBO Max.
In a dramatic escalation, Paramount CEO David Ellison issued a blistering public letter to WBD shareholders on January 12, 2026, confirming the company will nominate its own directors, file a lawsuit, and formally challenge the Netflix acquisition. Paramount is pushing forward with a $30-per-share all-cash offer, which they insist is superior to Netflixs complicated $82.7 billion studio deal.
This update is massive for AEW. Under the Netflix deal, sports programmingincluding AEWwould be excluded from the HBO Max platform. As previously reported, that could force AEW onto the unproven TNT Sports app, which would launch without an existing subscriber base. Paramounts bid, on the other hand, could keep AEWs television, pay-per-view, and streaming rights housed under one stable umbrella.
Ellison made it clear that Paramount will not back down, stating the company has filed a lawsuit in Delaware Chancery Court demanding WBD disclose key financial details about the Netflix transaction. Paramount will also propose bylaw changes to block the separation of WBDs Global Networks, a move seen as a direct effort to protect TNT, TBS, and AEW programming from being spun off or siloed.
If successful, Paramounts takeover could dramatically shift AEWs media strategy and preserve its exposure across TNT, TBS, and a unified streaming home. The outcome of this corporate battle could reshape not just AEWs digital future, but the media landscape surrounding pro wrestling as a whole.
Do you think AEW would be better off under Paramount or Netflix? Please share your thoughts and feedback in the comment section below.
