AEWs streaming future just hit another major fork in the roadbecause Netflix and Warner Bros. Discovery have changed the game.
In a breaking move that could upend AEWs presence on HBO Max, Netflix and WBD announced on January 20, 2026 that their blockbuster merger has been restructured as an all-cash transaction, aiming to accelerate shareholder approval and secure regulatory greenlights faster.
The new deal keeps the same value at $27.75 per WBD share, but by shifting to an all-cash structure, Netflix is eliminating the financial complexity that competitors like Paramount have criticized. And that may put AEWs streaming status in even greater jeopardy.
The shift appears to be a direct response to Paramounts escalating efforts to block the deal, including a lawsuit, proxy challenge, and competing $30-per-share offer. Paramount has made clear they believe Netflixs acquisition will weaken the value of WBDs cable and sports assetsincluding TNT and TBS, which currently air AEW programming.
Why does this matter for wrestling fans? Under Netflixs original (and now amended) plan, sportsincluding AEWwould not be part of HBO Maxs future. Instead, AEW could be pushed to the upcoming TNT Sports app, a standalone platform that has zero subscriber base and lacks the reach of Max or Netflix itself.
While the Netflix-WBD press release made no mention of AEW or TNT Sports directly, the companys continued insistence on separating WBD into two distinct companiesWarner Bros. (studio/entertainment) and Discovery Global (cable/sports)hints that sports may be siloed away from premium streaming access altogether.
Whether AEW fits into that broader choice remains unclearand increasingly unlikely.
WBD and Netflix both reaffirmed their commitment to closing the deal within 12 to 18 months, pending regulatory approval and completion of the Discovery Global separation.
So whats next? Paramounts lawsuit remains active, and theyre still pushing for shareholder support. But with Netflix now simplifying the transaction and speeding up the path to a voteAEWs current home on Max may be running out of time.
Would you keep watching AEW if it moved to a brand-new app like TNT Sports?
Or should AEW start planning for a future outside the WBD ecosystem entirely? Let us know what you think. This story could reshape pro wrestlings streaming future.
