The Sale of Warner Bros. Discovery could shake up the landscape of WWE and AEW

In recent hours, the financial and economic landscape of television and digital platforms has been shaken by the news that Warner Bros. Discovery has rejected a purchase offer from Paramount Skydance Corporation. The offer, which had been in the works for several weeks, was for about $20 per share, an amount that Warner Bros. considered insufficient. This potential sale caused the company’s stock value to rise by 8%, reaching around $20 per share. With its upcoming division into two groups (“Streaming & Studios” and “Global Networks”), WB is attracting the attention of various buyers eager to take a bite.

However, this move opens the door to an internal restructuring of the multinational conglomerate, which could be willing to sell either in its entirety or at least a portion of its shares. “We have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” said David Zaslav, CEO of Warner Bros. Despite the initial rejection, Paramount Skydance remains the leading candidate to take over Warner.

How does this affect WWE and AEW?

Tony Khan’s company would undoubtedly be the wrestling promotion most affected by such a deal. The rights to both its weekly shows (TNT and TBS) and its pay-per-view events (HBO Max) are currently held by Warner Bros. While it’s unclear exactly how a sale of the conglomerate could impact AEW, what we do know is that if Paramount Skydance were to take financial control, it might not be good news for All Elite.

Paramount signed an agreement last August with TKO (the conglomerate that owns WWE and UFC), through which it acquired broadcasting rights for the mixed martial arts company starting in 2026. These events, which will air on Paramount+, serve as the link between WWE and the multinational. This relationship between the two entities could work to the detriment of AEW, which until now has been quite comfortable under Warner’s umbrella.

Although a sale could lead to a redefinition of Warner’s sports programming, Tony Khan has consistently expressed confidence in the security of his company’s broadcasting rights — even after the announcement of the division into two groups (TV channels and streaming platforms), which directly impacts AEW’s internal structure. While its weekly shows fall under the first group, its HBO Max pay-per-views are part of the second. The company maintains a deal through 2028, meaning its immediate future is relatively secure.