A report suggests that Warner Bros. Discovery owns a stake in AEW

For years, the relationship between All Elite Wrestling and Warner Bros. Discovery was seen as a simple television alliance. However, new information suggests that this connection may have gone much further for some time, with a direct implication in the shareholding structure of the company led by Tony Khan.

According to a report published by The Hollywood Reporter, journalist Tony Maglio asserts that Warner Bros. Discovery holds a minority stake in AEW. Although the exact percentage has not been disclosed, it would be below 10%, a threshold that allows both parties not to be legally obligated to disclose it.

Although WBD and AEW will never openly say it - because with a stake below 10% they are not required to do so - WBD holds a minority position in the company.

This revelation, albeit indirect, reinforces the idea that the relationship between both parties has been deeper and more strategic than publicly perceived. Especially relevant at a time of significant structural changes within the media group.

The issue is not new for Tony Khan. In September 2023, during a media call prior to WrestleDream, the AEW president made it clear that he was open to WBD having a stake in the company, as long as he maintained absolute control over decisions and voting power.

Khan emphasized then that retaining 100% of the voting control was a red line for him, although he did not rule out external investments if they served to strengthen the company's growth. This stance aligns with the information now published, and would explain why that potential investment was never officially disclosed.

For now, neither AEW nor WBD have formally confirmed the existence of this stake, but the report suggests that the investment has been in place for some time. The question is no longer whether it exists, but whether that minority presence could expand in the future without altering the control that Tony Khan deems non-negotiable.