Why AEW Just Said “No Thanks” to Netflix — And What This Warner Bros. Plot Twist Means for Wrestling Fans (Hint: It’s Not What You Think)
Added on January 21, 2026 inTV News Cards
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Numerology Meets Netflix: Get Your Daily Dose of Cosmic Cinema Suggestions Powered By Our AI Astrologer. Find The Show Or Movie You Were Meant To See!
Ah, January 20th—when the stars align just right for Netflix and Warner Bros. Discovery to drop a 519-page love letter (or is it a legal labyrinth?) detailing the latest in their Hollywood tango. Neptune might be swimming through the waters of vague promises and cash offers, but trust me, this all-cash deal Netflix cooked up to buy Warner Bros.’ studios and HBO is shaking up the entertainment cosmos in a way that even Mercury retrograde would envy. Buried deep in this celestial scroll are hints about Turner Classic Movies, the shifting fate of All Elite Wrestling (AEW), and a sports rights game of musical chairs that’s as unpredictable as a full moon in Aquarius. And speaking of cosmic quirks, only in this wild alignment could UFC find itself duking it out in Vatican City—yes, those 800 holy citizens are in for a cage match surprise!
Now, whether you’re an astrology nerd, a wrestling fangirl, or just someone who loves watching streaming empires battle it out like gladiators, this proxy filing reads like a psychic’s dream… or a soap opera script gone off the rails. Ready to dive deeper into the stars and scandals behind this deal? LEARN MORE
In the early hours of Tuesday, Jan. 20, Netflix and Warner Bros. Discovery jointly filed a 519-page proxy statement with the latest update to their Hollywood-shaking deal. Basically, Netflix revised its offer for Warner Bros.’ studios, streaming and linear HBO to an all-cash arrangement, just like rival Paramount’s losing proposition. (See, longwinded lawyers and CPAs? That took me all of one sentence.) Welcome back from MLK Weekend, everyone!
Buried in the lengthy filing — in a 519-page SEC document, everything is buried — were some random nuggets about the landing spot for certain secondary WB rights, like the destination for Turner Classic Movies. Sports rights will be especially mobile, and you can double that generalization for international markets.
Though neither the phrase “All Elite Wrestling” nor the acronym AEW appeared once in the proxy, page 53 foretold the future for the WWE competitor. Really, it was the absence of the words and letters that informed (some of) this reporting. Following the close of the Netflix/WB deal, All Elite Wrestling rights will ostensibly remain with Discovery (aka the “Global Linear Networks” company), though the league’s weekly series and premium live events (PLEs) are expected to continue streaming on HBO Max throughout the remainder of AEW’s current contract. (AEW Dynamite airs on TBS and AEW Collision is on TNT; both stream on HBO Max.)
That’s not necessarily unexpected, but it is confirmation. The AEW TV deal is tied to the basic cable channels TNT and TBS and expires at the end of 2027 or 2028, depending on what becomes of the contract’s fourth-year option. At that time, AEW programming is likely to leave HBO Max and join the upcoming Turner Sports streaming app. Of course, two (or three!) years is an eternity in the current media landscape, and so much can change within that time frame. There’s even the possibility of a nonexclusive arrangement in which both HBO Max and Turner Sports stream AEW events — perhaps the former gets the PLEs and latter the episodic TV shows.
Though WBD and AEW will never say this aloud — because at a less than 10 percent stake, they don’t legally have to — WBD owns a minority position in the latter. That position will remain with the Global Linear Networks piece following the split and spin and the close of the Warner Bros. sale to Netflix, a source tells The Hollywood Reporter. All Elite Wrestling is majority owned by Tony Khan, the son of Jacksonville Jaguars billionaire-owner Shahid Khan.
Complicating matters further, AEW is not technically on the sports side of the Warner Bros. Discovery business. It has always been considered a piece of WBD’s “entertainment” division — save its PR servicing, which is handled by Turner’s sports communications team. I could probably pen 519 pages on that whole thing.
Assuming HBO Max still exists as a standalone service (and not fully integrated into the Netflix app) at the expiration of Turner’s AEW deal, it likely won’t put up much a fight to keep AEW. It stands to reason that Netflix, the home to WWE’s flagship episodic series Monday Night Raw (in the U.S.) and the promotion’s PLEs (outside the U.S.; the ESPN app has them here), has little need for AEW. And should Netflix integrate HBO Max into its own service, it may not even be able to carry AEW programming. Though unconfirmed, it is believed WWE’s parent company TKO incorporated a noncompete clause in its deal with Netflix, a relic of the old days. Because everything in professional wrestling is some sort of a relic of the old days.
As if all of this was not confusing enough, WWE programming will exist within the broader Global Linear Networks portfolio — but only in Italy. And that’s not the only Italy-based quirk revealed in the proxy.
The UFC, which shares a parent company with the WWE, begins its Paramount+ era four days from now. However, 12 to 18 months from now, according to projections, Netflix WB will have UFC rights in — you guessed it — Italy. Netflix will also carry the rights in San Marino, Spain, Andorra, the Netherlands and … Vatican City. Yes, Vatican City, the home to all of 800 people, mostly high-ranking officials in the Roman-Catholic church, gets UFC fights. Pope Leo XIV: you may want to double down on those “turn-the-other-cheek” messages in mass.
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