Warner Bros. Discovery announced in a press release Tuesday that it will put itself up for sale. WBD is the owner of HBO, CNN and other streaming and studio businesses.
The company announced in a press release that there would be “a review of strategic alternatives to maximize shareholder value.” In layperson’s terms, this is a formal way to announce a sale. The announcement came “in light of unsolicited interest the company has received from multiple parties for both the entire company and Warner Bros.”
WBD added that it would evaluate “a broad range of strategic options,” amid the upcoming planned separation by mid-2026. The review would consider an “alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders.”
CNBC reported that WBD rejected multiple bids from Paramount and a separate bid from a larger party. CNBC added that Netflix and Comcast were among the interested parties.
AEW’s domestic streaming and television deals are linked with WBD, through HBO Max and TNT/TBS, respectively. AEW and WBD finalized a new media rights deal last year. Multiple outlets reported that the deal’s value ranged from $170 million to $185 million. Wrestlenomics used $178 million as a way to analyze that AEW’s media rights were valued similarly to Raw than NXT. The $185 million figure was reported by Variety. The $170 million number was reported by Sports Business Journal.
What a WBD sale means for AEW is up in the air. AEW president Tony Khan claimed in multiple press conferences that he maintains a solid relationship with his partners at WBD. When asked by the press, Khan has declined to clarify whether WBD holds a minority ownership interest in AEW.
Will there will be a similar relationship with the new owners? Will those new owners value pro wrestling the same as the previous regime? That question becomes even more important following WBD’s fractured relationship with the NBA. Could fewer NBA games mean a new direction for WBD? Those are just a few questions to keep in mind as this process continues.