Netflix Wins Bidding War For Warner Bros. Discovery

In a change that could have long-term repercussions for All Elite Wrestling, Netflix have won the bidding war for Warner Bros. Discovery and the two media companies will move forward with exclusive talks, according to TheWrap.

WBD had been up for sale in recent months and companies bidding for the media conglomerate included Netflix, Paramount, and Comcast. WBD ultimately selected Netflix's offer of $30 a share for Warner Bros. Studios and HBO Max. There is also a $5 billion break-up fee in the deal to match the terms that Paramount included in their bid. This would ultimately leave the status of WBD's TV assets, which includes TNT and TBS, up in the air.

Netflix completing a merger with Warner Bros. Discovery isn't guaranteed, however. The Netflix bid faces serious opposition within the Trump administration, according to the New York Post, and the US Department of Justice plans to launch a multi-year investigation into the deal.

A former government official with knowledge of the Trump administration's thinking said: "Netflix has been running around Washington trying to convince everyone that their deal is fine from an antitrust standpoint. No one is buying what they're saying either at senior levels of the White House or DOJ antitrust."

The main stumbling block to the deal is that HBO Max is the third biggest streamer with 100 million subscribers, while Netflix is already the biggest streaming service. Should Netflix and HBO Max merge, the service would be twice as large as the nearest streaming competitor in Disney.

Prominent filmmakers within Hollywood have also written to members of Congress to express their alarm at a possible Netflix-WBD merger.

All Elite Wrestling have been partnered with Warner Bros. Discovery since 2019. The promotion's future on WBD is secure for the next couple of years as their current TV deal runs through the end of 2027 and is worth $555 million over three years for an average of $185 million per year. There is also an option to extend the deal for an extra year that would be a substantial increase in money for All Elite Wrestling. 

AEW Dynamite currently airs on TBS, while AEW Collision is broadcast on TNT. Both shows and AEW pay-per-views are also available on HBO Max.

Netflix entered pro wrestling in 2025 through the 10-year, $5 billion deal for the media rights to Monday Night Raw and the international rights for all of WWE's programming.