Netflix today announced the acquisition of Warner Bros. in a transaction which will be worth a whopping $82.7 billion.

The deal will come into effect in Q3 2026 after Warner Bros. Discovery splits, creating a separate Discovery Global publicly-traded company.

Netflix, which holds WWE’s media rights worldwide and Raw in the United States, will take over the Warner Bros. film and television studios, HBO Max, HBO, and its intellectual properties.

WBD, which airs AEW in the United States, will spin off its cable networks including TNT, AEW, Discovery, etc into the new Discovery Global.

The move is not expected to affect AEW, at least in the very beginning, as its shows will remain on TNT and TBS. The streaming rights however will then be owned by Netflix, so that part of the deal remain questionable if it will continue past Q3 2026.

AEW airs all of its programming live on HBO Max, including pay-per-views and it houses nearly all of AEW’s video library.

The move is subject to regulatory scrutiny.