AEW might be facing a much bigger storm than fans realize, and Eric Bischoff believes the warning signs are already flashing. On a new episode of 83 Weeks, Bischoff unpacked why Warner Bros Discovery’s rumored breakup or sale could place Tony Khan’s company in a worse position than most expected. Drawing from his own experience watching WCW collapse under AOL Time Warner, he suggested that the situation feels uncomfortably familiar, and that AEW should be paying close attention.

Bischoff believes Warner Bros Discovery is already deep into preparing for a major shakeup, especially involving TNT and TBS, the very networks AEW depends on. He noted that the company appears to be heading toward a future where its current structure no longer exists.

“What is likely to happen, one way or the other, is that Warner Bros Discovery is going to get sold. It’s going to get broken up. That process, that decision, has probably been made for a long time. As of right now, that company is for sale, or they know it will be. Somehow, in its current form, it will no longer exist.”

Because of that, he says, AEW is working with a media partner unable, and unwilling, to negotiate big investments.

“That being the case, and that’s the important point here, because we know it’s going to get spun off anyway, they’re not going to be investing. They’re not going to be writing big checks and making long-term commitments, whether that be for a wrestling company, or Real American Freestyle, or a movie or a reality television series. It ain’t happening. Everything is going to hit stop or pause.”

Bischoff explained that AEW now finds itself moving toward the end of its contract without meaningful talks about the future.

“What does that do to AEW? Now they’re going into the very end of their contract with their existing partner not having any kind of a serious conversation, because they don’t know where they’re going to end up. They need to keep their costs down. They need to show as healthy of a bottom line as they can.”

He connected this directly to the strategy he once saw inside WCW. When a company is approaching a sale, executives shift to focusing on EBITDA, not growth.

“Now, this is similar again to my experience at AOL Time Warner. Now you’re in a position of managing EBITDA because eventually your sale price, or whatever the strategy ends up being, is all going to be computated based on EBITDA, your bottom line.”

That means AEW shouldn’t expect big deals, big spending, or long-term commitments from WBD anytime soon.

“So in order to do that, you cut costs and you don’t make long-term commitments. That’s the position, as of today, as of this podcast, that AEW is currently in, given what’s going on in the marketplace.”

AEW’s relationship with Warner Bros Discovery has historically kept the promotion in strong network positions and given them key visibility on Max. But if WBD really is closing in on a breakup, or if the rumored Netflix acquisition collapses in court, AEW could suddenly find itself without a stable broadcast home.

Whoever ends up owning TNT and TBS may not be interested in wrestling at all. Even if they are, they may not be willing to offer the level of financial support AEW hopes for. Bischoff warned that AEW’s talks with WBD may stall at the exact moment they should be heating up, leaving Tony Khan hunting for alternatives.

And with AEW’s ratings continuing to trend downward and their contract expiring in 2027, a cooling marketplace could tighten the window even more. If buyers lose confidence in AEW’s growth prospects, a new deal might be far smaller than expected, or might not come at all.

“It’s not a personal thing, this is just math.” , Eric Bischoff

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