Netflix has officially won the bidding war for Warner Bros. Discovery, putting forward a cash-heavy offer of roughly $28 per share, according to Deadline. This outcome brings an end to a turbulent auction process that began in October after multiple approaches from Paramount. Netflix is now set to enter exclusive negotiations, with hopes of closing the deal before the end of December. A hefty five-billion-dollar breakup fee sits in place should the agreement fall apart.

Paramount argued throughout the process that handing HBO Max to Netflix would raise serious antitrust concerns, given the streaming giant’s dominance. Despite that, WBD has moved ahead with Netflix’s proposal.

The structure of the deal is where the most notable industry shifts emerge. Netflix will take over the most valuable creative assets in the company, including Warner Bros. Studios, the Motion Picture Group, DC Studios, and the HBO and HBO Max portfolio. With that, Netflix would gain control of prestige brands like Game of Thrones, DC Comics, and Harry Potter, expanding its library of major franchises in a way it has never achieved before.

Not everything moves with Netflix, however. A large portion of the company’s linear television assets, including CNN, Discovery networks, and TNT Sports, are expected to be spun off into a new standalone cable-focused company that may operate under the name “Discovery Global,” led by current WBD CFO Gunnar Wiedenfels.

For All Elite Wrestling, the fallout could be significant. AEW currently airs Dynamite and Collision on TNT and TBS, which would fall under the new linear-only company. That keeps AEW on television for now, but without the financial backing of a large media conglomerate, rights fees could become much tighter.

The biggest blow is to any long-theorised plan for AEW to land on HBO Max. With Netflix absorbing the streaming platform, that door is firmly shut. Netflix already holds the exclusive rights to WWE Raw starting in 2025 and serves as the global streaming home for WWE content, making the idea of them investing in a direct competitor extremely unlikely.

Meanwhile, WWE has secured nearly every prime real-estate media platform in the United States.

• Netflix hosts Raw and serves as a global content hub.

• NBCUniversal’s USA Network and Peacock carry SmackDown and all domestic Premium Live Events.

• The CW broadcasts NXT.

• Tubi maintains WWE-related programming through Evolve.

• ESPN airs WWE Premium Live Events monthly.

• AMC is the upcoming home of TNA Wrestling, a WWE partner promotion.

With so many outlets already aligned with WWE, AEW’s list of potential partners is shrinking. Amazon Prime Video remains a possibility but is heavily invested in major sports rights. Paramount could re-enter the conversation but has its own financial instability. Apple TV Plus has shown little interest in wrestling content at all.

On top of that, Paramount is already pushing back, suggesting the sale may have been influenced by conflicts over future executive roles and insisting that adding HBO Max to Netflix’s empire creates an antitrust problem. Regulators will have to weigh in before anything becomes official.

If the deal survives that scrutiny, the ripple effect on professional wrestling could be dramatic. WWE would be tied to the biggest streamer in the world and a powerful broadcast partner, while AEW could find itself attached to a shrinking linear-only operation with fewer streaming prospects than ever before.