Netflix and Warner Bros. Discovery quietly reshaped the future of several major media properties early Tuesday when the companies filed a 519-page proxy statement outlining revisions to their proposed deal.
The updated filing reflects Netflix shifting its bid for Warner Bros.’ studios, streaming assets, and linear HBO networks to an all-cash structure, a move that mirrors other recent consolidation efforts across the industry.
While the headline focuses on Hollywood’s latest power play, the document also offers insight into secondary rights after the transaction closes. Sports programming appears poised for movement, particularly outside the United States. In those markets, distribution strategies continue to evolve at a rapid pace.
One notable omission in the filing, according to The Hollywood Reporter, provided clarity for All Elite Wrestling, even though the promotion was never mentioned by name.
Language in the proxy suggests that following the completion of the Netflix and Warner Bros. Discovery deal, AEW’s rights will remain with Discovery’s Global Linear Networks division. Under the current agreement, AEW programming will continue airing on TNT and TBS, while also streaming on HBO Max through the remainder of the contract.
That deal runs through 2027 or 2028, depending on whether a fourth-year option is exercised.
Once it expires, AEW content is widely expected to migrate to Turner Sports’ forthcoming direct-to-consumer platform. Still, other scenarios remain possible.
Complicating the picture is Discovery’s minority ownership stake in AEW. Sources told The Hollywood Reporter it will remain with the Global Linear Networks business. That arrangement would continue after the corporate split and sale are finalized.
AEW remains majority-owned by promoter Tony Khan, whose family also controls the Jacksonville Jaguars. Despite its athletic presentation, AEW has historically been classified within Discovery’s entertainment portfolio rather than its sports division.
From Netflix’s perspective, there appears to be little strategic incentive to pursue AEW long-term. The streamer already serves as the U.S. home for WWE’s flagship weekly program and carries its premium live events internationally.
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