Paramount’s pursuit of Warner Bros. Discovery just got a wrestling endorsement. AEW’s CEO Tony Khan says the deal, if finalized, could boost his company significantly.
What We Know: AEW signed its richest media deal yet in October 2024, extending its Warner Bros. Discovery partnership. The multiyear agreement kept Dynamite on TBS and Collision on TNT while adding HBO Max streaming. Reports value the deal at roughly $185 million annually, more than doubling AEW’s prior contract. Paramount’s $111 billion bid for WBD followed a months-long bidding war that included Netflix. The deal is being held up as 12 states are seeking to block the merger on the grounds that it will harm competition in the theatrical and basic cable markets.
What They Said: AEO CEO Tony Khan (via Power Players w/Brian Scozzi): “I think that’s a huge opportunity for AEW because we’ve premiered our pay-per-view on HBO Max, and we have a great audience. Now with Paramount making a deal to acquire HBO Max, for me as a showrunner that’s worked at Warner Brothers for over seven years now, I have to say I’m very excited about it and really welcoming of the ownership from Paramount.”
AEW CEO Tony Khan: “I think HBO Max and Paramount are going to be much stronger and far more competitive together in the streaming space than they are separately. Together, I think we’ll have more viewers with Paramount. We’ll be able to sell pay-per-view into more homes, stream the show into more homes. We’ll have a bigger future.”
What Remains Unclear: How a merged Paramount-Warner would structure sports and wrestling programming long-term is unknown despite Khan’s enthusiasm. Also, timing for closing remains unconfirmed because of the individual states challenging the deal in court.
What It Means: Tony Khan is signaling support likely because he has to curry the favor of his new potential partners with Paramount. The company already invests heavy in UFC. TKO Holdings oversees the UFC, but also the WWE, AEW’s direct competitor. It will be interesting to see how AEW positions itself if the Paramount deal does take place. If the company doesn’t see a future, also where AEW could go following the conclusion of their deal is unknown.
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John Mamola is Barrett Media’s sports editor and daily sports columnist. He brings over two decades of experience (Chicago, Tampa/St Petersburg) in the broadcast industry with expertise in brand management, sales, promotions, producing, imaging, hosting, talent coaching, talent development, web development, social media strategy and design, video production, creative writing, partnership building, communication/networking with a long track record of growth and success. He is a five-time recognized top 20 program director in a major market via Barrett Medi’s Top 20 series and has been honored internally multiple times as station/brand of the year (Tampa, FL) and employee of the month (Tampa, FL) by iHeartMedia. Connect with John by email at John@BarrettMedia.com.