Warner Brothers Discovery splitting into two companies: What could this mean for AEW

So yesterday, WBD CEO David Zaslav announced that they are planning to split the company into two separate entities in 2026. One will be devoted to streaming and content production, while the other will focus on traditional television.

It was also announced that HBO Max will shift its focus more toward first-run entertainment programming and less on live sporting events.

Since the news dropped, fans have been wondering how this could affect AEW’s future with WBD, especially since their deal is connected to both sectors. This column, while mostly speculative on my part, will hopefully clarify the situation AEW now finds itself in.

AEW signed a TV deal with WBD last year—a multi-million-dollar contract spanning three years, with a two-year option. WBD also retained the right to opt out after the first year if they chose to. The deal allowed AEW to keep Dynamite and Collision on TNT and TBS, while also airing them on HBO Max and getting portions of their back catalog onto the streaming platform.

This upcoming split puts AEW in a difficult position, as they’ll now have to deal with two CEOs instead of one: Zaslav, who’s likely to do whatever it takes to retain his position in the company, and Wiedenfels, who will be inheriting most of WBD’s current debt. So the question becomes: Will either CEO see value in continuing to pay a premium for a wrestling product that, while performing decently, hasn’t shown significant growth or profitability?

While I don’t think AEW is in immediate danger—I don’t see WBD exercising their opt-out clause before the end of year one—2027 could be a major turning point. Both companies will then have the option to walk away, potentially removing wrestling from their respective platforms altogether.

Adding more uncertainty are the ongoing rumors that WBD is only splitting the company to prepare the traditional TV side for a sale. If that’s true, AEW could be in real trouble on TNT and TBS. A new owner wouldn’t be obligated to honor AEW’s current contract with WBD, which would make the deal null and void. Zaslav could then either renegotiate to keep AEW exclusively on HBO Max—or simply cut them loose.

Another critical factor is how WBD classifies AEW: sports or entertainment. If AEW is seen as sports, Zaslav might decide to remove them from HBO Max entirely and keep them only on traditional TV—a move that wouldn’t benefit either side, since streaming offers far more exposure than linear TV these days.

At the end of the day, Zaslav is focused solely on what’s best for business and has shown no loyalty to anyone. If he doesn’t see AEW as profitable, he won’t hesitate to drop them. He cut Looney Tunes—one of WBD’s most iconic brands—so imagine what he might do to AEW if they don’t deliver.

If I’m Tony Khan, I wouldn’t put all my eggs in the WBD basket. I’d use the next two years to start working on a backup plan, just in case AEW gets canceled by the new WBD structure. He needs to be ready for anything, because this situation is so volatile that if he’s caught off guard, it could blow up in his face.