AEW’s media landscape may soon look very different as major movement in the streaming world begins to take shape.

A new report from Variety outlines a proposed acquisition that would see Paramount Skydance move forward with plans to purchase Warner Bros. Discovery. If approved by regulators, the long term goal is to merge Paramount Plus with HBO Max into one unified streaming service. That development carries major implications for AEW.

At present, HBO Max is home to weekly episodes of Dynamite and Collision, offers AEW pay per views for purchase, and features a growing archive of past events. Should the merger go through, AEW programming would likely be folded into a significantly larger global streaming platform with expanded international distribution.

Paramount CEO David Ellison addressed the strategy during an investor call, highlighting the scale of what the combined service could become.

“We will combine the streaming portfolios of the two companies into one stronger platform over the coming years. there are more than 200 million subscribers today, and more than 100 countries and territories worldwide, positioning us to compete effectively with the leading streaming services in today’s marketplace.”

He continued by explaining the broader consolidation approach.

“As we said, we do plan to put the two services together, which today gives us a little over 200 million direct to consumer subscribers. We think that really positions us to compete with the leaders in the space. At Paramount, by the middle of this year, we’ll have completed the consolidation of our three services under one unified stack, and you can see us taking a similar approach to this platform going forward. And we think the combined offering, and given the amount of content and what we can do from the tech side, really will put us in a position to be able to compete with the most scaled players in Direct to Consumer.”

Importantly for AEW’s television presence, the proposed acquisition also includes Warner Bros. Discovery’s cable assets. That means TBS and TNT, the current cable homes for AEW programming, would fall under Paramount’s umbrella as well. This is a key distinction when compared to previous discussions involving Netflix, which reportedly had no interest in acquiring cable channels. That scenario would have created far more uncertainty around AEW’s linear television future.

If the deal clears regulatory hurdles, AEW could ultimately operate within a consolidated streaming ecosystem backed by more than 200 million subscribers worldwide, while still retaining cable distribution through TBS and TNT.

For now, AEW’s existing media agreement runs through at least 2027.