AEW will stream Discovery on Max under new deal with Warner Bros

All Elite Wrestling (AEW) has officially signed a new multi-year multimedia rights deal with Warner Bros. Discovery.

Financial terms of the deal were not disclosed, but sources say the deal will be worth over $150 million per year with all elements taken into account. Under the new deal, AEW shows “Dynamite” and “Collision” will remain on TBS and TNT, respectively. But for the first time since its launch in 2019, AEW programming will simultaneously stream live on Max for U.S. subscribers and be available on-demand beginning in January 2025.

“We are honored to announce the extension of our incredible partnership with Warner Bros. Discovery,” said Tony Khan, CEO, GM and Head of Creative, AEW. “This expansion continues the tradition of iconic wrestling events broadcast on TBS and TNT, while establishing a new legacy for AEW through weekly live streams on Max for years to come. We thank David Zaslav, Kathleen Finch and everyone at WBD for their tireless support of All Elite Wrestling since its inception, as well as the AEW fans, talent and staff who have helped make this possible.”

The deal also includes expanded social media distribution rights as well as potential new AEW programming on linear and digital platforms. Additionally, AEW live pay-per-views will be available on Max later in 2025 at a discounted price per event, with all marketing and promotions for these events focused solely on Max.

“Tony Khan and the entire AEW team have been incredible partners and we are excited about this expanded agreement to bring amazing new AEW content and stories to TNT and TBS and bring the exciting live action to Max for the first time ,” said Kathleen Finch, chairman and CEO of US Networks for Warner Bros. Discovery. “We are focused on creating fresh and authentic experiences for AEW’s passionate and dedicated fan base, while introducing them to our growing slate of high-quality sports and entertainment on TNT and beyond.”

AEW's flagship show, “Dynamite,” premiered in October 2019 on TNT. The show is currently ranked as the number one Wednesday cable entertainment series among adults 18-49. “Collision” is currently in the top five in both adults 18-49 and men 18-49 in its Saturday time slot.

AEW's current roster includes champions Bryan Danielson, Mariah May, Mercedes Moné, tag team The Young Bucks, Will Ospreay, Jack Perry, Wheeler Yuta, Pac, Claudio Castagnoli and Kazuchika Okada.

“I was there when Tony Khan first shared his vision to create a media and live entertainment company that would revolutionize the wrestling industry,” said Bernie Cahill, founding partner of Activist Artists Management. “This WBD renewal is a clear endorsement of Tony’s vision and leadership – making AEW a unicorn in terms of shareholder value in the media and live entertainment space.”

News of the AEW deal comes at a time when sports rights prices have skyrocketed. AEW's main rival WWE recently inked new deals for its shows “Raw,” “SmackDown” and “NXT,” with “Raw” set to debut on Netflix in January 2025.