Report Claims Warner Bros. Discovery Owns Minority Stake in AEW

There’s more going on behind the scenes in All Elite Wrestling than just what plays out on Dynamite.

Buried inside a CNN article about the political differences between AEW and WWE was a line that caught the attention of wrestling fans and media watchers alike — Warner Bros. Discovery, the parent company of CNN, reportedly owns a minority stake in AEW. Michael Ballaban wrote the following while comparing the two companies:

“The embrace of contemporary issues is part of a larger, politically shaded rivalry playing out in the industry, between the 7-year-old AEW and the industry’s ruling juggernaut for generations, WWE (Warner Bros. Discovery, CNN’s parent corporation, owns a minority stake in AEW).”

No percentage was listed in the CNN piece. No deep financial breakdown. Just that one sentence — and it was enough to get people talking. This isn’t the first time it’s been suggested. Back on January 20, Tony Maglio of The Hollywood Reporter addressed AEW’s media future amid the reported Warner Bros. Discovery sale to Netflix. In that feature, Maglio cited a source who claimed WBD does indeed hold a minority position in the wrestling company — reportedly under 10 percent. He wrote:

“Though WBD and AEW will never say this aloud — because at a less than 10 percent stake, they don’t legally have to — WBD owns a minority position in the latter. That position will remain with the Global Linear Networks piece following the split and spin and the close of the Warner Bros. sale to Netflix, a source tells The Hollywood Reporter. All Elite Wrestling is majority owned by Tony Khan, the son of Jacksonville Jaguars billionaire-owner Shahid Khan.”

If that’s accurate, Warner Bros. Discovery owns less than 10 percent of AEW — while Tony Khan still controls the rest. And Khan has already made it clear that control is non-negotiable. Back in September 2023, he addressed the idea of outside ownership while emphasizing that he maintains full authority over the company.

“As for them and their stake in the business, that is something that would be between us, but I would also be open to that, to Warner Brothers in a future deal, having a piece or a bigger piece, potentially, but I would always want to maintain 100% voting control, as I have now, and want to maintain the majority of stock, which I have now.”

Translation: even if WBD owns a slice, Tony Khan says he runs the show. Neither AEW nor Warner Bros. Discovery have publicly detailed the exact structure of the ownership, and no official percentage has been formally confirmed on the record. But with CNN and The Hollywood Reporter both referencing a minority position, it’s clear this isn’t just idle speculation.

AEW’s television deals, streaming future, and corporate ties are all tied to major media shifts right now. If WBD does own a piece, even a small one, that adds another layer to the ongoing AEW vs. WWE business rivalry.