Since 2019, AEW has been closely linked with Tony Khan and the Khan family. From funding the company to leading creative decisions, Tony Khan has always been seen as the face of the promotion.
However, over the years, fans have continued to question whether AEW’s broadcast partner, Warner Bros. Discovery, also has an ownership stake in the company. Now, a new report suggests that there may be some truth to that speculation.
AEW and Tony Khan: The Beginning
All Elite Wrestling was officially launched in January 2019 by Tony Khan. Backed by the billionaire Khan family, AEW quickly became the biggest alternative to WWE in the United States.
Soon after launching, AEW signed a major television deal with Warner Bros. Discovery (WBD). That partnership brought AEW programming to TNT and later TBS. Since then, the two sides have signed multiple extensions.
In October 2024, AEW and WBD agreed on a new deal reportedly worth around $170 million per year. The contract runs through 2027, with an additional option year included. This long-term agreement strengthened their business relationship even further.
Despite this close partnership, Tony Khan has always said that he holds 100% of the voting stock and full decision-making control of AEW.
CNN Report Claims Minority Stake
Recently, a CNN article written by Michael Ballaban made an interesting claim while discussing wrestling’s political landscape. The article stated that Warner Bros. Discovery owns a minority stake in AEW.
The piece did not mention how large the stake is. However, a previous report from The Hollywood Reporter suggested that any ownership interest would likely be less than 10%. If that is true, there would be no legal requirement to publicly disclose the investment.
This is the first time a major media outlet directly stated that WBD owns part of AEW, even if it is a small percentage.
Why This Matters
If WBD does hold a minority stake in AEW, it would mean the relationship goes beyond just a television rights deal. It would suggest a deeper business connection between the promotion and its broadcast partner.
However, it is important to note:
- Tony Khan still controls all voting power.
- AEW remains privately run by the Khan family.
- No official announcement has confirmed the exact ownership details.
A minority stake under 10% would not give WBD creative control over AEW’s storylines or operations.
Brody King Controversy and Network Speculation
The topic of ownership recently gained attention after speculation involving Brody King.
During an episode of AEW Dynamite, fans loudly chanted “F— ICE” while King was preparing to face MJF. The moment went viral on social media and even gained national media coverage.
The following week, King was absent from Dynamite. Some online rumours claimed that Warner Bros. Discovery may have blocked his appearance due to the controversy. However, sources from WBD later denied any involvement in AEW’s booking decisions.
King is now set to face MJF again at Grand Slam Australia, this time with the AEW World Championship on the line. In their previous eliminator match, King shocked fans by defeating the champion in just over a minute.
AEW vs WWE: Different Business Models
The ownership discussion also highlights the difference between AEW and WWE.
WWE is now part of a larger corporate structure after merging with UFC under TKO Group Holdings. AEW, on the other hand, has always presented itself as a privately owned alternative backed by Tony Khan.
If WBD holds a small stake in AEW, it would still be very different from WWE’s corporate setup. A minority investor does not automatically mean corporate control.
What We Know So Far
Here is a quick summary of the situation:
| Topic | Current Status |
|---|---|
| AEW Ownership | Controlled by Tony Khan |
| WBD Stake | Reportedly minority (less than 10%) |
| Creative Control | Held by Tony Khan |
| Official Disclosure | No detailed public statement |
At this stage, there is no evidence that WBD influences booking or creative decisions in AEW.
