June 16, 2025 Observer Newsletter: WBD split & AEW, R-Truth returns to WWE, Money in the Bank & Worlds Collide reviews

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Dave Meltzer returns with a brand-new Wrestling Observer Newsletter.

The lead story is the news from this past week that Warner Bros. Discovery is planning on splitting into two separate companies in mid-2026 and how that could affect AEW’s future.

Dave also looks at the whole situation around R-Truth and his return to WWE at Money in the Bank.

He reviews last week’s WWE Money in the Bank, WWE x AAA Worlds Collide, and all the rest of the news of the pro wrestling week.

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AEW broadcast partner to split TV networks, Max & other properties into separate companies

In a long rumored move, Warner Bros. Discovery announced on Monday that they intend to split up their various broadcast entities and other properties into two separate publicly traded companies by mid-2026.

One, called Global Networks, will house their various networks like TBS and TNT (the home of AEW’s weekly content), Discovery, Discovery+ and Bleacher Report. This will be headed up by Gunnar Wiedenfels who is WBD’s chief financial officer.

The other, Streaming & Studios, will house the WBD movie studio, DC Studios, the WBD television production arm, HBO, the soon-to-be renamed HBO Max streaming service where AEW programming can be seen, and their TV & movie libraries. This will be headed up by David Zaslav, current WBD president and CEO, whom Tony Khan frequently mentions when talking about their partnership.

This is unlikely to affect AEW in the short term as they are in year one of their latest WBD TV contract that runs through 2027 with an option for 2028. The next development in that partnership is the ability to offer pay-per-views on Max which is expected for 2025. Whether this intended split will change that timeline or eliminate it altogether remains to be seen.

JNPO: AEW Q4 business review with Brandon Thurston

After my 12-part 2024 year in review series, we get back to regular programming on Josh Nason’s Punch-Out with friend of the show Brandon Thurston of Wrestlenomics returning for his quarterly visit to discuss the prior quarter of AEW business, formerly called the AEW investors call.

We talk about all the big headlines including the new TV deal with WBD and our thoughts on the Max simulcast launch, ratings & attendance trends, All In ticket sales, signings, injuries, returns, and lots more. We also discuss what we’re looking to see through this this first quarter of 2025.

Click here to listen (no sub needed)

JNPO wrestling year in review series: AEW gets their new TV deal, WWE gets ‘Bad’ bloody

As the end of the year approaches, so does our pro wrestling year in review series with a stop in October and first-time guest Denise Salcedo of Instinct Culture and this very website.

For an hour, Denise and I go through all the big happenings from my favorite month of the year including:

  • Tony Khan “securing the bag” as he put it, officially signing a multi-year AEW TV renewal with WBD with a streaming/library component
  • WWE truly going old school with a bloody and violent Hell in a Cell match between CM Punk and Drew McIntyre at Bad Blood
  • The serious injury that befell TNA star Chris Bey that still remains a bit of a mystery
  • WWE NXT debuting on The CW
  • The best of the rest from WWE, AEW, TNA, Japan, Mexico, and the indies

Click here to listen (no sub needed)

Here’s the rest of the series thus far:

JNPO: AEW Q3 business review with Wrestlenomics’ Brandon Thurston

After three months, Josh Nason’s Punch-Out returns with a look back at some AEW business with WrestlenomicsBrandon Thurston as part of our quarterly series, formerly known as the investors call.

Brandon and I spend an hour going over all the big happenings on the business side of the house from July through September which included:

  • The announcement of the new TV rights deal with WBD and our thoughts a few months later
  • Several new stadium shows announced for 2025 including All In and Grand Slam
  • 27 live events
  • Ratings trends
  • Quotable quotes
  • Brandon’s skepticism as to how AEW can grow…and lots more.

You can also get an exclusive PDF breaking down a lot of the numbers we talk about (and some we didn’t) with a $5 sub to Wrestlenomics.

This is the gateway to my annual pro wrestling year in review series which kicks off next week. 12 months, 12 episodes, 12 different guests going over everything you remember and a lot of stuff you forgot.

Click here to listen

AEW, WBD officially announce multi-year TV rights renewal

After months of speculation, AEW and Warner Bros. Discovery officially announced a multi-year renewal on Wednesday afternoon that will keep Dynamite and Collision on TBS and TNT, respectively, in addition to a streaming component on Max.

The number of years and the amount AEW will receive was not announced, but Variety reported that the deal is valued at upward of $150 million per year. What that amount covers is also unclear as of now.

Previous reporting by Puck’s John Ourand had a deal at three guaranteed years with an option for a fourth at a “ballpark” of $170 million annually. His report also included TruTV being included in the mix, but that was not mentioned in any reporting Wednesday.

SportsBusinessJournal reported after Wednesday’s announcement that the deal is “estimated to be valued at $170M total including the rights fee and other elements.”

Here are the highlights, first reported by The Wrap:

  • Dynamite and Collision will remain in their current homes and networks on both Wednesday and Saturday, respectively
  • Both Dynamite and Collision will stream live on Max for U.S. subscribers starting in 2025
  • AEW content that airs on any WBD network will also be available to stream on Max on-demand. How far back that content will go was not announced
  • Starting “later in 2025,” AEW and WBD will offer live PPVs on Max at a “discounted price per event” with all marketing and promotions of those PPV events exclusively centered on Max.
  • The new deal includes “enhanced distribution rights across social media as well as potential new AEW programming on linear and digital platforms.”

Neither Rampage or the quarterly Battle of the Belts specials were mentioned in either story, leaving the future of those properties unknown for now.

Since their launch in 2019, AEW has been exclusive to WBD which began with Dynamite and then expanded to Rampage, the quarterly Battle of the Belts series, and then, Collision last year.

This post will continue to be updated as we get more information.