As Netflix inches closer toward completing its purchase of Warner Bros.’ studio and streaming properties, the biggest question in the world of pro wrestling remains: What does the deal mean for AEW?

And while plenty has still yet to be determined for both sides, we now have a clearer picture of AEW’s potential outlook thanks to Netflix’s move to make an all-cash offer.

As noted by The Hollywood Reporter’s Tony Maglio, the revised offer required Netflix and WBD to jointly file a 519-page proxy statement regarding their negotiations. And that SEC document seemingly sheds new light on the future of AEW, which has maintained a partnership with WBD since the pro wrestling promotion’s inception in 2019.

While the phrases “All Elite Wrestling” or “AEW” don’t appear in the document, Maglio reports that their absence indicates that the AEW rights deal will remain with the Discovery side of WBD, which isn’t being sold to Netflix. Currently, AEW’s weekly television shows AEW Dynamite (TBS) and AEW Collision (TNT) air on WBD’s cable networks, with both shows streaming on HBO Max, which also offers the company’s pay-per-views at a discounted rate for subscribers.

To that end, Maglio reports that AEW would maintain its presence on HBO Max through the remainder of its current deal, which will expire at either the end of 2027 or 2028 depending on an option year. After that, however, things could get murky, as the sale would make HBO Max a property of Netflix, which already has a preexisting relationship with rival WWE.

As Maglio notes, Netflix’s partnership with WWE could very well mean that it wouldn’t have a need for AEW, potentially leaving the promotion looking for a new media rights partner. Especially so if HBO Max is rolled into Netflix, as it is “believed” that WWE’s deal with the streaming giant includes an exclusivity clause.

As for the minority stake of less than 10 percent that it is believed that WBD holds in AEW, Maglio reports that would also remain with Discovery. And that could very well incentivize the company to make AEW shows available on its TNT Sports streaming service, while maintaining the flexibility to lease the pay-per-views elsewhere — including even HBO Max if there’s a deal to be had.

Of course, plenty can change between now and the end of 2027 (or 2028), and it’s also worth noting that Paramount hasn’t given up its fight to buy all of WBD’s assets. But for now, it appears we have confirmation about where Tony Khan’s company would land following the potential completion of the Netflix deal and the uncertainty it would likely bring.