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 according to sources, the deal is valued at upwards of $150 million per year when all elements are 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 stream live on Max simultaneously for U.S. subscribers and will be available to stream on-demand starting in January 2025.

“We are honored to announce the extension of our incredible partnership with Warner Bros. Discovery,” said AEW CEO, GM and head of creative Tony Khan. “This extension continues the tradition of iconic wrestling events broadcast on TBS and TNT, while also 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 that helped make this possible.”

The deal also includes enhanced distribution rights across social media as well as potential new AEW programming on linear and digital platforms. Furthermore, AEW live pay-per-views will be available on Max later in 2025 at a discounted price per event, with all marketing and promotions of those events exclusively centered on Max.

“Tony Khan and the entire AEW team have been incredible partners, and we are thrilled to strike this expanded agreement to deliver amazing new AEW content and stories to TNT and TBS, as well as bring the thrilling 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 engaged fanbase while also introducing them to our growing lineup of high-action sports and entertainment at TNT and beyond.”

AEW’s flagship show, “Dynamite,” debuted on TNT in October 2019. The show currently ranks as Wednesday’s number one cable entertainment series among adults 18-49. “Collision” is currently in the top five of in its Saturday timeslot among both adults 18-49 and men 18-49.

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 for creating a media and live entertainment company that would disrupt the wrestling industry,” said Bernie Cahill, founding partner of Activist Artists Management. “This WBD renewal is a resounding validation of Tony’s vision and leadership – making AEW a unicorn in terms of enterprise value in the media and live entertainment space.”

News of the AEW deal comes as sports rights prices have skyrocketed. AEW’s chief rival, WWE, recently set new deals for its shows “Raw,” “SmackDown,” and “NXT,” with “Raw” set to debut on Netflix in January 2025.