Before Tony Khan even comes on set and takes a seat, Ariel Helwani’s surprise that this interview is taking place is clear. His tone from start to finish remains cordial, respectful, and enthusiastic. What was supposed to be 30 minutes turned into an hour and 20. Compared to their Montreal interview, there is mutual respect that is returned. It leads to a very insightful interview.
Helwani suggests that previously, they had gotten off on the wrong foot. Between them, there are similarities beyond age and a love of wrestling, football, and soccer. Helwani puts over Khan’s professionalism and ability to move past issues in an industry where that rarely happens.
In return, Tony Khan is open; at times, he is transparent in why he can’t comment. Khan speaks fast and addresses all questions. Sometimes his responses are measured and redirect attention to AEW’s successes and present. Things to be expected when promoting a brand.
I lost count of how many times Khan says great, partly because there was so much insight. There was so much that I’ve done a separate breakdown on Khan’s discussion of individual wrestlers, from Adam Cole to Darby Allin and CM Punk, here.
Here are the key things you need to know.
AEW’s Pandemic Era Inspires Present-Day AEW
Repeatedly, Tony Khan reminisces and makes comparisons between the AEW of today with the Pandemic Era. For a time that many want to forget existed, it’s clear to Khan that working in Daily’s Place was foundational and significant to him as a person as much as a booker and promoter.
The close-knit nature of working together with wrestlers and production staff, how circumstances inspired creativity and the bonds provided by Khan are discussed multiple times. It’s the benchmark, not just for critical success, but for how it brought individuals together. Something that Khan values and that feels present with AEW has been regained despite national and international travel. Something that impacts is creative decision-making.
Booking AEW in 2025 and Why It Has Been Khan’s Favorite Year
Khan says that he is responsible for putting the shows together. He has again become very hands-on, although last winter he took a step back to evaluate and reassess the landscape.
Khan provides the outline for shows, but others are and do contribute and have input in coloring in the details. However, there isn’t a consistent or set team of contributors. Wrestlers, coaches and others can throw in ideas and input, but the only consistent person who attends every AEW show is Khan himself.
Khan acknowledges he has and does make mistakes. Whether it was not trusting his instincts before December 2019, in AEW’s early days, or later. Comparing his role to dieting, Khan says he can and does go against his judgment. At the same time, his role and abilities are part of the process. One where you can only move forward because there isn’t any going backwards.
When mistakes have and do happen, he feels he and AEW have been able to adapt or course correct, and this has been part of AEW’s success. Although Khan acknowledges he has only been promoting/booking/producing for six and a half years, that’s longer than many have. The connection and listening to the fans are important.
When talking about ROH, he acknowledged that some fans were frustrated with how much ROH championships and wrestlers impacted AEW programming. Khan believes that now things are more streamlined with the crossover between the two brands. Although ROH titles are still defended on AEW programming, it’s usually only in the biggest matches, and the integration of Athena and Bandido onto AEW programming shows progress.
Speaking of, 2025 is the year Khan feels he and AEW have done some of their best work. Start to finish, this has been Khan’s favourite and happiest year of running AEW.
The Warner Bros. Discovery Partnership
Describing the partnership with Warner Bros. Discovery as what drives “the media engine”. The strength of the deal and the faith Warner Bros. Discovery (WBD) and HBO Max have in the product. Khan describes AEW’s partnership with WBD as the perfect partner, with each providing value to each of them.
When asked about the potential buyout of WBD, Khan feels that being a strong property and franchise across WBD channels makes it a valuable property. Over time, AEW has become a bigger part of the WBD family, as shown by the increased synergy with other WBD properties, like DC.
When talking about the Ring of Honor (ROH) and the potential media rights. Khan says he has had other media rights partnerships outside of WBD reach out to discuss ROH. However, Khan has claimed he has rebuffed offers for ROH. The relationship with WBD is key, and any other deals would have to make sense for everyone. A sweet spot hasn’t been reached for ROH yet.
Affordability and Pricing
Affordability for Khan has been important to ensure fans and families can access AEW. The PPV price has remained at $49.99 since its inception. Khan isn’t sure about whether AEW PPVs will, like the UFC or WWE, end up exclusively with one service behind a paywall.
Although not directly addressing complaints that AEW PPVs are too long, Khan explains he appreciates how fans spend their money on the product. That keeping prices for PPVs consistent has been purposeful. Khan wants to make sure fans get their money’s worth. The power of streaming allows fans to go back to watch them again, which is what Tony Khan would do as a kid. That latter point highlights something that some pundits and fans don’t perhaps consider.
Comparison to WWE was discussed. Khan acknowledged that compared to WWE, they each have different business models and focuses in terms of distribution and ticket pricing. Always wanted tickets at $30-40 to remain that way. Ringside is important and more affordable. That even in the early days, this was a focal point when having conversations with the EVPs like Cody Rhodes and the Young Bucks.
Similar to other discussions about WWE, Khan was analytical and neutral.
WWE Counter Programming and Criticism
Khan acknowledges that WWE’s counterprogramming is historic, to be expected and not personal. As a “challenger” brand, Khan says it’s been okay. Counterprogramming, he believes, has never cost AEW. Referencing the success of All In Texas, the change of time worked out great.
Compared to previously, particularly in X responses, Khan is more reserved and AEW-focused, less willing to comment on WWE’s choices. No shots were fired. When discussing comments Matt Hardy made about the TNA partnership purely existing to hurt AEW, Khan flatly said that it was true, but also historic. Referring to the early 90s, WWE partnered with Jerry Jarrett’s Memphis or Smoky Mountain Wrestling.
When asked about podcasters and veterans’ constant criticism on podcasts, Khan again was neutral, highlighting that being a significant part of the wrestling landscape and being so active means that the promotion provides continual content to be discussed. They also wouldn’t talk about AEW if it did not aid or drive their engagement.
When asked if the criticism is fair, Khan says it’s part of the business. Criticism from the likes of Eric Bischoff, Khan called interesting and ironic. Especially given that Bischoff has been in Khan’s position. Admiration and respect for Bischoff were shown, with Khan acknowledging that during his fandom, he was at times Bischoff’s decision-maker in WCW.
Ratings and Streaming
Ratings and numbers are discussed vaguely. Khan doesn’t know the HBO numbers, but likewise, they do not always get these in the NFL either. A fear that simulcasting would cannibalize AEW ratings was proven wrong. Khan believes AEW has closed the gap when looking at the percentage of the audience between AEW and WWE shows, comparable to the Pandemic. Despite falling, AEW remains a top-ranked show in its time slot.
The rating system has changed, with AEW scoring recently their highest ratings under the new system with Blood and Guts and the subsequent Collision. Khan suggests, however, that streaming is helping to gain more than just younger demographics. What Khan claims he has learnt from top analysts this year about AEW is that, compared to other sporting leagues, AEW fans are the highest spenders on streaming.
More From LWOS Pro Wrestling
Header photo – WikiMedia Creative Commons – Stay tuned to the Last Word on Pro Wrestling for more on Tony Khan and other stories from around the world of wrestling, as they develop. You can always count on LWOPW to be on top of the major news in the wrestling world. As well as to provide you with analysis, previews, videos, interviews, and editorials on the wrestling world. You can catch AEW Dynamite on Wednesday nights at 8 PM ET on TBS. AEW Collision airs Saturday at 8 pm Eastern on TNT. More AEW content available on their YouTube
