Next-generation wireless local area networks (WLANs) will support the use of wider channels, which is known as channel bonding, to achieve higher throughput. However, because both the channel center frequency and the channel width are autonomously selected by each WLAN, the use of wider channels may also increase the competition with other WLANs operating in the same area for the available channel resources. In this paper, we analyze the interactions between a group of neighboring WLANs that use channel bonding and evaluate the impact of those interactions on the achievable throughput. A continuous-time Markov network model that is able to capture the coupled dynamics of a group of overlapping WLANs is introduced and validated. The results show that the use of channel bonding can provide significant performance gains, even in scenarios with a high density of WLANs, although it may also cause unfair situations in which some WLANs receive most of the transmission opportunities while others starve.