World Wrestling Entertainment's (WWE) weekly show Raw will move to giant Netflix next year in a 10-year deal worth more than $5 billion (CAN6.75 billion).
TKO Group Holdings Inc., owner of WWE and the Ultimate Fighting Championship (UFC), said in a regulatory filing Tuesday that the deal is for 10 years and that Netflix has the option to extend the deal for another decade . Conversely, the broadcasting company can withdraw from the contract after the first five years if it wishes.
The Raw series, which began in 1993, has produced approximately 1,600 episodes to date and features wrestlers such as Cody Rhodes, Becky Lynch, Seth Rollins and Rhea Ripley. Each three-hour show is currently presented by USA Network and the associated broadcast rights have been considered a goldmine in recent months, particularly since the return of star CM Punk last November.
“We are excited to bring Raw, with its passionate, multi-generational fan base, to Netflix,” Bela Bajaria, the company’s chief content officer, said in a statement.
WWE has announced that Raw will be available on Netflix in January 2025. This change will impact users in the United States, Canada, United Kingdom, Latin America, and other countries over the years. WWE also announced that its documentaries, original series and other projects will be available internationally on Netflix in 2025.
“This deal is transformative,” said TKO President and COO Mark Shapiro. It combines WWE's strong product with Netflix's exceptional global reach and sets significant and predictable economic benchmarks for several years to come, he said. Our partnership is transforming and solidifying the media landscape, significantly expanding WWE's reach and bringing a loyal audience to Netflix every week.
Raw's move to Netflix follows WWE's announcement in September that Friday Night Smackdown would move from Fox to the USA Network in 2024 after a five-year partnership with NBC Universal. local rights. As part of the deal, WWE will also produce four primetime specials each year on NBC beginning in the 2024-2025 season, a first for that network.
In an interview on CNBC, TKO CEO Ariel Emanuel said he doesn't believe there is a move away from traditional television or cable networks, but rather that broadcast platforms are simply becoming an additional option.
In addition, WWE announced that it had reached an agreement with Dwayne Johnson to transfer the rights to his famous nickname The Rock to him and to grant him a place on the board of the TKO Group.
Shares of TKO rose more than 19% earlier in the day.