Tuesday, January 23, 2024
Year : 2, Issue : 4
Netflix and TKO Group Holdings said Tuesday that the streaming platform will air WWE’s flag-ship program “Raw” starting next year, in Netflix’s first major foray into live sports.
The 10-year deal is valued at more than $5 billion, according to a company filing. Netflix will have the option to exit the deal after five years and to extend it for another decade. The stream-ing platform will be able to stream “Raw” globally, and will start the agreement with exclusive rights to it in the U.S., Canada, U.K. and Latin America. Netflix will also become the home for all WWE shows and specials outside the U.S., including “SmackDown” and “NXT” as well as “WrestleMania,” “SummerSlam” and “Royal Rumble.”
TKO shares spiked more than 20% following the news and a separate announcement that actor and former wrestling superstar Dwayne Johnson would join its board of directors. Netflix shares rose less than 1%, hours before the company was set to report earnings after the bell Tuesday.Source: NBC New York
