Shares of TKO Group Holdings, the big company behind WWE and UFC, got a boost in their value after they announced a 10-year deal with Netflix for “Monday Night Raw.” This deal means more money for WWE, the famous wrestling franchise.
The agreement between TKO and Netflix, shared on Tuesday morning, spans 10 years and is worth over $5 billion in total, with an annual fee of $500 million. This is a big jump from WWE’s previous deal with NBCUniversal for “Raw,” which was about $250 million-$260 million per year and lasted five years. Netflix has the choice to extend the deal for another 10 years or end it after five.
Around 11 a.m. ET, TKO's stock went up by 18.1%, reaching $91.40 per share. It had opened up nearly 24% on Tuesday. Netflix's stock also increased by about 0.3% during midmorning trading. This Netflix-WWE deal is Netflix’s largest move into sports programming so far.
On a separate note, Netflix received 18 Oscar nominations on Tuesday, with seven nominations for “Maestro,” making it the studio with the most nominations. Netflix is set to reveal its Q4 2023 earnings after the market closes on Tuesday.
Besides the deal with Netflix, TKO Group made another announcement that Dwayne Johnson, famously known as "The Rock," is now part of its board. Under their agreement, Johnson will help with promotion, licensing, and other services for the company. In return, Johnson gets ownership of the name “The Rock,” which is trademarked.
TKO Group came to life last year when WWE and UFC merged, a move led by Endeavor, the current owner of UFC.
Starting in January 2025, Netflix will exclusively air “Raw” in the U.S., Canada, U.K., and Latin America, with more places added later. The deal also means Netflix becomes the home for all WWE shows outside the U.S., including “SmackDown” and “NXT,” along with big events like WrestleMania, SummerSlam, and Royal Rumble. From 2025, Netflix will also carry WWE’s documentaries, original series, and upcoming projects internationally.
This deal cements TKO Group’s position in the changing landscape of sports and entertainment content distribution, making big moves with major players like Netflix and bringing in a wrestling legend like Dwayne Johnson.
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