Netflix CEO Breaks Silence On $5 Billion WWE Deal
WWE has signed a landmark deal that will see Netflix become the company’s home around the world and the exclusive broadcaster in the US for Raw.
Fans of WWE already knew that SmackDown was on the move from FOX in late 2024 as well as NXT heading away from the USA Network but speculation persisted over the future of Monday Night Raw.
Now all those questions have been answered as WWE announced a massive deal with Netflix to be the new home for the company’s flagship show. In addition, outside of the US, Netflix will be the home for all WWE programming including premium live events which could mean an end to the WWE Network as we know it.
The deal with Netflix will begin in January 2025 and CNBC has reported that it is a ten-year deal worth a whopping $5 billion.
Netflix CEO Comments On Huge WWE Deal
Speaking in an interview for Netflix’s Q4 2023 earnings report, company CEO Ted Sarandos gave his take on the streaming giant becoming the new home of WWE and Raw:
We are thrilled to bring WWE live programming to our members around the world. WWE Raw is sports entertainment, which is right in the sweet spot of our sports business, which is the drama of sport. We think of this as 52 weeks of live programming every week, every year. It feeds our desire to expand our live programming. Most importantly, fans love it.
For decades, WWE has grown this multi-generational fanbase we believe we can serve and grow. We believe the WWE has historically been under-distributed outside of North America, and this is a global deal, so we can help them, they can help us build that fandom around the world. This should also add fuel to our new and growing ad business.
The events itself are the storytelling in WWE, this is a proven formula for us and we’re excited to jump into. This is sports entertainment, very close to our core, the deal is long-term, we’re super excited about it.
News of the deal came on the same day it was announced that The Rock had joined TKO’s Board of Directors, helping the stock price into a huge jump.