Netflix Could Cancel WWE Raw Deal

WWE and Netflix logos over blurred background

New details of WWE’s mammoth deal with Netflix have been revealed, including the possibility of the streaming giant opting out of the contract.

On January 23rd, WWE announced that Raw had finally found a new home on Netflix. The deal begins in January 2025 and is reportedly worth $500 million a year and is set to run for 10 years, bringing the total value to a staggering $5 billion.

The deal is not limited to the US and will bring WWE’s flagship show to streaming in Canada, the UK, and Latin America. The announcement also notes that other unnamed territories and countries will see Raw move to Netflix over time.

While in the US, WWE has secured a deal for SmackDown to move to the USA Network and NXT to head to The CW, it seems that Netflix will be the home of all programming for the company in the rest of the world.

Netflix Can Opt Out Of WWE Deal

More details of the deal came to light in a new SEC filing, which notes that the agreement between the two sides has an initial 10-year term. However, Netflix can opt-out after five years, while also retaining the right to extend the deal for another decade.

Item 8.01 Other Events.
On January 23, 2024, the Company announced a partnership between WWE and Netflix. Beginning in January 2025, Netflix will be the exclusive new home of Raw in the U.S., Canada, U.K. and Latin America, among other territories, with additional countries and regions to be added over time. Likewise, as part of the agreement, Netflix will also become the home for all WWE shows and specials outside the U.S., as available, inclusive of Raw and WWE’s other weekly shows – SmackDown and NXT – as well as the company’s Premium Live Events, including WrestleMania, SummerSlam and Royal Rumble. WWE’s documentaries, original series and forthcoming projects will also be available on Netflix internationally beginning in 2025.

The agreement has an initial 10-year term for an aggregate rights fee in excess of $5 billion with an option for Netflix (x) to extend for an additional 10 years and (y) to opt out after the initial five years.

While the rights deal is arguably the biggest news of the day, another major story for WWE broke when TKO announced that The Rock has joined its Board of Directors, effective immediately.