Netflix to stream WWE Raw in $5 billion bet on live events
(Corrects company name to 'Endeavor' from 'Endeavour' in paragraph 12)
(Reuters) -Netflix took a big step into live events on Tuesday with a more than $5 billion rights deal that would make it the exclusive home of World Wrestling (NYSE:TKO) Entertainment's Raw from January 2025.
The 10-year partnership will put Raw on the streaming platform in the United States, Canada, United Kingdom and Latin America, among other territories, the companies said.
Netflix (NASDAQ:NFLX) will also exclusively telecast outside the U.S. all WWE shows and specials, including SmackDown, as well as pay-per-view live events such as WrestleMania and Royal Rumble.
Shares of Netflix rose 2% in premarket trading, while TKO Group — the parent firm of WWE — jumped 23%.
The streaming pioneer has an option to extend the deal for another 10 years or to opt out after the initial five years.
Netflix has in recent months been keen on live events and sports, which have been a bright spot for traditional TV firms when cord-cutting is upending their business models.
It secured rights to a tennis face-off between Rafael Nadal and Carlos Alcaraz last month and had streamed a golf tournament in November featuring Formula One drivers and professionals.
The Raw deal marks Netflix's first long-term bet on live events and could help draw loyal followers that turn to WWE each week for bouts between the likes of CM Punk and Cody Rhodes.
«This deal is transformative,» said Mark Shapiro, president of TKO, adding that it «dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix».
Raw, which airs on Mondays, is the top show on the Comcast-owned USA Network, where it brings in 17.5 million unique viewers over the course of the year. It
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