Netflix to stream WWE Raw in $5 billion deal

STORY: Taking a big step into live events, Netflix on Tuesday reached a 10-year, $5 billion dollar deal with World Wrestling Entertainment, becoming the exclusive home of WWE's weekly program Raw starting in January 2025, with an option to extend the deal for another 10 years or opt out after the initial five.

According to the company, the partnership will put Raw on the streaming platform in the United States, Canada, United Kingdom and Latin America, among other territories.

Raw, which airs on Mondays, is currently the top show on the Comcast-owned USA Network, where it brings in 17.5 million unique viewers over the course of the year, something Netflix will find valuable.

The streaming pioneer will also exclusively telecast outside the U.S. all WWE shows and specials, including SmackDown, as well as pay-per-view live events.

Netflix began experimenting with live events last year, with comedian Chris Rock's stand-up special, "Selective Outrage."

It also has found success with sports-related programming.

Mark Shapiro, president of TKO Group Holdings, the parent firm of WWE, told Reuters that Netflix "threaded the needle perfectly," by offering live sports programming that "comes with a spine of entertainment."

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.

News of the deal sent shares of TKO up 21% in early trading. Shares of Netflix were flat.