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Netflix to Stream W.W.E.’s ‘Raw’ in $5 Billion Deal

Netflix to Stream W.W.E.’s ‘Raw’ in $5 Billion Deal


Netflix reached a multibillion-dollar, 10-year deal for unique rights to W.W.E.’s flagship weekly wrestling present, “Raw,” because the streaming big broadens its choices with extra reside content material.

The deal will deliver “Raw” to Netflix beginning subsequent January, Netflix and TKO Group, W.W.E.’s mum or dad firm, mentioned in a statement on Tuesday. Netflix can even personal the rights to stream W.W.E.’s different exhibits and specials exterior of the United States.

The settlement will price Netflix greater than $5 billion and can final for 10 years, with an possibility to increase an extra 10 years or choose out after 5, TKO Group mentioned in a regulatory filing.

“By combining our attain, suggestions and fandom with W.W.E., we’ll be capable to ship extra pleasure and worth for his or her audiences and our members,” Netflix’s chief content material officer, Bela Bajaria, mentioned in a press release.

With the W.W.E. deal, Netflix vastly expands its steady of live programming, which additionally consists of the truth present “Love Is Blind.” The firm has lately targeted on sports documentaries over reside sports activities. But including “Raw” to its lineup makes Netflix extra aggressive with rivals like Peacock, which has made reside sporting occasions a spine of its service and lately streamed a National Football League playoff sport. Amazon Prime has been streaming Thursday night time N.F.L. video games since 2022; Apple has signed a $250 million per-year cope with Major League Soccer and an extra pact with Major League Baseball.

Netflix’s transfer comes simply months after Ted Sarandos, the corporate’s co-chief govt, informed analysts throughout a third-quarter earnings name that documentaries and behind-the-scene exhibits like “Drive To Survive,” “Full Swing,” and “Quarterback” had been “the a part of the sports activities enterprise that we deliver probably the most worth to, which is the drama of sports activities.”

He added of reside sports activities, “We’re not anti-sports. We’re simply pro-profit. We have but to determine how you can do it.”

The cope with W.W.E., which is sports-adjacent and options content material that’s reside and largely scripted, could also be a step towards figuring it out.

“The W.W.E. and Netflix partnership is a giant deal,” mentioned the Forrester analyst Mike Proulx, mentioning that the corporate’s flip-flop on reside sports activities is just like its change in strategy on advertising. For years, firm executives vowed that the service would by no means function promoting. Starting final 12 months, nevertheless, Netflix started to supply an ad-supported subscription for a decrease month-to-month worth.

“Make no mistake, Netflix’s about-face on reside sports activities is all about promoting as the corporate doubles down on wooing huge manufacturers to, as a substitute, spend their TV budgets on Netflix’s rising addressable viewers,” he mentioned.

As the streaming enterprise within the United States matures, extra offers of this type are doubtless, the KPMG analyst Scott Purdy mentioned.

“Media rights are extraordinarily engaging to streaming firms as a result of you’ve a assured viewers who wish to watch the large sport, match or occasion,” he mentioned. “This will undoubtedly influence how a lot content material finances is allotted to reside sports activities versus different content material choices.”

“Raw,” which began the careers of stars like Stone Cold Steve Austin, John Cena and Dwayne (The Rock) Johnson, has appeared on linear tv since its debut in 1993. It now airs on the USA Network, the place it attracts 17.5 million distinctive viewers a 12 months, in line with W.W.E.

TKO, which is managed by the Hollywood energy dealer Ari Emanuel’s Endeavor and was created by the merger of W.W.E. and Ultimate Fighting Championship final 12 months, mentioned in a separate statement that Mr. Johnson would be part of its board. TKO’s shares jumped about 17 p.c on Tuesday; Netflix shares had been up barely.

The W.W.E. announcement got here a day after Netflix mentioned that Scott Stuber, the corporate’s movie chairman, who lured filmmakers like Rian Johnson, Zack Snyder and Greta Gerwig to the streaming service, would depart in March. His movie staff secured 18 Oscar nominations on Tuesday, second solely to Disney amongst movie studios.

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