Netflix Nabs WWE ‘Raw’ Rights in Major $5B Deal

Alex Weprin
·4 min read
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In a major streaming deal, WWE Monday Night Raw will leave USA Network for Netflix beginning in January 2025, with the streaming giant also set to become the home of WWE content outside of the U.S.

The deal, which a source pegs at 10 years and is valued at about $5 billion, marks a significant expansion into live events for Netflix, which will now stream Raw live every Monday night in the U.S., Canada, U.K. and Latin America, 52 weeks per year, with other territories to be added over time.

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Netflix will also be the exclusive home of WWE content outside of the U.S., including its live shows and premium events like Wrestlemania, as well as documentaries and original series.

Thus far, Netflix has only held occasional live events, like a Chris Rock stand-up comedy special or the ill-fated Love Is Blind reunion special.

That being said, Netflix has also been exploring sports-adjacent content (a category that the WWE fits into, given its self-titled genre of “sports entertainment”). Netflix last year had Formula 1 drivers team up with PGA golfing stars in the Netflix Cup golf tournament, and next year will have tennis stars Rafael Nadal and Carlos Alcaraz face off in what it is calling the Netflix Slam.

However, WWE Raw is a big step in the direction of live sports, with recurring rights fees similar to that of other major leagues. Netflix, like Apple, has sought global rights for sports in the discussions it has held with partners. While the WWE is not entirely exclusive, it will give the streaming giant near-global scale for WWE content, and total global rights to Raw over time.

As Netflix seeks to grow its advertising business, Raw will also provide an established platform for advertisers to secure sponsorships.

It also is a big win for the WWE and its owner, TKO, which has been on the hunt for a TV or streaming partner for the program. TKO was formed last fall when Endeavor spun out UFC and merged it with the WWE. The company also announced Tuesday that former WWE star Dwayne Johnson would be joining its board of directors.

“This deal is transformative,” said Mark Shapiro, TKO president and COO. “It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years. Our partnership fundamentally alters and strengthens the media landscape, dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix.”

“We are excited to have WWE Raw, with its huge and passionate multigenerational fan base, on Netflix,” adds Netflix chief content officer Bela Bajaria. “By combining our reach, recommendations, and fandom with WWE, we’ll be able to deliver more joy and value for their audiences and our members. Raw is the best of sports entertainment, blending great characters and storytelling with live action 52 weeks a year and we’re thrilled to be in this long-term partnership with WWE.”

Currently, Raw runs on USA Network, while Smackdown airs on Fox, and the WWE premium events like the Royal Rumble and Wrestlemania stream on Peacock. TKO has since cut new deals, with USA set to take over Smackdown beginning later this year, WWE NXT moving to The CW, and now Raw moving to Netflix. With Netflix taking over Raw, the show will leave linear TV for the first time in its 31-year history.

Peacock will remain the home of WWE premium events in the U.S. for now, though Netflix’s deal certainly raises the question of whether it will be a bidder when the rights come up for renewal.

Under the terms of the Netflix deal, the streaming giant will have the option to extend the agreement for another 10 years deal after the current agreement is up. Netflix will also have an option to exit the agreement after 5 years.

“In its relatively short history, Netflix has engineered a phenomenal track record for storytelling,” added Nick Khan, WWE’s president. “We believe Netflix, as one of the world’s leading entertainment brands, is the ideal long-term home for Raw’s live, loyal, and ever-growing fan base.”

Netflix is set to report earnings Tuesday afternoon.

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