Netflix makes $5bn bet on live events with World Wrestling Entertainment deal

Vince McMahon

Netflix has struck a reported $5bn pact with World Wrestling Entertainment (WWE) that marks a significant shift to its live events strategy.

The deal begins January 2025 and will see the streamer gaining exclusive rights to WWE’s Raw show in North America, the UK and Latin America, among other territories, with additional countries and regions to be added later.

Netflix will also house all WWE shows and specials outside of the US when they become available, including WWE’s other weekly shows – SmackDown and NXT.

Docs, originals and other upcoming projects will also be available via the streamer outside of the US, beginning in 2025.

In the US, NBCUniversal’s USA Network currently holds rights to Raw, which airs weekly and claims to bring in more than 17 million unique viewers annually.

Fox airs fellow WWE event Smackdown, but that show is moving to USA later this year, while Wrestlemania is available on NBCU’s streamer Peacock.

Netflix will stream three live programmes each week from January 2025, with the decade-long deal marking its biggest move into live events to date.

Mark Shapiro, president & COO of WWE’s owner, Endeavor-owned TKO, said the agreement “dramatically expands” the reach of his wrestling franchise to viewers and also takes “appointment viewing” to Netflix.

Financial details have not been revealed but the agreement, valued at $5bn by numerous US outlets, will bring “a huge and passionate multigenerational fan base” to the streamer, Netflix’s chief content officer, Bela Bajaria, said.

TKO was formed by Endeavor when it merged the wrestling company with the UFC fighting brand. The company added that former wrestler Dwayne ‘The Rock’ Johnson had joined TKO as a director.

The streamer has been experimenting with live TV output for some time, offering a Chris Rock comedy special last year, along with The Netflix Cup golf tournament and a troubled version of its Love Is Blind dating format.

It has also been picking up its interest in live sports, most notably by ordering a raft of documentaries including a new show exploring professional athletics, as well as golf’s Full Swing, football and rugby union shows, and tennis series Break Point.