Netflix ventures into live sports coverage with $5B acquisition of WWE's 'Raw' and 'WrestleMania'

Photo byWWE

Longtime WWE staple Raw is coming to Netflix.

On Tuesday, WWE announced a long-term deal that will move nearly its entire catalog -- including Raw, Smackdown, NXT, Royal Rumble, Summerslam, and WrestleMania -- exclusively to Netflix.

The partnership with WWE is Netflix's first venture into live sports and is worth more than $5 billion over 10 years.

"Beginning in January 2025, Netflix will be the exclusive new home of Raw in the U.S., Canada, U.K. and Latin America, among other territories, with additional countries and regions to be added over time," WWE said in a statement.

"Likewise, as part of the agreement, Netflix will also become the home for all WWE shows and specials outside the U.S. as available, inclusive of Raw and WWE’s other weekly shows – SmackDown and NXT – as well as the company’s Premium Live Events, including WrestleMania, SummerSlam, and Royal Rumble. WWE’s award-winning documentaries, original series and forthcoming projects will also be available on Netflix internationally beginning in 2025," the company said.

Netflix has been looking for ways to crack into live sports coverage and even reportedly put in a bid for Formula 1 rights before the auto racing circuit renewed with ESPN in 2022. In the fall of 2023, Netflix aired a made-for-streaming golf competition.

Now, Netflix will have its wish via the in-ring action of WWE.

"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.”

The pact between the two billion-dollar companies is valued at $500 million per year for 10 years. Netflix has the option to opt out after the initial five years and to extend it for an additional 10 years. Sources say WWE’s current five-year deal for US rights to Raw with NBCUniversal is worth approximately $250 million-$260 million per year.

"We are excited to have WWE Raw, with its huge and passionate multigenerational fan base, on Netflix,” said 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.”

WWE President Nick Khan has long mulled Netflix as a potential rights partner, noting the advertising factor in live programming. Netflix launched its $7-a-month ad-included plan in November 2022.

“In its relatively short history, Netflix has engineered a phenomenal track record for storytelling,” Khan said. “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.”

With 1,600 episodes to date, Raw is one of the longest-running shows in sports entertainment. Since its debut in 1993, Raw has molded and amplified wrestling icons Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin, John Cena, Triple H, Roman Reigns, Jeff Hardy, Randy Orton, and more.

The show is currently the No. 1 show on USA Network, where it brings in 17.5 million unique viewers over the course of the year, according to WWE.