Netflix paid over $5bn to stream WWE Raw

This week, Netflix paid more than US$5 billion for a 10-year deal to exclusively stream World Wrestling Entertainment’s (WWE) Raw from January 2025.

The companies said that the deal will see the streaming pioneer broadcast Raw in the U.S., Canada, the UK and Latin America, among other regions, as well as exclusively telecast all WWE shows and specials, including SmackDown, and pay-per-view live events, such as WrestleMania and Royal Rumble, outside the U.S.

Netflix can opt out after the initial five years or extend the deal for another 10 years.

In 2023, Netflix first streamed live events with comedian Chris Rock’s stand-up special, “Selective Outrage,” and saw success with sports-related programming, such as the Formula 1 racing documentary series, “Drive to Survive.”

CEO Ted Sarandos previously stated that Netflix was “in the sports business,” but focused on the drama of sport and not live events.

In its third quarter note, Netflix said, “As we work to develop the best programming mix for our members, we are also having great success with our sports shoulder programming, making Netflix the go-to place for anyone excited by the drama of sport.”

In an interview with Reuters, Mark Shapiro, president of TKO, said that by offering live sports programming that “comes with a spine of entertainment,” Netflix “threaded the needle perfectly.”

He also lauded the deal as “transformative,” and it will expand the reach of WWE and bring appointment viewing to Netflix.

“We cracked the code with Netflix. We are now a neighbor of the best premium programming slate you are going to find in the universe of content,” Shapiro said.

The leading show on the Comcast-owned USA Network, Raw, which airs on Mondays, attracts some 17.5 million unique viewers annually. It debuted in 1993 and has had 1,600 episodes.