A Stone Cold Streaming Stunner: Netflix Pins Exclusive Rights to WWE Raw in 10-Year, $5B Deal

The deal represents a shift away from linear TV for WWE and Netflix’s biggest foray into live programming to date

WWE (part of TKO Group Holdings) and Netflix have announced a long-term partnership that will bring WWE’s flagship weekly program – Raw – exclusively to the streaming platform. The deal, which is reportedly worth $5 billion over 10 years, marks a major programming shift as Raw leaves linear television for the first time since its inception 31 years ago. The deal also represents Netflix’s biggest foray into live programming yet following on the heels of the Netflix Cup in November, the Netflix Slam set for March 3, and others including standup comedy and TV reunion specials and the 30th Screen Actors Guild Awards.

According to Variety, Netflix has the option to opt out after the initial five years and to extend for an additional 10 years. The $500/year deal amounts to a major rights fee increase for WWE compared to its current five-year deal for “Raw” with NBCUniversal, which Variety reports is worth approximately $250 million-$260 million per year. The three-hour Monday wrestling staple has been airing on USA Network since 2005 and is WWE’s most-viewed TV property and USA Network’s most-watched program.

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. 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

“This deal is transformative,” says 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,” says 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.”

As SportsBusiness Journal notes, this is the third WWE media deal struck over the last few months, joining “SmackDown” (departing Fox for USA Network) and “NXT” (swapping USA for The CW). Both “NXT” and “SmackDown” will move to their respective new homes in October of this year.

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

With 1,600 episodes to date since its debut in 1993, Raw is the most iconic show in pro wrestling and airs 52 weeks a year. 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. One of television’s best performing shows in the 18-49 advertising demographic, Raw trends on X 52 weeks a year while each new episode is airing. On social media, WWE has more than one billion followers across its platforms