Since 1993, World Wrestling Entertainment’s Raw has been a fixture of linear television, often dominating cable ratings over its 1,600 episodes. Starting next year, it will leave all of that behind.
WWE and Netflix have announced a deal where the media rights to the long-running show will move to the streaming service starting in 2025. The 10-year, $5 billion deal will mark an extension of Netflix’s live programming offerings.
Shares of TKO, which owns WWE, were up more than 20% on the news in early trading Tuesday.
This will be a shift for fans, who will have to subscribe to Netflix to catch the weekly program. That’s on top of the Peacock subscription they need to watch WWE paid live events. (WWE’s Smackdown, which currently airs on Fox, will move to NBC next year. WWE’s NXT will move from USA Network to the CW.)
For fans outside of the U.S., things will be a little easier. Netflix will air Raw, Smackdown, NXT, and PLE events like Wrestlemania, which could indicate the company’s interest in taking those over when the Peacock deal expires in March of 2026.
NBCUniversal’s USA Network previously held the rights to Raw, paying $1.325 billion over five years. While airing on that network, Raw gathered an average audience of 2 million people a week.
While shifting to a streaming service could impact that, the recent NFL Wild Card game that aired exclusively on Peacock captured 27.6 million viewers, demonstrating that fans will follow their favorite programs to streaming services, even if they grumble about the additional charge.
“In its relatively short history, Netflix has engineered a phenomenal track record for storytelling,” said Nick Khan, WWE president, in a statement. “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 has had mixed success with live programming in the past. Last April’s live stream of a Love Is Blind reunion show was a disaster, but a comedy show from Chris Rock the month prior aired smoothly. Last November, it streamed a golf tournament.
News of the Netflix deal comes alongside TKO adding Dwayne “The Rock” Johnson to its board of directors.