Netflix’s $5 billion WWE deal marks major push into live sports – When you can stream ‘Raw’
Published 6:58 am Tuesday, January 23, 2024
- wwe_2
TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, January 23.
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Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a strong trading session on Monday, with both the S&P and the Dow notching fresh record highs. The focus is turning to earnings as investors react to better-than-expected results from United – but the airline did say it expects to take a hit from the grounding of Boeing’s 737 MAX 9 planes.
Wall Street is looking ahead to economic data later this week, with fourth-quarter GDP out Thursday and a key inflation report out Friday.
In other news, Netflix is making its biggest leap yet into the world of live entertainment. Starting next year, the streaming giant will begin hosting “Raw,” the flagship show for World Wrestling Entertainment – more commonly known as the WWE. Netflix and T.K.O. Holdings, which owns the WWE, announced a 10-year, $5 billion partnership that will bring “Raw” off of traditional cable and into the streaming universe.
Netflix has aired several live events in the past – including “The Netflix Cup” and a Chris Rock comedy special – but this is the first time the company has struck a deal with a major sports organization.
As for the WWE, the deal gives the company access to Netflix’s more than 250 million global subscribers. “Raw” currently airs on NBC-Universal’s USA Network and is its top program, bringing in more than 17 million unique viewers per year, according to the companies.
Of the deal, Netflix’s Chief Content Officer said, quote, “We are excited to have WWE Raw, with its huge and passionate multigenerational fan base, on Netflix. 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.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
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