Netflix closes R$24.7 billion deal to broadcast wrestling – 01/23/2024 – Sports

Netflix has reached a US$5 billion (R$24.7 billion) deal to broadcast WWE’s (World Wrestling Entertainment) Raw wrestling program in the United States over the next decade, in the group’s biggest foray to date into the live event broadcasting.

The streaming service is betting that airing three live shows a week will allow it to capture the large and loyal fan base of a show that helped launch the careers of Dwayne “The Rock” Johnson, John Cena and “Stone Cold” Steve Austin.

The deal, which begins in January 2025, will significantly expand the use of technology needed to stream live sporting events on Netflix.

WWE’s decision to pull Raw from the USA Network, where it is its highest-rated program, also reflects economic pressures on traditional cable television operators as more consumers flock to streaming.

The deal “drastically expands WWE’s reach and brings weekly live viewing to Netflix,” said Mark Shapiro, president and chief operating officer of WWE owner TKO. “This agreement is transformative,” he added. TKO is controlled by Ari Emanuel’s Endeavor group.

Under the agreement, Netflix will also have the rights to stream all WWE programs outside the United States, including SmackDown and WrestleMania.

Netflix executives have long downplayed any interest in pursuing live sports deals, even as competing streaming services such as Apple and Amazon have begun broadcasting professional sports to attract subscribers.

At an investment conference in December, Netflix co-CEO Ted Sarandos said the company had found a niche in “sports drama,” such as its documentaries about Formula 1, tennis and a recent series about former soccer player English David Beckham. “Where we can really differentiate ourselves and surpass everyone else is in the storytelling of sports, the drama of sports,” he said.

Netflix has been working to improve its live streaming capabilities, which could allow it to show a wider variety of programming, from live news and awards ceremonies to stand-up comedy, as well as sports.

Last year, the company began experimenting with a special featuring comedian Chris Rock and plans to broadcast a live exhibition tennis match between Rafael Nadal and Carlos Alcaraz in March.

Shapiro said he is confident that any technical challenges with the live broadcast will be resolved by the time the deal goes into effect in January next year. “We have a whole year to make sure we get it right.”

Companies should also develop documentaries based on WWE to help broaden its appeal, Shapiro said. “They [Netflix] “You can expect that over the course of this deal we will look to make a documentary about WWE characters and superstars.”