Notes on Netflix’s New WWE Raw Partnership, Deal Comes With Extension & Opt-Out Options

– As previously noted, WWE and Netflix dropped a gigantic bombshell today that WWE Raw will be moving to the streaming platform starting in January 2025. The broadcast partnership is valued at $5 billion over 10 years. Some additional details have been discovered on the broadcast agreement in a new SEC filing (h/t Fightful).

Per the filing, the partnership comes with an option for Netflix to extend the deal for an additional 10 years or potentially opt out after the initial five years. You can read the item from the filing below:

Item 8.01 Other Events.
On January 23, 2024, the Company announced a partnership between WWE and Netflix. 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 documentaries, original series and forthcoming projects will also be available on Netflix internationally beginning in 2025.

The agreement has an initial 10-year term for an aggregate rights fee in excess of $5 billion with an option for Netflix (x) to extend for an additional 10 years and (y) to opt out after the initial five years.