WWE set to earn more than $1 billion on deal with NBCU’s Peacock for exclusive rights on WWE Network, over the next five years.
NBCUniversal’s Peacock streaming service will now house the WWE Network and their 17,000+ hours of content. The direct-to-consumer streaming platform announced today that a deal was struck with the WWE giving them exclusive rights for American viewers.
“NBCUniversal has a long-standing relationship with WWE that began nearly 30 years ago with ‘Monday Night Raw’ on USA,” said Rick Cordella, executive vice president and chief revenue officer, Peacock. “WWE has always tapped into the cultural zeitgeist with spectacular live events and larger-than-life characters. And we are thrilled to be the exclusive home for WWE Network and its millions of fans across the country,”
WWE set to earn more than $1 billion on deal with NBCU’s Peacock for WWE Network
The financial details of the deal were not disclosed. However, according to the Wall Street Journal, the deal will run for five years and will fetch the WWE more than $1 billion.
“We feel great about the financials. Otherwise, we wouldn’t have done the deal,” said Nick Khan, WWE’s president and chief revenue officer. “To have WrestleMania in particular — which is our Super Bowl — available [for no extra cost] on Peacock is quite different from other models you’re seeing.”
Peacock will launch WWE Network on March 18. The WWE will shut down its Network service by then. Peacock will then license the programming, including the popular “WrestleMania” franchise, for its own platform.
WWE Network subscribers currently dole out $9.99/month. At Peacock however, they will pay $4.99 per month with ads. The ad-free Peacock Premium Plus will cost $9.99.
Nothing will change regarding the Network to subscribers outside the US. At this moment however, it isn’t clear if the existing WWE Network subscribers will automatically migrate to the new streaming service. Although, both companies plan to share details about that in the coming days.
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