Netflix has struck a monumental $5 billion agreement to broadcast World Wrestling Entertainment's premier show, Raw, over the next ten years, marking the company's most significant venture into live event streaming to date.

Despite Netflix executives previously downplaying interest in live sports broadcasting, this move comes as other streaming giants like Apple and Amazon begin to showcase professional sports, aiming to boost their subscriber bases.

Set to commence in January 2025, this arrangement will greatly enhance Netflix's capabilities in streaming live sports events.

WWE's shift from USA Network, where it currently ranks as the highest-rated show, to Netflix underscores the ongoing financial challenges faced by traditional cable TV providers amid a growing consumer preference for streaming platforms.

Sources familiar with the agreement have indicated that its value is at least $400 million annually, with the contract expected to extend beyond five years. In contrast, WWE's existing five-year agreement with NBCUniversal for broadcasting “Raw” is reportedly worth around $250-260 million each year.

Netflix's Chief Content Officer, Bela Bajaria, expressed enthusiasm about the partnership, stating, “We are excited to have WWE Raw, which boasts a large and dedicated multigenerational fan base, join Netflix. This collaboration allows us to leverage our global reach, personalized recommendations, and the fervent WWE fandom to provide more enjoyment and value to their audience and our subscribers. Raw represents the pinnacle of sports entertainment, offering a unique blend of compelling characters, storytelling, and live action every week of the year. We are delighted to embark on this long-term relationship with WWE.”

The current contract between WWE and NBCUniversal has “Raw” broadcasted on the USA Network until October 2024. An informed source revealed that the broadcasting location for “Raw” in the interim period between the conclusion of the NBCUniversal contract and the commencement of the Netflix deal is still under consideration.

This partnership is one that will break new ground, and take @WWE to new heights. Thrilled to bring #WWERaw to @Netflix, coming January 2025.

Now we change the game!!!! https://t.co/ridOlqq0Gc

, Triple H (@TripleH) January 23, 2024