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Netflix Inc.’s NFLX co-CEO Ted Sarandos, has lifted the veil on why the streaming titan opted to form a partnership with World Wrestling Entertainment or WWE instead of NBA or UFC.
What Happened: In its fourth-quarter earnings call, Netflix CEO was probed about the company’s overarching sports strategy, and specifically why they found WWE a more enticing partnership than NBA or UFC.
In his response, Sarandos highlighted that WWE’s “sports entertainment” aligns closely with Netflix’s core of “sports storytelling.”
He went on to mention that the WWE collaboration offered the stipulations and safeguards that Netflix typically seeks in its licensing agreements, with the added bonus of satisfying global economics. “…in terms of the deal itself, it has options and the protections that we seek in our general licensing deals and with economics that we’re super happy with globally.”
The co-CEO made it clear that this partnership should not be misconstrued as a sign of any other change or modification to Netflix’s sports strategy. “
Why It Matters: The partnership with WWE not only gives Netflix exclusive rights to WWE’s flagship program “Raw,” but also other popular shows like “SmackDown” and “NXT.”
This 10-year agreement, worth $5 billion, extends beyond weekly shows, including WWE’s Premium Live Events such as WrestleMania, SummerSlam, and Royal Rumble.
Furthermore, Netflix will be able to offer WWE’s acclaimed documentaries, original series, and upcoming projects to its international audience from 2025.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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