Netflix is set to livestream WWE Raw in a $5 billion gamble on live events.

Netflix, a trailblazer in the streaming industry, has taken a significant stride into the realm of live events with a substantial rights agreement exceeding $5 billion. This landmark deal establishes Netflix as the exclusive platform for airing World Wrestling Entertainment's (WWE) Raw starting from January 2025. The 10-year partnership encompasses the streaming rights for Raw in various regions, including the United States, Canada, the United Kingdom, and Latin America.

Under this extensive collaboration, Netflix will become the exclusive global broadcaster, outside the U.S, for all WWE shows and specials, including Smack Down. Additionally, the streaming giant will have exclusive rights to broadcast pay-per-view live events like Wrestle Mania and Royal Rumble. This move resulted in a notable uptick of 3% in Netflix's premarket trading shares, while TKO Group, WWE's parent company, experienced a substantial 16% surge.

Netflix's increasing interest in live events has been evident in recent years, as demonstrated by its acquisition of rights for a tennis match featuring Rafael Nadal and Carlos Alcaraz and the streaming of a celebrity golf tournament featuring Formula One drivers and golfers.

This groundbreaking deal represents a pivotal shift for WWE, as Raw, a staple in wrestling entertainment since its debut in 1993 with 1,600 episodes, departs linear television for the first time in its history. The merger of WWE with Endeavour Group, the parent company of UFC, last year resulted in the formation of TKO Group Holdings, a powerhouse in the wrestling and entertainment industry, valued at an impressive $21 billion. As Netflix embraces the exclusive streaming rights for WWE's Raw and other key events, it signifies a bold move into the live sports and entertainment landscape for the streaming giant.