TKO Group Stock Jumps 20% After WWE Streaming Deal With Netflix
By Will Feuer
Shares of WWE parent company TKO Group shot up after the company struck a deal to stream some of its hit wrestling shows on Netflix.
TKO Group stock rose more than 20% to $92.99 in premarket trading. Through Monday's close, the stock was down about 12% over the past 12 months.
Netflix and TKO didn't disclose the financial terms of the arrangement, which will make Netflix the home of "WWE Raw" as well as "Smackdown" and more.
NBCUniversal's USA Network is the current rights holder for "Raw," with a five-year deal through the end of this year valued at $1.325 billion, or $265 million annually, according to regulatory filings.
Shares of Netflix rose 2% to $496.00 in premarket trading.
Earlier Tuesday, TKO also said it had added Dwayne "The Rock" Johnson, a former WWE wrestler, to its board of directors and struck a promotional deal with him.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 23, 2024 08:09 ET (13:09 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued