WWE soars on new TV deals for ‘Raw,’ ‘SmackDown’ with USA, Fox1 min read . Updated: 27 Jun 2018, 04:43 PM IST
Monday Night Raw will continue to air on USA Network, while Fox Sports will show SmackDown Live each Friday on the Fox broadcast network
Los Angeles: World Wrestling Entertainment Inc. signed new five-year agreements with USA Network and Fox Sports, deals that the company said will contribute hundreds of millions of dollars in revenue growth.
“Monday Night Raw" will continue to air on USA Network, while Fox Sports will show “SmackDown Live" each Friday on the Fox broadcast network, WWE said in a statement Tuesday. The company didn’t disclose terms, but said revenue from key agreements including the new US deals will grow from $235 million this year to $462 million in 2021.
Investors have been counting on the new pacts. Shares of Stamford, Connecticut-based WWE rose almost 20 percent in mid-May following reports that 21st Century Fox Inc. would pay more than $1 billion for rights to “SmackDown Live." The company said Tuesday expects to sign additional deals providing $80 million by 2021.
WWE shares rose as much as 8.1% in extended trading after the announcement. They were little changed at $66.62 at the close Tuesday in New York.