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WWE has experienced a major makeshift with the change in home ground for their televised programming. That change has proven to be a massive gain for their parent company, TKO who have experienced a rise in their share price.
The global juggernaut recently announced that its flagship show, Monday Night RAW would be moving to Netflix, starting January 2025. This brings an end to their tenure with the old broadcaster, USA Network which began in 2005.
TKO Chief Operating Officer Mark Shapiro released a statement in regards to WWE’s major move, after inking a ten-year contract with Netflix reportedly worth $5 Billion, according to Market Watch.
“This deal is transformative. It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years.”
Not only that, TKO stock at 21.06% experienced a jump to 21.4% in premarket trading. This puts them in the running to surpass the one-day record set at 20% rally on Dec. 31, 1999. Moreover, Netflix’s stock itself grew from 0.70% to 1.9%. Therefore, the entire move brought Endeavor Group Holdings’ shares to climb from 5.71% to 5.9%.
As of this writing, TKO stock is sitting at 93.11, with a 20.28 jump today. While it’s still early the direction could possibly move either way, depending on the market but it’s definitely a good sign for the company.
With WWE’s parent company already showing signs of tremendous growth, it would interesting to see how this billion-dollar deal unfolds next year as Netflix takes charge of Monday Night RAW.
What are your thoughts on this growth for TKO? Sound off in the comments!
January 23, 2024 10:04 am
