ESPN Strikes $1.6 Billion Streaming Deal With WWE

WWE continues to lay the smackdown in the revenue growth department. 

WWE’s premium live events (PLEs, formerly referred to as pay-per-view) are migrating from NBC’s Peacock to ESPN’s new streaming service in 2026, the companies said Wednesday morning. The deal is for $1.6 billion across five years, a 78% increase over the previous five-year, $900 million agreement with Peacock. CNBC reported that “select” PLEs will also air on ESPN’s linear networks.

The move is significant as WWE has proved to be one of the few properties whose audience will follow the entertainment and sign up for new streaming services to watch it. UFC, which like WWE is under the TKO umbrella, is another, and has its own rights deal with ESPN expiring later this year. 

WWE was a pioneer in over-the-top streaming, launching WWE Network in 2014. It disrupted a model in which fans who previously paid upward of $50 for PPVs were now spending $9.99 per month on a subscription service. The PLEs moved to Peacock in 2021. 

This year, WWE has at least 10 PLEs, with WrestleMania and SummerSlam spread out over two nights apiece, meaning there are 12 WWE PLE windows. It is conceivable that other events, like the Royal Rumble, could expand to two nights in the future. 

The deal with ESPN does not include PLE rights for NXT, WWE’s developmental promotion, or the extensive WWE library, according to Lightshed Partners analyst Brandon Ross. 

WWE’s TV rights are with Netflix for Raw and USA Network for SmackDown. 

For ESPN, this is another gun in the holster for its upcoming streaming service, which is launching this fall for $29.99 per month. Tuesday, ESPN announced a non-binding deal to acquire NFL Network, and distribute RedZone on linear TV, in exchange for a 10% stake in ESPN. Industry sources have valued this stake at around $2.5 billion. The deal is subject to federal regulatory approval, and some industry insiders have speculated that President Donald Trump will not let it pass through easily. 

Subscribers to some cable companies and bundle distributors, including DirecTV, Hulu + Live TV, Charter, Fubo, and Verizon Fios, will be able to watch the new streaming service at no extra cost. But ESPN doesn’t have deals yet with YouTube TV, Xfinity, or Optimum, meaning their subscribers would have to pay.

This story has been updated.