Professional wrestling may be fake, but the money is real.
Monday’s news of Fox Sports nabbing SmackDown’s television rights caused quite the stir in the entertainment world. But the price tag for WWE‘s “B Show” is just as headline-worthy.
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The Hollywood Reporter says Fox and WWE’s deal for SmackDown is worth more than $1 billion. The five-year agreement is worth $205 million annually and will officially begin in October of 2019.
For anyone wondering why WWE chose to jet from NBCUniversal and USA Network, the Hollywood Reporter also says that WWE’s new deal with Fox is worth three times as much as the current NBCU agreement.
Per the report, WWE was said to have an even higher bid from an unnamed third party. However, WWE executives were happy with Fox’s offer along with its commitment to promoting SmackDown across their vigorous sports line up that features the NFL and Major League Baseball.
Fox recently loaded up for five seasons of Thursday Night Football to go along with their Sunday installment of the NFL that runs through 2022. Fox and MLB’s deal expires in 2021.
The news of WWE’s new deal sent the company’s stock soaring to all-time highs. In 2014, when WWE re-upped with NBCU and announced the WWE Network, the stock bottomed out for a new 70% plummet. However, in the year since WWE has regained the faith of stockholder as for the price and enjoyed a steady climb. However, the leading up to the Fox agreement and the deal aftermath has seen the stock spike to the glee of WWE and it’s shareholders.
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