WWE’s previous media rights deal for both “WWE Raw,” with NBCUniversal, and “WWE SmackDown,” with Fox, were made public during the ongoing shareholder lawsuit against the company, set to go to trial in June. On Wednesday, Wrestlenomics reported more about the deals, including screenshots of the contracts, both of which are dated between 2019 and 2024, providing a rare look into one of WWE’s biggest revenue-drivers.
According to the outlet, both contracts confirm previous reports as to what WWE was paid for both shows. Over five years, WWE received $1.325 billion for “Raw” and $1.025 billion for “SmackDown.” WWE retained final say on creative for both shows, though the company couldn’t change the basic format of the red or blue brand. The example Wrestlenomics gave was like changing a show into a highlight reel.
The contracts also confirm that the company had exclusive rights with its broadcast partners, preventing them from airing other wrestling shows during the duration of the deal. However, for Fox, things like amateur wrestling or other combat sports like UFC or Glory Kickboxing did not apply. For NBCU, the ability for the network to broadcast lucha libre, produced from outside the United States, on its Spanish language channel was also possible.
In the Fox agreement, WWE was not allowed to disparage any of the network’s other partners, like the NFL or NASCAR, during “SmackDown.” Fox agreed to promote “SmackDown” during its other sports broadcasts, most notably, during its NFL games. The promotion agreement allotted for $125 million over the course of the five years, outside of the media rights payment.
Other Key Provisions in Media Rights Deals
Other aspects of the deals the media rights contracts revealed included extra content outside of “SmackDown” on Fox, including the seven-month run of “WWE Backstage,” and other shows that never materialized. The agreements also included guidance on how clips from both shows could be shared online, including on YouTube, with NBCU allowing for “Raw” clips to be posted beginning at midnight following the show’s conclusion, with parameters on how much of the full episode could be shown, as well as time limits on the clips. The Fox deal was similar in its parameters, and clips posted online before the end of the show at 10 p.m. EST could not exceed a minute.
As for renewal of the deals, both Fox and NBCU were required to tell WWE by March 15, 2023, during an exclusive negotiating window, whether or not the companies were interested in renewing the deal. According to Wrestlenomics, there is no information as to why Fox did not renew its deal for “SmackDown.” According to testimony given during deposition ahead of the shareholder suit, NBCU received an extension of that exclusive negotiation period, as it was during the time the sale of WWE was being negotiated.
The NBCU deal for the red brand also allowed to WWE to offer the company either a two or three-hour version of “Raw” as part of the renewal. It was revealed in January 2024 that “Raw” would be headed to Netflix after the expiration of the NBCU deal. “Raw” officially made off cable television for the first time in its history in January 2025, with a flexible run time.
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