Cable sports network ESPN has paid out a staggering $1.6 billion to gain the broadcast rights to WrestleMania and other WWE live events, according to reports.
The Disney-owned cabler inked a five-year deal with the WWE that allows the cable network to broadcast the wrestling company’s premier live events beginning next year, with the deal set to help ESPN launch its new direct-to-users streaming service, according to the Wall Street Journal.
“I felt like it made a ton of sense for ESPN,” ESPN chairman Jimmy Pitaro said. “It’s a significant content acquisition that we believe is going to really bolster our direct-to-consumer launch and drive our streaming future.”
The wrestling company had been airing its live events on Paramount’s Peacock streamer, the latter of which shelled out a $900 million fee in 2020.
The WWE also has a $5 billion, ten-year deal with Netflix to broadcast its Raw matches every Monday.
ESPN also has a $300 million per year deal with TKO to air UFC events.
ESPN is set to launch its streaming service on August 21 with a $9.99 per month subscription fee.
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