In a surprising turn of events, WWE and Netflix made headlines on January 23rd by announcing the migration of Monday Night RAW to the streaming giant’s platform. However, the joyous announcement was quickly overshadowed by a legal storm as Janel Grant filed a lawsuit against WWE and Vince McMahon, just two days later.
Grant’s lawsuit alleges serious charges, including sex trafficking, emotional abuse, and sexual assault, putting WWE in a precarious position. The controversy took a toll on the company beyond legal matters when Slim Jim decided to hit pause on its sponsorship deal with WWE. This move prompted Vince McMahon to make a significant decision, resigning from his role as TKO Executive Chairman on January 26.
The unexpected resignation sent shockwaves through the wrestling and entertainment industries, leaving fans and industry insiders speculating on the future of WWE leadership. McMahon’s departure came in the wake of a tumultuous period for the company, both financially and in terms of public relations.
As the dust settled, attention turned to Netflix and its Chief Content Officer, Bela Bajaria. During a Next on Netflix event, where the streaming platform discussed its upcoming releases, Bajaria was confronted with questions about the controversial move to bring WWE RAW to Netflix.
In response to concerns raised regarding the lawsuit and allegations against Vince McMahon, Bajaria confidently stated, “He’s gone. So he’s not there. He’s gone”. This succinct acknowledgment hinted at Netflix’s readiness to distance itself from the controversy surrounding the former WWE Chairman.
According to a filing from TKO, Netflix has the option to cancel the 10-year deal with WWE after just 5 years, and has the option to extend the deal for an additional 10 years.
This means that the WWE-Netflix partnership could end up being 5 years, 10 years, or 20 years – whichever Netflix chooses.
The company discloses the value of the deal over 10 years would be “in excess of $5 billion”.
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