NBCUniversal’s direct-to-consumer streaming platform Peacock has struck a deal for exclusive rights to World Wrestling Entertainment Inc. content, the two companies said.
Terms of the pact weren’t disclosed. A person familiar with the deal said it runs five years and is valued at more than $1 billion.
Under the agreement, the WWE will shut down its WWE Network streaming service in the United States in mid-March, and Peacock will license the programming, including the popular “WrestleMania” franchise, for its own platform.
The demise of WWE Network shows the challenges to launch and sustain a successful streaming platform, even for a popular brand such as the WWE. Last year, the heavily funded short-form programming streaming service Quibi shut down after only a few months online. It has subsequently sold its programming rights to Roku Inc., which will put that content on its streaming media service.
For Peacock, adding WWE content will provide an opportunity to broaden the appeal of the service, which launched in July and has 26 million sign-ups.
