Since merging the WWE and UFC in 2023, the parent company, TKO Group, has aggressively expanded its footprint in the digital space. For the pro wrestling behemoth, the recent agreement to send its premium live events to ESPN’s new direct-to-consumer app is a seismic shift in the sports-entertainment landscape.
As the wrestling promotion finds itself branching out across various platforms, the price of watching WWE continues to rise. For the WWE Universe, the recent maneuvers raise a couple of questions: who will snap up WWE’s vast library and archives, and what will happen to NXT’s premium live events (PLEs)?
Examining Key Players + TKO Takeover
In the US, Peacock is the current home for NXT PLEs and the WWE library, but that deal is set to expire soon. When the WWE main roster PLEs move to ESPN, beginning with WWE Wrestlepalooza in September, as part of a five-year deal worth more than $1.6 billion, the archives and NXT PLEs won’t be making the move. At the end of the year, the WWE archives are set to leave Peacock and the NXT PLEs will be removed in March 2026.
Between the WWE and UFC, TKO Group has partnerships spread across the largest media companies in the United States, and any future deal could broaden those relationships.
Paramount, The CW & FOX: A Triple Threat to Watch For
Last week, the UFC locked up a seven-year, $7.7 billion deal with Paramount, bringing the Octagon to Paramount+ and ending the PPV model. Paramount+ lost 1.3 million subs in Q2, pairing UFC with WWE NXT PLEs, and the archives would make the streamer a knockout of a deal for the crossover of combat sports and wrestling fans. Additionally, with the weekly UFC events and the near-monthly NXT PLE schedule, constant appointment viewing throughout the year would reduce churn.
NXT’s weekly show can be found on The CW, and the network has been vocal about the show being a “game changer,” allowing it to compete with the Big Four in key demos. WWE NXT has given The CW its highest-rated quarter for the program in five years. Recently, the network added the Savannah Bananas broadcast as it continues to venture into live sports. CW could continue its dabble in live entertainment by airing live NXT PLEs on broadcast TV, as well as the CW app. If the app were to add WWE archives, it would bring a new wave of users to the free, ad-supported platform. Framing certain NXT events as CW primetime specials would tap casual viewers with linear exposure and provide the network with package promos and lead-ins for its other shows.
WWE brings appointment viewing, live-event appeal, and huge cross-demographic interest, making it a great option for the upstart FOX One direct-to-consumer app. FOX has ties to the world of wrestling as it was the previous home of WWE SmackDown (2019-2024) and its FAST streaming service, Tubi, airs WWE Evolve weekly. Securing a deal to acquire the archives and NXT PLEs would give the streaming platform more live and on-demand content to attract subscribers on its new app. A FOX deal would allow WWE’s third brand to broadcast events to a larger audience after major events on FS1, FS2, and most importantly, a Big Four broadcast network.
ESPN x WWE: The Megapowers Expand
With an ad campaign of “Sports forever,” ESPN’s new DTC $29.99 offering is a haven for fans of all sports. Bringing all of ESPN’s networks and content under one roof, the app has positioned itself as the place for premium sports content. The tag-team formed with WWE puts the “E” in ESPN. If the two sides expand on that deal by adding the WWE archive, ESPN subscribers will have a lifetime of bingeable content (classic matches, WrestleMania history, documentaries) at their fingertips.
For ESPN, adding WWE’s vault, on top of live events, would increase engagement, giving subscribers more “always-on” value. To stick to the “forever” theme, WWE’s motto of “Then. Now. Forever.” pairs perfectly as its vault will continuously grow even when other sports have off-seasons.
ESPN President, Chairman Jimmy Pitaro has said that his company is interested in those rights once they leave Peacock at the end of the year. When asked about the WWE’s library rights on The Ringer’s Press Box podcast, Pitaro stated:
“We are always interested in bidding on content of that quality. I will tell you that we will have the archival rights for the events that we are airing. But yes, in terms of their library, we certainly would be interested when, if and when those rights are available.”
For WWE, consolidating both live events and archival content on a top sports brand strengthens the company’s positioning as the premier sports entertainment company with content that attracts a highly engaged, social audience, which advertisers love.
But what about NXT PLEs? WWE’s more developmental/edgier brand has a passionate, younger fanbase. If ESPN were to add NXT PLEs on its DTC service after the Peacock deal expires next year, it would help the streamer capture a broader wrestling funnel, bringing in casual viewers who tune in for WrestleMania on linear networks. With the brand backed by ESPN’s networks, viewers can get nudged to check out NXT highlights after big shows. WWE and ESPN could offer unique ideas and presentations of the third brand, like ESPN: The Ocho.
For WWE, hosting NXT PLEs alongside the bigger main roster shows on ESPN means unified marketing, cross-promotion, and the chance to elevate NXT as a genuine feeder league with national sports-brand credibility. With select ESPN events also streaming on Disney+, an NXT deal allows the developmental promotion to attract an even younger audience who could turn into lifetime fans, similar to the 1980s Rock and Wrestling Era.
Netflix & Graps: More On-Demand WWE Content
Over the past few years, Netflix has aggressively expanded into live and episodic sports-entertainment partnerships. The world’s largest streamer already has deep content deals with WWE, making it the international home of the WWE Network and domestic rights to WWE Monday Night Raw. The 10-year deal began in January of this year, but didn’t include WWE’s library or NXT PLEs in the United States.
An archive deal in the U.S. would allow Netflix to build an on-demand WWE hub filled with long-form documentaries, archival packages, and curated eras (’90s Attitude, Ruthless Aggression, PG Era) that feed the binge culture the streamer is synonymous with. Utilizing the platform’s recommendation engine would resurface archive clips inside the squared circle to new fans, possibly increasing views for its current WWE Original slate.
Bringing the domestic rights of the archives to Netflix would help end some of the fragmentation for the WWE faithful. Additionally, the “Netflix Effect” of story-first sports docs has helped expand fanbases for other leagues and sports, including Formula 1, making it a natural partner for narrative storytelling from deep vault material. Sending the WWE library to Netflix gives subscribers their next on-demand watch, which could lead to more grapple fans and continue growing the wrestling boom that WWE is currently experiencing.
Beyond quality on-demand content, live content is a goldmine for streamers. Netflix has excelled at specials and live moments that trend globally and has shown a willingness to experiment with live weekly programming and sports-adjacent content. From the NFL to boxing, or WWE Raw, Netflix could bolster its live content by adding NXT PLEs.
Streaming the WWE’s third brand and future stars in the United States makes Netflix the streaming destination for big fight-like event telecasts and behind-the-scenes extras. Paired with a WWE archive deal, the NXT PLEs would give US subscribers a similar viewing experience as most international audiences.
Staying on Peacock, Move to Versant
Peacock has undergone massive changes since becoming the exclusive U.S. streaming home of the WWE Network in 2021. That deal was worth around $275 million per year for five years, and the platform reportedly chose not to match ESPN’s lucrative offer of $325 million per year. The WWE library is set to leave Peacock at the end of the year, with NXT PLEs run on the platform concluding in March 2026.
WWE and the streamer’s parent company, NBCU, have a relationship that dates back to 1985. Throughout the years, various WWE programming has aired on the company’s networks and streaming platforms. As the first streamer to license the WWE Network, Peacock has a head start in packaging decades of matches, specials, and curated collections on the platform.
With college football right around the corner and the NBA returning to NBC beginning this fall, Peacock recently agreed to a multi-year deal to be the exclusive home of WWE Saturday Night Main Event. The latest moves ensure subscribers have more live content after Peacock increased its price by $3 last month
As part of the new agreement, SNME will no longer air on NBC, and Peacock will stream four events each year. This comes as NBCU is spinning off its linear networks, including USA Network (the home of WWE SmackDown), into its own company, Versant.
For WWE, keeping some type of relationship with NBCU, Versant, and Peacock is a win. There’s a clear value in keeping archives on a partner who already understands the material. For NBC, if it keeps the archives and NXT PLEs, it has content to stream year-round, giving subscribers one less reason to churn. Although NBC has rights to the NFL, NBA, and other sports, the NXT PLEs would flesh out the live offering for the summer if Peacock doesn’t become the new home of Sunday Night Baseball.
With the Versant spinoff expected to close next year, WWE could work out a deal with the upstart company. Versant and NBCU extended their rights deal with the USGA, in an agreement that split programming across each company’s networks and kept the digital rights on Peacock. WWE could follow suit and keep the archives on Peacock and move the NXT PLEs to Versant’s networks, such as USA or Syfy, and big shows on the NBC broadcast network.
Digital Goldmine: Overflowing the WWE Vaults on YouTube
YouTube currently airs AAA PLEs, WWE’s recently acquired Lucha Libre promotion, but NXT PLEs will likely not follow suit. However, on-demand content shines on YouTube, and it’s the perfect place to store forgotten gems, dormant clips, and matches from the archives.
After launching the WWE Vault and WCW Vault on YouTube, the company could forgo a paid streamer and released the full library on the platform. The channels have over 3 million subscribers after the first one launched in May 2024, with reports of launching an ECW Vault at a later date. With more than 122 million people using YouTube daily, watching over 1 billion hours of content, the accessibility is unmatched. The vault channels have hidden gems, classic matches, never-before-seen footage, and other content that the WWE Universe can binge on any device. The ad revenue and possible sponsor deals, combined with fan engagement, discovery, or nostalgia, without the cost of hosting the content, make YouTube a perfect home for the pixelated memories of content.
The Squared Circle Streaming War
TKO Group’s recent string of media moves with the WWE and UFC has reshaped the market for live sports and entertainment. Whatever happens next for the WWE library or NXT PLEs could greatly affect the future of competitor All Elite Wrestling (AEW).
Since TKO has deals in place with the deepest-pocketed buyers, including Netflix, Paramount, Disney, NBCU, Nexstar Group, Versant, and Fox, the pool of bidders willing to match that scale for a second national wrestling property tightens considerably. In plain terms, there may be fewer suitors prepared to pay headline fees for AEW at the same level, which compresses AEW’s negotiating leverage.
AEW signed a multi-year rights deal with Warner Bros. Discovery last year, reports indicate it was for $150 million per year and will expire by 2028 at the latest. The media landscape could radically change by then, and with WBD spinning off its linear networks, AEW could find itself at Discovery Global next year with the other traditional sports.
For the foreseeable future, the second-largest wrestling promotion in the world streams on HBO Max, where they’ve found new viewers while also growing their cable audience, according to AEW Founder and President Tony Khan during a media call ahead of Forbidden Door 2025. Khan told the media he was happy with the viewership AEW is getting on HBO Max and isn’t “super-focused” on what other promotions like WWE are doing.
While Khan said he’s focusing on making AEW the best product it can be, WWE’s first event on ESPN, WrestlePalooza in Indianapolis, will go head-to-head with AEW All Out on Saturday, September 20. Originally, WWE didn’t have a PLE scheduled for September, and this marks the first time the WWE main roster PLE goes head-to-head with an AEW PPV.
The last time two U.S. wrestling promotions of this size competed head-to-head was around the turn of the century during the Monday Night Wars. Like the ruthless aggression found inside the ring, moves are being made beyond the mat to take eyes away from the competition.
In the media space, the WWE on ESPN debut has been bumped up six months in advance for a card that is expected to be headlined by Brock Lesnar vs. John Cena for possibly the last time in Indy. TKO is rolling out a show with that main event as the inaugural ESPN DTC and linear network PLE versus one of AEW’s “Big Five” PPVs. In another blow off the top rope, according to a report from Awful Announcing, after the WWE-ESPN agreement was announced, the AEW landing page was removed from ESPN.com. The landing page now says “Page Error,” but the site still has a Pro Wrestling Hub page and a WWE hub.
Since TKO has strengthened its media ties and sold off WWE programming to various bidders, AEW could benefit from cord cutters frustrated by fragmentation. In the near future, AEW could position itself as a wrestling company made for those who don’t want to subscribe to a plethora of streaming services to keep up with their favorite superstars, storylines, and in-ring action. HBO Max streams weekly episodes of AEW Dynamite and AEW Collision live, plus the back catalog of PPVs for only $9.99 per month. Although the platform hasn’t added the live PPVs, that is in the works and was part of the latest media agreement. Even though AEW’s PPVs go for $49.99, combined with an HBO Max subscription for the other shows, it is still cheaper than WWE across its many platforms.
The Monday Night Wars are now the Squared Circle Streaming Wars, as the days of fans switching channels have long gone by, and now they’re wrestling with their wallets. WWE’s next moves, where the archives land and who gets NXT’s PLEs, will have ripples across the entire wrestling business. For fans, it means more choices and possibly more subscription math; for competitors like AEW, it means both risk and opportunity: less bidding firepower among the biggest streamers could compress future rights fees. And for streaming services, the winners in this next era won’t be chosen solely by big checks. They’ll be the platforms that can turn legacy content into ongoing viewer habits while simultaneously using live events to create appointment-driven spikes and a consistent funnel of discovery, engagement, and revenue.
