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WWE’s $1.6 Billion Deal With ESPN Wows Some Wall Streeters, But Shares In Ari Emanuel-Run Parent TKO Dip

August 6, 2025
in News
WWE’s $1.6 Billion Deal With ESPN Wows Some Wall Streeters, But Shares In Ari Emanuel-Run Parent TKO Dip
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The WWE had long been expected to reap rewards for its lineup of 10 annual “premium live events” like Wrestlemania, but its $1.6 billion rights deal with ESPN unveiled Wednesday is drawing some extra attention on Wall Street.

The agreement, whose financial terms were confirmed to Deadline by a source familiar with the details, succeeds a landmark pact with NBCUniversal’s Peacock.

Despite raves in some corners, the deal has not managed to boost the stock of WWE parent TKO Group Holdings. Its shares declined by nearly 3%, hovering around $159 this afternoon. The company, which is run by longtime former Endeavor chief Ari Emanuel, was set to report second-quarter earnings after the close of the trading day.

Lance Vitanza, an analyst with Cowen & Co. who has a Street-high $220 price target on TKO shares, said in a note to clients that the WWE deal came in “better than expected.” He added that it “bodes well” for TKO’s current negotiations with Disney and ESPN for UFC pay-per-view rights. The wrestling pact alone would boost TKO shares by $6, according to the analyst’s math.

The deal’s $325 million average annual value, however, came in below analysts’ consensus expectation for $340 million. Eric Handler of Roth Capital Partners noted the shortfall, though he reiterated his “buy” rating on TKO shares. Initial reports on the deal gave him pause, as they did not mention whether the “vast (and valuable) content library” of WWE would be part of the deal.

When NBCU struck the Peacock deal for the live WWE events in 2020, it needed programming due to the Covid delay of the 2020 Tokyo Olympics. The setup also included a trove of other WWE programming, which included titles that previously existed on a stand-alone WWE-run streaming service.

In a press release announcing the deal today, ESPN Chairman Jimmy Pitaro saluted the WWE’s “immense, devoted and passionate fanbase” and said the agreement would help “drive our streaming future.” Mark Shapiro, President and COO of TKO and a former top exec at ESPN, said the deal comes at “an exciting juncture” in ESPN’s streaming rollout.

The addition of WWE programming was revealed, along with new NFL rights and a sweeping equity deal with the league, as ESPN parent Disney reported its quarterly earnings.

The post WWE’s $1.6 Billion Deal With ESPN Wows Some Wall Streeters, But Shares In Ari Emanuel-Run Parent TKO Dip appeared first on Deadline.

Tags: DisneyESPNTKOTKO Group HoldingsWWE
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