The stock initially posted a 22% gain before the euphoria eased a bit, to plus-13%.
The 10-year rights deal is worth north of $5 billion, TKO confirmed in an SEC filing.
WhileRawaudience has stabilized in recent years, the property has underperformed broadcast-basedSmackDownsince 2019.
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Netflix shares, already in positive territory thus far in 2024, gained a fraction to about $486.
Thats a sign of approval given it was the one shelling out billions for the rights.
