What Happened to World Wrestling Entertainment (WWE)?
World Wrestling Entertainment (WWE) underwent a transformative period, culminating in its merger with the Ultimate Fighting Championship (UFC) in September 2023 to form TKO Group Holdings, a new publicly traded sports and entertainment giant. This era also saw the definitive departure of long-time chairman Vince McMahon amid further sexual misconduct allegations in January 2024, and a landmark 10-year, $5 billion deal with Netflix to exclusively stream its flagship show, Monday Night Raw, globally starting January 2025.
Quick Answer
World Wrestling Entertainment (WWE) is now a key component of TKO Group Holdings, a global live sports and entertainment company formed by its merger with UFC in September 2023. The company has significantly expanded its global reach through a groundbreaking 10-year, $5 billion deal with Netflix, making the streaming giant the exclusive home for Monday Night Raw in the US and all WWE content internationally from January 2025. Vince McMahon, the long-standing figurehead, resigned from TKO in January 2024 following new allegations, with Nick Khan continuing as WWE President and Triple H overseeing creative.
📊Key Facts
📅Complete Timeline13 events
Endeavor Announces WWE Acquisition and UFC Merger
Endeavor Group Holdings, owner of UFC, announced its agreement to acquire WWE and merge it with UFC, forming a new publicly listed company.
TKO Group Holdings Officially Forms
The merger officially closed, creating TKO Group Holdings, Inc., which began trading on the New York Stock Exchange under the symbol "TKO".
Netflix Secures WWE Raw Rights
WWE and Netflix announced a landmark 10-year, $5 billion deal for the exclusive global rights to Monday Night Raw and other WWE content internationally, starting January 2025.
Vince McMahon Resigns from TKO
Vince McMahon resigned as Executive Chairman of TKO Group Holdings following a lawsuit alleging sexual assault and trafficking.
SmackDown Returns to USA Network
WWE SmackDown returned to the USA Network as part of a new five-year broadcasting rights deal.
Saturday Night's Main Event Revival Premieres
The revived "Saturday Night's Main Event" premiered on NBC, part of the SmackDown deal with NBCUniversal.
Monday Night Raw Premieres on Netflix
Monday Night Raw officially premiered as an exclusive live stream on Netflix in the U.S., Canada, U.K., and Latin America.
WWE PLEs Move to ESPN App in US
WWE Premium Live Events (PLEs) began streaming on the ESPN App with the ESPN Unlimited Plan in the United States.
Raw on Netflix Anniversary Show
The "Monday Night Raw on Netflix Anniversary Show" took place at Barclays Center, marking one year of Raw on the streaming service.
Nick Khan Signs New WWE Contract
WWE President Nick Khan signed a new contract to remain in his role through December 31, 2030, with a significant pay increase.
Vince McMahon Lawsuit Heads to Arbitration
A sex trafficking lawsuit against Vince McMahon was agreed to be resolved outside of court through arbitration.
TKO Reports Strong Q2 2026 Results
TKO Group Holdings announced strong second-quarter 2026 financial results, with revenue of $1.547 billion and raised its full-year 2026 guidance.
Nick Khan Sells TKO Shares
TKO director Nick Khan reported selling 9,589 shares of TKO Group Holdings Class A Common Stock.
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🔍Deep Dive Analysis
The most significant development for World Wrestling Entertainment (WWE) in recent years was its merger with the Ultimate Fighting Championship (UFC) to create TKO Group Holdings. This deal, announced in April 2023 and finalized on September 12, 2023, valued the combined entity at over $21 billion, with Endeavor holding a 51% controlling interest and existing WWE shareholders owning 49%. Concurrently, WWE navigated a turbulent period marked by the ongoing fallout from sexual misconduct allegations against its long-time chairman and CEO, Vince McMahon. McMahon, who had returned to facilitate the sale, ultimately resigned from TKO Group Holdings in January 2024 following a new lawsuit alleging sexual assault and trafficking.
A pivotal shift in WWE's distribution strategy occurred with the announcement of a monumental 10-year, $5 billion deal with Netflix in January 2024. This agreement made Netflix the exclusive home for WWE's flagship weekly program, Monday Night Raw, in the U.S., Canada, U.K., and Latin America, and for all WWE shows and premium live events internationally, beginning in January 2025. Domestically, WWE's premium live events (PLEs) moved to the ESPN App with the ESPN Unlimited Plan in 2025, while SmackDown returned to USA Network in September 2024, and NXT moved to The CW Network.
The merger with UFC was driven by Endeavor's strategy to create a global live sports and entertainment powerhouse, leveraging the complementary fan bases and operational synergies between professional wrestling and mixed martial arts. The formation of TKO aimed to maximize shareholder value and capitalize on combined media rights, sponsorship, and live event opportunities. Vince McMahon's return in early 2023 was explicitly to oversee a strategic review and potential sale of the company, which he argued was necessary to maximize shareholder value and navigate upcoming media rights negotiations. His subsequent resignation was a direct consequence of escalating legal and public pressure stemming from the sexual misconduct allegations, which had become a significant liability for the newly formed TKO Group. The move to Netflix for Raw and ESPN for PLEs reflects a broader industry trend towards streaming and a strategic effort by WWE and TKO to secure long-term, lucrative media rights deals that tap into global digital audiences.
The formation of TKO Group Holdings has fundamentally reshaped WWE's corporate identity, integrating it into a larger sports and entertainment conglomerate. This has led to significant financial growth for TKO, with WWE contributing substantially to its revenue. The Netflix deal represents a major shift in content distribution, moving WWE's flagship weekly show from traditional linear television to a global streaming platform, promising expanded reach and predictable long-term revenue. Vince McMahon's departure has marked the end of an era of McMahon family majority control, with Nick Khan continuing as WWE President and Paul "Triple H" Levesque maintaining creative oversight. The company continues to focus on international expansion and premium live events, with increased site fees and global partnerships.
As of August 15, 2026, WWE operates as a prominent division within TKO Group Holdings, Inc. TKO reported strong second-quarter 2026 results, with revenue of $1.547 billion and net income of $303.9 million, and raised its full-year 2026 guidance to $5.775 billion to $5.825 billion. WWE itself generated $620.9 million in revenue in Q2 2026, outperforming UFC for the quarter. Monday Night Raw is exclusively available on Netflix in the U.S. and other key regions, while all WWE shows and premium live events are available internationally on Netflix. In the U.S., WWE Premium Live Events are streaming on the ESPN App, SmackDown airs on USA Network, and NXT is on The CW Network. Nick Khan remains the President of WWE, having signed a new contract through 2030. Vince McMahon is no longer involved with the company, and a sex trafficking lawsuit against him was agreed to be resolved outside of court in July 2026. TKO continues its strategy of global expansion and maximizing media rights and live event revenue.
What If...?
Explore alternate histories. What if World Wrestling Entertainment (WWE) made different choices?