Dwayne “The Rock” Johnson Joins TKO Board and Netflix Secures Exclusive Rights to “WWE Raw”
Dwayne Johnson’s Board Appointment and Ownership Deal:
Renowned Hollywood star and former WWE wrestler Dwayne “The Rock” Johnson is making a strategic move from muscle shirts to business suits as he joins the board of directors for TKO Group Holdings. The company, formed by the recent merger of WWE and UFC, has appointed Johnson to the board with immediate effect. As part of this deal, Johnson secures full ownership of his iconic stage name, “The Rock.”
The company, in a regulatory filing, revealed that Johnson will receive $30 million in stock awards to promote the brand. These awards are set to vest over the course of 2024 and 2025. TKO Group Holdings expressed admiration for Johnson’s extensive experience in revenue cultivation and media rights generation through ventures like ZOA Energy drink, Seven Bucks Production, and his role in overseeing the United Football League merger.
In a press release, Johnson expressed excitement about his life coming full circle and conveyed his motivation to contribute to the global expansion of TKO, WWE, and UFC as leaders in sports and entertainment. He acknowledged the hard work of athletes and performers, emphasizing his pride in representing individuals dedicated to making their dreams come true for audiences worldwide.
Board Expansion and Vince McMahon’s Statement:
The TKO board, following Johnson’s appointment, now boasts 13 members. Brad Keywell, co-founder of Groupon, was also appointed to the board on Tuesday. Vince McMahon, executive chairman of TKO’s board, lauded Johnson’s understanding of the convergence of sports, entertainment, media, and business, expressing pride in having him join the board to propel the company to new heights.
TKO’s Formation and Netflix Partnership:
TKO Group Holdings, formed last year through the merger of World Wrestling Entertainment (WWE) and Endeavor Group (parent company of UFC), has become a publicly traded entity. The press release noted that Johnson has been a client of the Endeavor-owned WME talent agency for over a decade.
Netflix’s Exclusive Rights to “WWE Raw”:
In a separate groundbreaking announcement, Netflix revealed its acquisition of exclusive streaming rights to “WWE Raw,” a weekly program currently airing on Comcast’s USA cable network. The streaming giant is set to commence live streaming of the show in January 2025.
Mark Shapiro, TKO President, emphasized the transformative nature of the deal between Netflix and WWE. The partnership combines the highly anticipated WWE product with Netflix’s global reach, securing significant and predictable economics for the long term.
Read Also: Netflix Strikes $5 Billion Deal to Air WWE’s “Raw” in Groundbreaking Move
Transformative Deals Reshape the Landscape
Dwayne “The Rock” Johnson’s entry into TKO Group Holdings’ board and Netflix’s exclusive rights to “WWE Raw” underscore transformative shifts in the landscape of sports and entertainment. These strategic moves set the stage for exciting developments in the industry, with TKO poised for growth under Johnson’s guidance and Netflix expanding its live event offerings. The convergence of iconic names and industry leaders promises a new era for fans worldwide.