WWE Reportedly Close to New TV Deal with The CW for NXT [Update – TKO Group Confirms TV Deal]

Update:

TKO Group confirmed that WWE recently signed a new television contract with The CW for their NXT television series that goes in effect starting in October of 2024.

Official press release:

The CW Network To Become The Exclusive Broadcast Home To WWE NXT

NXT Makes Broadcast Television Debut with Five-Year Deal Beginning October 2024

Network to Air Live Events Featuring WWE’s Next Generation of Superstars 52 Weeks a Year

November 7, 2023 (Burbank, CA & Stamford, Conn.) – The CW Network will become the official broadcast home to WWE NXT in October 2024. The five-year agreement marks the first time in its 13-year history that WWE NXT – which showcases WWE’s hottest up-and-coming Superstars – will air on a broadcast television network. WWE NXT will debut on The CW Network in October 2024 and air 52 live weekly events throughout the season.

“We are thrilled to welcome the WWE brand into the CW Sports portfolio as they play an integral role in our mission to bring live sporting events to the network year-round,” said Dennis Miller, President, The CW Network. “WWE NXT is a perfect fit for The CW thanks to its dynamic young talent featuring the hottest rising stars in the sport and exhilarating, unpredictable weekly events. The passion and engagement of WWE’s fanbase is unmatched, and we are eager to grow that audience as WWE NXT’s new home on broadcast television.”

“The CW has made impressive moves over the past year with its live sports programming schedule,” said Nick Khan, WWE President. “It’s a truly exciting opportunity to expand NXT’s audience by bringing the show to broadcast television for the first time in NXT’s history.”

Launched by WWE Chief Content Officer Paul “Triple H” Levesque, WWE NXT has aired weekly since 2012 and features the brightest young talent in sports entertainment. Nearly 90% of the participants in last year’s WrestleMania were developed under the NXT banner. Led by WWE Hall of Famer Shawn Michaels, NXT is popular with younger audiences, ranking No. 1 in cable primetime on Tuesday nights last quarter among adults 18-49 and 18-34. Year to date, NXT’s average viewership is up 30% among adults 18-49. WWE Superstars, such as Roman Reigns, Seth Rollins, Charlotte Flair and Becky Lynch, have come up through NXT.

WWE NXT joins a growing roster of live sports on The CW Network, including ACC football and basketball games airing every Saturday throughout the season and LIV Golf. The CW is also the new home of the Emmy-award winning weekly studio series “Inside the NFL” and will broadcast NASCAR Xfinity Series beginning in 2025. The network will soon offer more than 500 hours of sports programming year-round.

While no monetary amount was given for WWE’s new TV deal for NXT, Deadline reported that their sources stated that this new deal is worth more than double the $15 million per year WWE was getting from their current deal with USA Network.

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WWE reportedly is close to signing a new television contract with The CW for their NXT brand, according to PWInsider.

Mike Johnson reported that his sources stated that WWE and CW network officials have been in deep talks for the past several weeks about NXT shifting from its current basic cable home on the USA Network to a new traditional broadcast network home on The CW once WWE’s current TV contract expires after September of 2024.

Johnson reported that WWE’s new deal is currently expected to be for five years in length and would be the biggest ever increase for a WWE NXT media rights fees deal in NXT history.

Johnson also reported that this was the reason why WWE has been hard at work in recent months at raising the prestige and value of NXT so that the brand would be seen as something greater than just a developmental TV series for the company.

In regards to The CW, Johnson reported that The CW being interested in WWE is part of their current focus being more towards live sports programming since Nexstar Media Group purchased controlling power in the network in October of 2022.

In regards to national reach, Johnson reported that The CW is currently in over 98% of all television homes in the United States and including all of the top 100 markets.

Johnson reported that those spoken to stated that CW officials has had conversations with several wrestling promotions over the course of the year with talks for wrestling programming for both their network and CW App. Johnson reported that WWE became the frontrunner and focus of CW’s conversations after a while.