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Do you smell what the Mouse is cooking? ESPN, one of the largest subsidiaries of The Walt Disney Company NYSE: DIS, announced major agreements last week with two of the world's most prominent sports leagues: the National Football League (NFL) and World Wrestling Entertainment (WWE).
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 is drawing some extra attention on Wall Street.
Walt Disney Co (NYSE: DIS) is inching down this morning after reporting mixed financial results for its third quarter. Investors are choosing caution even though the entertainment conglomerate announced a landmark deal between ESPN and the WWE on Wednesday.
Adjusted earnings per share rose 16% from a year ago to $1.61 for Disney's fiscal third quarter. Analysts had expected $1.47, according to LSEG data.
Disney announced earlier that it had reached a deal to sell 10% of ESPN to the NFL in exchange for the NFL's media properties.
CNBC's Alex Sherman joins 'Squawk Box' with the latest news from ESPN.
Walt Disney's ESPN platform will become the exclusive home for all WWE events, including WrestleMania, from 2026 in the U.S., the companies said on Wednesday.
ESPN's new direct-to-consumer service will include all of WWE's live premium events beginning in 2026; ESPN will also simulcast select events on its linear networks. ESPN is paying TKO's WWE an average of $325 million per year for five years, according to people familiar with the matter.
BRISTOL, Conn. & STAMFORD, Conn.--(BUSINESS WIRE)--ESPN, a subsidiary of The Walt Disney Company (NYSE: DIS), and WWE, part of TKO Group Holdings, Inc. (NYSE: TKO), today announced a landmark rights agreement as ESPN platforms, including the new ESPN direct-to-consumer streaming service, will become the exclusive U.S. domestic home of all WWE Premium Live Events (PLEs), including the two-night cultural phenomenon WrestleMania, starting in 2026. This deal makes ESPN home to the highest-profile W.
The media company's ESPN unit will stream WrestleMania and other major offerings for five years.