WWE and FOX are reportedly extremely close to brokering a deal for SmackDown Live's TV rights, making the company's stock skyrocket.
WWE seems to have cited something of a bidding war recently when it comes to the television rights for its weekly shows, Raw and SmackDown Live. NBC currently has the rights to both shows, airing both of them on its USA Network, Raw on Mondays and SmackDown Live on Tuesdays. That deal comes to an end in the fall of 2019 however, and it has caught the attention of other networks.
While the likes of Amazon and Facebook have been rumored to be interested in trying to acquire a slice of WWE's TV rights, FOX has been the reported front-runner throughout this whole saga. Those reports were compounded when rumors surfaced a few days ago that NBC was willing to triple the price of their current contract in order to keep Raw, however that would mean sacrificing SmackDown Live.
RELATED: WWE STOCK REACHES ALL-TIME HIGH
It appears those rumors may very well be true as apparently, FOX secured the rights to SmackDown Live starting in the fall of 2019 for a deal reportedly worth in the realm of $1 billion. That news has caused WWE's stock prices to soar this week. According to Wrestling Inc, the company's stock was up 12.52% today, closing at $57.86 per share. The day's high came in at an impressive $59.45.
This marks yet another record high for WWE's stock prices, just days after the last time they set a new record. That spike in stock prices was for the same reason, the rumored SmackDown Live to FOX deal, and now that deal has been confirmed it only makes sense that stock prices would increase even further. Vince McMahon must be a pretty happy man right about now.
In fact, Mr. McMahon was already happy following more financial news involving the chairman that broke late last week. Forbes reported that McMahon is now worth $2.2 billion, finally putting him on par with his old rival, Ted Turner. Those who claim WWE is failing and point towards the promotion's TV ratings clearly aren't aware of how the company works and makes its money in 2018.