TKO (NYSE:TKO) stock is on the rise Tuesday after the WWE and UFC parent company announced a deal with Netflix (NASDAQ:NFLX)!
This new deal has Netflix becoming the “new home” of WWE Raw. That includes showings of the wrestling event in the U.S., Canada, U.K., Latin America and other regions. To go along with that, Netflix will also air all WWE shows and specials outside the United States.
This is a major change for TKO, as it marks the first time that WWE Raw has left traditional television in favor of a streaming service. It’s also a win for Netflix as WWE Raw brings in roughly 17.5 million unique viewers per year.
TKO Stock Jumps on Board Change
Outside of this Netflix deal, TKO stock is also rising as Dwayne Johnson joins the company’s Board of Directors. At the same time, Johnson is also obtaining full ownership of “The Rock” trademark.
TKO CEO Ariel Emanuel said the following about Johnson joining the company’s Board in a statement to Variety:
“I am thrilled to partner with Dwayne and welcome his immense talent to TKO’s Board […] Dwayne brings an incredible track record of creating content and building globally recognized consumer brands, and he will play a key role in realizing our ambitions for TKO.”
These two pieces of news bring with them heavy trading of TKO stock on Tuesday. That has more than 4 million shares on the move as of this writing. This is already well above its daily average trading volume of about 1.2 million shares.
TKO stock is up 17.8% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
