TKO Group President Mark Shapiro spoke at the Morgan Stanley Technology, Media & Telecom Conference on Monday, addressing a range of issues related to several brands within the TKO portfolio. With the WWE’s partnership with Peacock set to expire in 2026, Shapiro noted that both sides are interested in renewing their agreement to carry pay-per-view events on Peacock.
“We will get into discussions soon, in the next quarter when it comes to the PLEs,” Shapiro said. “That deal comes up early to mid-part of 2026. Our conversations on our renewal start relatively soon.”
The WWE’s agreement with Peacock dates back to March 2021. Since then, all WWE Premium Live Events (PLEs) have been distributed through the platform in the United States for subscribers.
Meanwhile, WWE and Netflix recently began the first year of a 10-year, $5 billion agreement, making Netflix the exclusive new home of Raw in the U.S., Canada, U.K., and Latin America, with additional territories to be added over time. Another key aspect of the agreement is that Netflix subscribers outside the United States also gain access to a variety of WWE shows, specials, and Premium Live Events, including WrestleMania, SummerSlam, and Royal Rumble.
Under the current deal with Peacock, WWE maintains its extensive library on the streaming platform in addition to the PLEs in the U.S.
“Peacock has been a crazy good partner. We’ve been a huge driver of that platform — both in terms of acquisition and retention,” said Shapiro. “They are making it a priority, so we’re keen to renew with them.”
Shapiro also mentioned that WWE could keep a relatively small group of events within its PLE schedule in one place, but that decision would ultimately depend on supply and demand.
Regarding the early signs of the Netflix agreement, Shapiro suggested that Netflix potentially owning all WWE content could also make sense. He highlighted the strong early viewership, noting that Raw had seen a 13% increase year-to-date compared to its numbers on USA Network.
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