Mark Shapiro Says TKO Could’ve Gotten ‘Slightly Higher’ Rights Fee For WWE PLEs By Going With Another Partner, But They Felt Strength Of ESPN’s Brand

Shapiro also spoke about the idea of simulcasting PLEs for the first hour or two.

On the day of the Q2 2025 TKO Earnings Call, it was announced that WWE reached a deal with ESPN to host their Premium Live Events beginning in 2026.

This was further elaborated on by TKO Chief Operating Officer Mark Shapiro on the earnings call. He shared that they could have gotten a ‘slightly higher’ rights fee by going with another partner, but they felt the strength of ESPN’s brand. On the subject of their already existing partner, Netflix, not picking up those rights, Shapiro said they did not want to put all their eggs into one basket.

Shapiro then mentioned the possibility of WWE PLEs simulcasting on ESPN linear for the first hour or two and then fully passing it over to the direct-to-consumer service.

“First off, I think we’ve been consistent in our messaging to you, that we were always a little reticent about having all of our eggs in one basket. Don’t get me wrong, when you’re doing these deals, you’re balancing monetization, right? Of the asset and the opportunity, with, of course, reach, with regard to our brand and our audience. So, that certainly played a factor. When we had went into the market, at roughly the same time, we began talking with interested parties in the UFC. We had strong interest because more than anything else, these are monthly, big events, and we’re now, frankly, living in the big event era if you will… I would just tell you, when all was said and done, we could have actually had a slightly higher rights fee by going with another partner. But we felt the strength of ESPN’s brand, their reach, the platform, the makeup of their audience and their D.T.C. strategy, which is launching soon here, was just as important as the dollars and we’ve been consistent with our approach in our messaging to you. Ultimately, we’re sitting here with a five-year deal, annual escalators, high-margin revenue stream with attractive visibility and stability. Deflative programming that are the PLEs and Nick Khan and Triple H have done such an amazing job taking the baton from Vince McMahon. These PLEs are purpose-built for direct-to-consumer services. We will stream all 10 PLEs over the course of a year… The idea of having a Money in the Bank, a SummerSlam, a WrestleMania, take your pick from our PLEs, with the first hour or even two simulcast on ESPN linear and the D.T.C. which is a handoff to their direct-to-consumer. You just can’t beat that proposition, and of course, that’s driven by the fact that ESPN’s linear platform is absolutely unmatched in the industry.”

WWE’s Premium Live Events currently air on Peacock. The deal with Peacock is up in March 2026.

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