By Will Feuer

Shares of WWE parent company TKO Group shot up after the company struck a deal to stream some of its hit wrestling shows on Netflix.

TKO Group stock rose more than 20% to $92.99 in premarket trading. Through Monday's close, the stock was down about 12% over the past 12 months.

Netflix and TKO didn't disclose the financial terms of the arrangement, which will make Netflix the home of "WWE Raw" as well as "Smackdown" and more.

NBCUniversal's USA Network is the current rights holder for "Raw," with a five-year deal through the end of this year valued at $1.325 billion, or $265 million annually, according to regulatory filings.

Shares of Netflix rose 2% to $496.00 in premarket trading.

Earlier Tuesday, TKO also said it had added Dwayne "The Rock" Johnson, a former WWE wrestler, to its board of directors and struck a promotional deal with him.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 23, 2024 08:09 ET (13:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
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