WWE NXT heads to The CW

WWE is reportedly close to adding a new media rights partner for NXT.

Per a report from PWInsider, WWE is close to a five-year deal with The CW to bring NXT to the network. NXT currently airs on USA Network, with that deal set to expire in September 2024.

While the value of the rights deal is currently unknown, PWInsider reports that the deal “would easily be the biggest increase for WWE NXT media rights fees ever.”

Update: WWE and The CW confirmed the deal Tuesday afternoon.

WWE ANNOUNCES NXT WILL MOVE TO THE CW NETWORK IN OCTOBER 2024 pic.twitter.com/k5upI5ATMR

— Brandon Thurston (@BrandonThurston) November 7, 2023

And Deadline’s Jill Goldsmith added financials (“more than double the $15 million a year price tag of the current contract”), and WWE parent Endeavor CEO Ari Emmanuel spoke about a 70 percent year-over-year increase in average annual value:

Ari Emanuel said NXT got a 70% increase in AAV to move to CW. Unknown to me what the current AAV is.

CFO Andrew Schleimer says Elimination Chamber will be WWE's highest site fee in its history. I guess Saudi events ($50M each) don't count as a site fee.

— Brandon Thurston (@BrandonThurston) November 7, 2023

This comes after NXT moved from WWE Network to USA in 2019.

A deal for NXT rights would be WWE’s second media rights deal to get wrapped up this fall. Back in September, the company announced that SmackDown would move to USA Network in 2024 from Fox. The future of WWE Raw is still uncertain, though PWInsider mused that it could end up on a streaming platform like Prime Video.

Over the summer, our Chris Novak discussed the future of NXT, opining that a return to a streaming platform might be the most sensible move. Instead, NXT is heading to The CW, the spiritual successor to UPN, the original home to SmackDown nearly 25 years ago.

Adding NXT is The CW’s latest step into the live sports (or sports-ish) genre this year. The network is finishing up its first year with LIV Golf and is in the midst of its debut season airing ACC football and basketball games. The network is also taking over as the home of NASCAR’s Xfinity Series in 2025.

[PWInsider]