TKO Shares Down After SmackDown Moves From Fox
By Dean Seal
Shares of TKO Group Holdings fell after World Wrestling Entertainment said it would bring Friday Night SmackDown back to USA Network after airing for several years on Fox.
The stock was down 12% at $88.76 in early trading. Shares of the new publicly traded company formed by the combination of WWE and Ultimate Fighting Championship began trading last week.
NBCUniversal's USA Network said Thursday that it has bought the premier WWE television-rights package in a five-year deal valued at about $1.4 billion, according to unnamed sources cited in a report by The Wall Street Journal. The new deal takes effect next fall.
SmackDown aired on USA Network from 2016 to 2019 before moving to Fox.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 21, 2023 10:31 ET (14:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing