TKO’s Mark Shapiro Says WWE Could’ve Made More Than $1.6 Billion But ESPN Deal Was About Brand Power

WWE’s $1.625 billion streaming deal with ESPN made headlines for its jaw-dropping price tag, but now TKO COO Mark Shapiro has revealed something even more surprising — they actually turned down a higher offer to go with ESPN.

Speaking on the Q2 2025 TKO earnings call, Shapiro made it clear the decision wasn’t just about the money. According to him, the ESPN brand power, reach, and strategy won out — even if it meant leaving extra cash on the table.

“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… was just as important as the dollars.”

That’s a bold move considering the WWE Premium Live Events package already secured TKO a massive upgrade from their $180 million per year Peacock deal. The new five-year contract with ESPN brings in $325 million annually — nearly doubling what WWE previously made.

Shapiro also made it clear they weren’t about to hand everything over to Netflix, which now hosts Monday Night RAW, noting they didn’t want to “put all of our eggs in one basket.”

“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.”

While fans will be paying nearly triple — $29.99/month for the new ESPN DTC service versus $10.99/month for Peacock — TKO insists the strategy is long-term and built for stability. Shapiro also teased that big events like WrestleMania or SummerSlam may air the first hour or two on ESPN’s cable channel before switching over to streaming.

“The idea of having a Money in the Bank, a SummerSlam, a WrestleMania… 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.”

Even though the fans are the ones now shouldering a larger financial burden, TKO is banking on ESPN’s massive footprint to grow WWE’s reach and cement their status in the sports media world.

“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.”

WWE chose power over a bigger payday — and fans are the ones now paying for that vision.