Dwayne “The Rock” Johnson has yet one more gig so as to add to his repertoire of titles — TKO Group Holdings Board member.
The corporate, which consists of the merged WWE and UFC, revealed the information in an SEC submitting on Tuesday. Johnson will step into the function efficient instantly.
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As a part of the deal, Johnson will formally have possession over “The Rock” title and its affiliated mental property, one thing the WWE has legally owned — till now.
“The Rock” nickname comes from his father, Rocky Johnson, a WWE Corridor of Fame wrestler, and having possession of the title and its affiliated property is one thing that he isn’t taking calmly.
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“My grandfather, Excessive Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve by no means thought at the present time would come. Which is why I am very humbled to have a seat on the desk that has many years of historical past and household legacy for me. A desk that my household helped to construct,” he stated in a launch. “Being on the TKO Board of Administrators, and taking full possession of my title, ‘The Rock’, is just not solely unprecedented, however extremely inspiring as my loopy life is coming full circle.”
Within the new function, Johnson is anticipated to “present to WWE sure promotional and different providers” and shall be granted an estimated $30 million in inventory awards set to vest between 2024 and 2025.
Johnson may also proceed to obtain royalties from the WWE for gross sales any licensed merchandise that use “The Rock” IP or Johnson’s title and likeness in any regard.
“Only a few individuals on the planet perceive the convergence of sports activities, leisure, media, and enterprise like Rock,” stated TKO Govt Chairman of the Board, Vince McMahon. “We’re proud to have him be part of the TKO board to assist take our firm to new heights.”
Netflix Will increase Reside Streaming with WWE Uncooked Deal
Individually, the WWE introduced on Tuesday that Netflix would be the new official house for its weekly present, “Monday Night time Uncooked.”
Beginning in January 2025, Netflix could have unique streaming rights to “Uncooked” in a deal estimated to be valued at $500 million per 12 months for 10 years, with Netflix having the choice to bow out after 5 years or prolong for an additional 10.
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“This deal is transformative,” stated Mark Shapiro, TKO President and COO. “It marries the can’t-miss WWE product with Netflix’s extraordinary world attain and locks in vital and predictable economics for a few years. Our partnership basically alters and strengthens the media panorama, dramatically expands the attain of WWE, and brings weekly dwell appointment viewing to Netflix.”
TKO was up practically 13% in a 24-hour interval following Tuesday’s bulletins.