Dwayne “The Rock” Johnson has yet another gig to add to his repertoire of titles — TKO Group Holdings Board member.
The company, which consists of the merged WWE and UFC, revealed the news in an SEC filing on Tuesday. Johnson will step into the role effective immediately.
As part of the deal, Johnson will officially have ownership over “The Rock” name and its affiliated intellectual property, something the WWE has legally owned — until now.
“The Rock” nickname comes from his father, Rocky Johnson, a WWE Hall of Fame wrestler, and having ownership of the name and its affiliated property is something that he’s not taking lightly.
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“My grandfather, High Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve never thought this day would come. Which is why I’m very humbled to have a seat at the table that has decades of history and family legacy for me. A table that my family helped to build,” he said in a release. “Being on the TKO Board of Directors, and taking full ownership of my name, ‘The Rock’, is not only unprecedented, but incredibly inspiring as my crazy life is coming full circle.”
In the new role, Johnson is expected to “provide to WWE certain promotional and other services” and will be granted an estimated $30 million in stock awards set to vest between 2024 and 2025.
Johnson will also continue to receive royalties from the WWE for sales any licensed products that use “The Rock” IP or Johnson’s name and likeness in any regard.
“Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock,” said TKO Executive Chairman of the Board, Vince McMahon. “We are proud to have him join the TKO board to help take our company to new heights.”
Netflix Increases Live Streaming with WWE Raw Deal
Separately, the WWE announced on Tuesday that Netflix will be the new official home for its weekly show, “Monday Night Raw.”
Starting in January 2025, Netflix will have exclusive streaming rights to “Raw” in a deal estimated to be valued at $500 million per year for 10 years, with Netflix having the option to bow out after five years or extend for another 10.
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“This deal is transformative,” said Mark Shapiro, TKO President and COO. “It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years. Our partnership fundamentally alters and strengthens the media landscape, dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix.”
TKO was up nearly 13% in a 24-hour period following Tuesday’s announcements.
Source: entrepreneur.com