Dwayne “The Rock” Johnson has yet another gig to add to his repertoire of titles: board member of TKO Group Holdings.
The company, made up of the merger of 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 of the name “The Rock” and its affiliated intellectual property, something WWE has legally owned – until now.
The nickname “The Rock” comes from his father, Rocky Johnson, a WWE Hall of Fame wrestler, and having ownership of the name and its affiliated properties is something he doesn’t take lightly.
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“My grandfather, High Chief Peter Maivia, and my father, Rocky ‘Soulman’ Johnson, never thought this day would come. That’s why I’m so honored to have a seat at this table that boasts decades of history and legacy family to me. A table that my family helped build,” he said in a statement. “Being on the board of TKO and taking full ownership of my name, ‘The Rock,’ is not only unprecedented, but incredibly inspiring as my crazy life comes full circle.”
In the new role, Johnson is expected to “provide WWE with certain promotional and other services” and will be granted approximately $30 million in equity awards that will be awarded between 2024 and 2025.
Johnson will also continue to receive royalties from WWE for the sale of any licensed products utilizing “The Rock’s” intellectual property or Johnson’s name and likeness in any manner.
“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 on TKO’s board of directors to help take our company to new heights.”
Netflix increases live streaming with WWE Raw Deal
Separately, WWE announced Tuesday that Netflix will be the new official home of its weekly show, “Monday Night Raw.”
Starting in January 2025, Netflix will have exclusive streaming rights to “Raw” in a deal estimated to be worth $500 million annually for 10 years, with Netflix having the option to withdraw after five years or extend for another 10.
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“This deal is transformative,” said Mark Shapiro, president and COO of TKO. “It combines the must-see WWE product with the extraordinary global reach of Netflix and delivers significant and predictable economics for many years. Our partnership fundamentally alters and strengthens the media landscape, dramatically expands WWE’s reach and enables weekly viewing of live dates. to Netflix.”
TKO rose nearly 13% in a 24-hour period after Tuesday’s announcements.