Netflix has agreed a ten-year, ‘$5bn’ deal with WWE to become the exclusive global broadcaster of Monday Night Raw, including in the US, from 2025. The agreement also covers the international rights to WWE’s other programming and premium live events – including Wrestlemania. The announcement is by far and away Netflix’s biggest investment in live sports and so an emergency podcast was convened featuring SportsPro's Nick Meacham and Steve McCaskill alongside Minal Modha research director at Ampere Analysis to discuss what it all means.

Talking points:

• The detail behind the deal (0:59)
• Why this works for Netflix (8:32)
• Who will Netflix go after next? (16:58)
• The role of advertising on Netflix and what next in sports? (20:30)
• TKO's hand in securing this deal (24:54)