Former professional wrestler and actor Dwayne Johnson has become synonymous with “The Rock,” his wrestling persona and nickname. The former wrestler is joining the Board of Directors of TKO Group Holdings, the parent company of the WWE, as announced Tuesday morning.
As part of the announcement, Johnson is gaining ownership of his trademarked name.
What Happened: TKO Group Holdings (NYSE:TKO), which is the parent company of WWE and UFC, announced a landmark deal that will see WWE content come to streaming giant Netflix Inc (NASDAQ:NFLX).
Netflix landed exclusive rights to WWE’s “Raw” and other weekly shows from the wrestling league in a 10-year deal valued at $5 billion. The deal will begin in 2025, when an existing media partnership between WWE and Comcast Corporation (NASDAQ:CMCSA) comes to an end.
Along with the streaming deal, TKO Group Holdings announced that Johnson and Groupon co-founder Brad Keywell have joined the company’s Board of Directors.
“Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock. We are proud to have him join the TKO board to help take our company to new heights,” TKO Executive Chairman Vince McMahon said.
The company indicated that the appointment of Johnson could help with long-term value creation for shareholders with growth initiatives for the UFC and WWE brands.
“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,” Johnson said, referencing his grandfather High Chief Peter Maivia and his father Rocky “Soulman” Johnson.
Tuesday’s announcement also will see WWE entering into a services and merchandising agreement with Johnson over the trademarked name “The Rock.” Johnson will secure ownership of the trademarked name as part of the agreement with the WWE having the merchandising agreement and an intellectual property assignment agreement.
An SEC filing reveals that Johnson received royalties of $491,000 from WWE in 2023. The merchandising agreement will see Johnson receive restricted stock awards up to $30 million.
“Taking full ownership of my name, ‘The Rock’, is not only unprecedented, but incredibly inspiring as my crazy life is coming full circle. At my core, I’m a builder who builds for and serves the people,…
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