WWE Network Is Moving To NBC's Peacock

World Wrestling Entertainment, Inc. WWE is shutting its streaming video network and will instead host its content on NBCUniversal's new direct-to-consumer streaming platform Peacock, the companies said Monday.

What Happened: WWE will close its WWE Network streaming platform in the U.S. in mid-March and will transition to NBCUniversal's streaming platform that was launched in July.

Comcast Corporation CMCSA is the parent company of NBC and NBCUniversal.

WWE fans will likely react favorably to the change as they will have the same access to more than 17,000 hours of new and original content on a 24/7 channel at a cheaper cost. WWE charged customers $9.99 a month for its service and will now be included in Peacock's platform for $4.99 a month.

Financial terms of the deal were not disclosed, but a source closer to the matter told The Wall Street Journal the agreement will run for five years and was valued at more than $1 billion.

Related Link: Here's How Much WWE Has Changed Since The Undertaker's Debut

Why It's Important: Peacock is hoping to distance itself from its streaming rivals by offering live events and sports. A deal to show WWE programming is a "cornerstone of our strategy," Peacock Chief Revenue Officer Rick Cordella told WSJ.

Peacock will also gain access to fresh content on a consistent basis. WWE has been filming its content on closed sets without fans throughout the pandemic.

"Peacock is an innovative platform that will enable us to showcase our most significant events, including WrestleMania, and provide the extraordinary entertainment our fans have come to expect with the combination of premium WWE content, live sports, news, films, and television programs," Nick Khan, WWE president, and chief revenue officer, said in the press release.

What's Next: Peacock will officially launch the WWE Network on March 18 and "Fastlane" will be the first WWE major pay-per-view event to stream on March 21. Starting next year, WWE will produce a signature documentary on an annual basis.

WWE's stock trades around $55.34 at publication time.

(Photo of Wrestlemania 35, by Howitto, Wiki Commons)