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WWE Network Signs Exclusive Streaming Deal With Peacock

World Wrestling Entertainment content will move to streaming service Peacock starting March 18 in a deal that is reportedly more than $1 billion.

Comcast's  (CMCSA) - Get Comcast Corporation Class A Common Stock Report NBCUniversal has signed a multi-year agreement to stream World Wrestling Entertainment on its streaming platform Peacock, the two companies said Monday.

While the terms of the deal were not disclosed, The Wall Street Journal reported it runs five years and is valued at more than $1 billion.

 "WWE Network is a transformative addition to the platform and complements Peacock's massive catalog of iconic movies and shows, as well as the best live news and sports, from NBCUniversal and beyond," said Executive Vice President and Chief Revenue Officer Rick Cordella, in a statement. 

Peacock had a tough first year after launch when the Tokyo Olympics were postponed last year due to the coronavirus pandemic. This caused a major setback for Comcast's new streaming service.

Comcast also announced that it's shutting down its NBC Sports Network by the end of 2021 in a move to bolster its streaming service, according to reports.

Peacock will launch the WWE Network on March 18 on Peacock Premium for $4.99. All live pay-per-view events including the popular WrestleMania will now be a part of Peacock's programming.

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For an ad-free experience, Peacock Premium Plus will be available for $9.99.

Peacock launched in April last year and has 26 million sign-ups, the Journal reported.

"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," said WWE President and Chief Revenue Officer Nick Khan, in a statement.

Peacock competes for viewing time with the likes of streaming giants including Netflix  (NFLX) - Get Netflix Inc. Report, Disney's  (DIS) - Get The Walt Disney Company Report Disney+, Amazon  (AMZN) - Get Inc. Report Prime Video.

Comcast recently moved all of its episodes of the popular binge-worthy NBC series 'The Office' off Netflix to Peacock's streaming service in hopes to acquire fans of the show who plan to watch the whole series... again.

Shares of Comcast dropped 0.33% to $48.52 at the last check during trading.