Shares of sports entertainment company World Wrestling Entertainment (WWE) - Get Free Report were falling slightly Wednesday after the company announced a new partnership with Spotify (SPOT) - Get Free Report to launch an exclusive audio network.
The Ringer, a Spotify channel headed by Bill Simmons, will partner with the company as part of a multi-year partnership that will see the two companies develop content exclusively for Spotify and The Ringer website.
"The Ringer is the premier destination for sports fandom, and WWE has used amazing storytelling and iconic characters to establish a global audience of loyal and passionate fans, making this partnership a perfect match," said Bill Simmons
The Ringer will also be expanding its existing wrestling coverage as part of the deal.
To kick off the partnership, The Ringer will be on-site in Las Vegas ahead of the WWE's SummerSlam event on Saturday.
"We believe this collaboration will deliver a podcast slate that excites existing fans while also introducing WWE content to the millions of Spotify listeners," Nick Khan, WWE president and chief revenue officer said.
WWE shares were down 0.5% to $48.73 at last check Wednesday. Spotify shares were up 0.3% to $206.73.
Spotify acquired The Ringer, which was founded in 2016, in 2019. Spotify has more than 365 million monthly active users and 165 million premium subscribers.
WWE's programs will join the platform's 2.9 million podcast titles.
WWE reported stronger than expected earnings and revenue in its most recent quarter, reporting a profit increase that occurred despite the absence of the company's ticketed events due to the coronavirus pandemic and lockdowns.