Netflix and World Wrestling Entertainment, Inc. have reached a deal to produce a documentary series on the life of WWE chairman and CEO Vince McMahon. The project is set to become one of the most expensive documentaries in the streaming service’s history.
McMahon’s career with WWE started while he was working at the company for his father as a commentator. In 1982, McMahon purchased the company from his father and transformed it into a billion-dollar business that led to the development of the annual WrestleMania, the launch of the over-the-top streaming service WWE Network, and the acquisition of the competing World Championship Wrestling in the ensuing years. He has also worked as a professional wrestler and personality under the name Mr. McMahon.
WWE president and chief revenue officer Nick Khan first announced the multi-part McMahon documentary series during WWE’s third-quarter earnings call. While Khan described the deal with Netflix as “groundbreaking” on account of its budget, precise figures were not provided. During the earnings call, Khan added that WWE is currently discussing a new strategy regarding how to sell its own content to other streaming services. As it stands, WWE Network is the home of all pay-per-views, documentaries, and original series from the company.
Bill Simmons, who co-produced the Andre the Giant documentary for HBO, will serve as an executive producer on the McMahon docuseries while Chris Smith will direct. Smith, who previously directed Netflix’s Fyre Festival documentary, will also produce the McMahon project alongside WWE Studios. A release date for the McMahon documentary was not announced.
The cost of the McMahon documentary probably won’t be of too much concern to Netflix considering the recent price hike. Subscribers in the U.S. now have to pay an additional $1 and $2 for the standard and premium plans, respectively.
The increased cost was welcomed news to investors, who probably weren’t thrilled that Netflix failed to meet its third-quarter subscriber estimates and overall earnings goal. Consequently, share prices fell by approximately 5% percent.
Source: Wrestling Observer
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