Raphael Stevens

Candy maker Mars said Wednesday it has partnered with biotech company Pairwise to speed up the development of more resilient cocoa using CRISPR-based gene editing technology.
CRISPR technology is a gene-editing tool that makes changes to DNA and can be used in farming.
The goal is to create cacao plants that can better withstand disease, heat and other climate-related stresses that can put global chocolate supply at risk.

Packages of M&M’s milk chocolate candy are stacked at a Costco Wholesale store in San Diego, California, on July 12, 2025.
Kevin Carter | Getty Images News | Getty Images

Candy maker Mars said Wednesday it has partnered with biotech company Pairwise to speed up the development of more resilient cocoa using CRISPR-based gene editing technology.
The agreement gives the M&M’s maker access to Pairwise’s Fulcrum platform, which includes a library of plant traits, and gives Mars the ability to tailor its crops to be stronger and more sustainable.

CRISPR is a gene-editing tool that makes fast and precise changes to DNA. In farming, it’s used to improve crops by targeting different traits such as drought and disease resistance.
The goal is to create cacao plants — the source of cacao beans, which are then roasted and made into cocoa — that can better withstand disease, heat and other climate-related stresses that can put global chocolate supply at risk.
In October, Starbucks invested in two innovation farms in Central America to protect the chain’s coffee supply from global warming. The farms develop climate-resilient coffee and test technologies such as drones and mechanization.
Gene editing allows for faster and more precise trait development than traditional breeding, Pairwise said in a press release.
CRISPR has garnered attention in recent years for its applications in health care. In late 2023, the U.S. Food and Drug Administration approved the first gene-editing treatment for sickle cell disease.

“At Mars, we believe CRISPR has the potential to improve crops in ways that support and strengthen global supply chains,” said Carl Jones, Plant Sciences Director at Mars, in the release.
Last month, the candy giant announced a $2 billion investment in U.S. manufacturing through 2026. This includes a new $240 million investment for a Nature’s Bakery facility in Utah.

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Claire’s filed for bankruptcy protection for the second time in seven years.
The tween retailer known for ear piercing services and eclectic accessories is facing around $500 million in debt and rising competition.
The mall-based chain last filed for bankruptcy in 2018 and creditors including Elliott Management Corp. and Monarch Alternative Capital took control of the business.

People walk by a Claire’s store on December 11, 2024 in San Rafael, California. 
Justin Sullivan | Getty Images News | Getty Images

Tween retailer Claire’s filed for bankruptcy protection for the second time in seven years on Wednesday in the hopes it can reorganize its business and stave off liquidation. 
The mall-based boutique, long known for its ear piercing services and eclectic mix of jewelry and accessories, is staring down about $500 million in debt, rising competition and an evolving retail landscape that’s made it harder than ever to grow a business profitably. 

“This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders,” CEO Chris Cramer said in a news release. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
The company said stores will continue to operate as it looks to monetize its assets and continues a review of “strategic alternatives,” which could mean finding a buyer that’s willing to keep the business running.
In a court filing, Claire’s said its assets and liabilities are both between $1 billion and $10 billion and it’s explored a sale of its assets. Details around the events that led to its filing weren’t disclosed and are expected to be revealed in later court filings. 
Claire’s last filed for bankruptcy in 2018 for a similar reason: a steep debt load it was unable to maintain as sales declined and shopping moved online. During that restructuring, Claire’s was able to eliminate $1.9 billion in debt and keep stores operating with the help of $575 million in new capital. The restructuring handed control of the company over to its creditors, including Elliott Management Corp. and Monarch Alternative Capital. 
While Claire’s is still facing an untenable level of debt, it’s also grappling with new challenges. Tariffs are expected to impact its supply chain, and sleeker, savvier competitors have entered the market, such as Studs and Lovisa, the upstart ear piercing chains that have promised a safer, and cooler, approach to piercings. 
“Competition has also become sharper and more intense over recent years, with retailers like Lovisa offering younger shoppers a more sophisticated assortment at value prices. This is more attuned to what younger consumers want and has left Claire’s looking somewhat out of step with modern demand,” GlobalData managing director Neil Saunders said in a note. “Amazon and other online players have also turned the screw, especially as visits to some secondary malls where Claire’s is present have waned.”

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Sen. Elizabeth Warren asked the FTC and the DOJ to consider blocking Dick’s Sporting Goods proposed acquisition of Foot Locker over antitrust concerns.
Warren argued the $2.4 billion merger could raise costs, reduce competition and lead to lost jobs.
Many on Wall Street expected President Donald Trump’s FTC to be more favorable to mergers than former President Joe Biden’s but it’s unclear how the administration will handle deals in the retail industry.

Foot Locker and Dick’s Sporting Good stores.

Sen. Elizabeth Warren is calling on the FTC and DOJ to consider blocking Dick’s Sporting Goods’ proposed acquisition of Foot Locker, writing in a letter to the agencies that the merger could cut jobs, raise prices and reduce competition. 
The missive, sent Tuesday evening, asks the agencies to “closely scrutinize” the $2.4 billion merger and “block the deal” if they determine it violates antitrust laws. Warren, D-Mass., argues in the letter, which was seen by CNBC, that the tie-up could create a duopoly in sneakers and other athletic shoes between the combined companies and its next largest competitor, JD Sports. 

“This is particularly concerning given that more than half of parents ‘plan to sacrifice necessities, such as groceries,’ because of rising prices for back-to-school shopping,” Warren wrote, citing a July survey from Credit Karma. “Higher prices on athletic footwear could lead to further economic hardship for parents.” 
Warren said the risks of the merger are compounded by the rapidly consolidating athletic shoe store sector. Britain’s JD Sports has set its eyes on the U.S. as its biggest growth market and, since 2018, has been on a buying spree, snapping up smaller competitors like Finish Line, Shoe Palace, DTLR and Hibbett.
If Dick’s Sporting Goods’ acquisition of Foot Locker is approved, two companies – JD Sports and the combined entity – would own 5,000 athletic shoe stores in the U.S., which could squeeze smaller businesses, Warren said. 
“Dick’s and Foot Locker currently compete with each other and with independent retailers to secure deals with suppliers. The new giant would have significantly increased power to extract favorable conditions with manufacturers,” she wrote. “This could mean that independent retailers are at a disadvantage when it comes to negotiating with suppliers, which could give Dick’s and Foot Locker an incentive to engage in anticompetitive conduct to restrict suppliers from dealing with independent retailers.” 
Under President Joe Biden, the Federal Trade Commission took an aggressive approach to mergers and quashed a number of high-profile planned tie-ups, including Tapestry’s proposed acquisition of Capri and Kroger’s bid to acquire Albertson’s. When President Donald Trump took office in January, many on Wall Street expected that his administration would make it easier for larger mergers to be approved. 

So far, his administration has approved at least one deal previously blocked by Biden – Nippon Steel’s acquisition of U.S. Steel – but it’s unclear how new leadership at the FTC and Department of Justice will view mergers in the retail industry, which can be felt more acutely by consumers. 
Amanda Lewis, who spent close to a decade scrutinizing mergers at the FTC and is now a partner at Cuneo Gilbert and LaDuca, previously told CNBC the merger is unlikely to raise many concerns because combined, Dick’s and Foot Locker would represent around 15% of the sporting goods market. 
“Usually below 30% doesn’t raise too many agency red flags,” said Lewis. 
Lewis said she expects the merger to be approved and at most, Dick’s could be required to divest some of its stores to competitors to preserve competition in local markets. The number of stores it would potentially need to divest could be lower and perhaps more palatable under Trump’s FTC than Biden’s, said Lewis.
The FTC declined comment. The DOJ didn’t return a request for comment.

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McDonald’s reported quarterly earnings and revenue that topped analysts’ expectations.
The fast-food giant also reported same-store sales increased 3.8%, the chain’s biggest jump in nearly two years.
McDonald’s will hold a call with analysts at 8:30 a.m. ET.

A corporate logo for McDonald’s hangs above the door of a restaurant on Broadway in New York City on June 11, 2025.
Gary Hershorn | Corbis News | Getty Images

McDonald’s on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations as buzzy promotions helped its U.S. restaurants rebound.
Despite the chain’s improved performance this quarter, executives are still worried about the economic health of the low-income consumer. McDonald’s is working with its U.S. franchisees on ways to make its core menu items more affordable, beyond the $5 meal deal it rolled out last summer and the newer Daily Double burger promotion.

“Re-engaging the low-income consumer is critical, as they typically visit our restaurants more frequently than middle- and high-income consumers,” CEO Chris Kempczinski told analysts on the company’s earnings conference call. “This bifurcated consumer base is why we remain cautious about the overall near-term health of the U.S. consumer.”
Executives said they anticipate that McDonald’s results will be stronger in the second half of the year, particularly as the chain faces easier comparisons in the fourth quarter to the fallout from last year’s E. coil outbreak.
Shares of the company rose 3% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $3.19 adjusted vs. $3.15 expected
Revenue: $6.84 billion vs. $6.7 billion expected

The fast-food giant reported second-quarter net income of $2.25 billion, or $3.14 per share, up from $2.02 billion, or $2.80 per share, a year earlier.

Excluding restructuring charges and other items, McDonald’s earned $3.19 per share.
Revenue rose 5% to $6.84 billion. CEO Chris Kempczinski credited the chain’s value, marketing and new menu items for the 6% increase in system sales during the quarter.
Same-store sales, a metric that only tracks the performance of restaurants that have been open at least a year, increased 3.8%, the chain’s biggest jump in nearly two years.
McDonald’s U.S. restaurants saw same-store sales growth of 2.5%, reversing two straight quarters of domestic declines. Kempczinski said the burger chain outperformed its rivals by both same-store sales and comparable traffic.
“Certainly, overall [quick-service restaurant] traffic in the U.S. remained challenging, as visits across the industry by low-income consumers once again declined by double digits versus the prior year period,” he said.
This quarter, the burger chain’s U.S. sales received a boost from a tie-in meal with the “Minecraft” movie and the launch of the McCrispy Chicken Strips.
Shortly after the quarter ended, Snack Wraps returned to menus for the first time in nine years; executives said that early results are “encouraging,” and franchisees have voted to maintain the $2.99 promotional price through the end of the year.
Outside the U.S., demand for its Big Macs and french fries was even stronger.
“I would just note, also on our international side, it’s not as competitive a market as it is in the U.S.,” Kempczinski said. “I think it’s a little bit easier for us to stand out and represent good value in international.”
The chain’s international developmental licensed markets division, which includes Japan and China, reported same-store sales growth of 5.6%.
Its international operated markets segment saw same-store sales growth of 4%, thanks to gains in markets like the United Kingdom, Australia and Canada. Executives said McDonald’s value and affordability scores from consumers have improved in key markets.

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Disney reported an increase in quarterly adjusted earnings per share, but slightly missed on revenue. 
The company’s streaming business continued to grow during the quarter, with operating income for the segment reaching $346 million compared with a loss in the same period last year, and an addition of 1.8 million Disney+ subscribers. 
Revenue and operating income for the parks and experience business grew during the quarter as there was an increase in guest spending at theme parks.

Disney reported results for its fiscal third quarter on Wednesday – posting earnings that topped expectations but revenue that came in just shy of analyst projections – as the company’s streaming business grew and its theme parks saw higher spending from consumers. 
CFO Hugh Johnston credited the quarter in part to the success of Disney’s streaming unit, anchored by its flagship service, Disney+.

“Just as a reminder, it was only a couple of years ago that we were losing a billion dollars a quarter on that business,” Johnston told CNBC’s “Squawk Box” on Wednesday. “It was trading purely on subs and not on financial results. We now really have a solid foundation.”
The growth in streaming has recently started to help to supplant the losses of the cash cow traditional TV business, which has been bleeding customers for years now.
Disney shares were down 2% in premarketing trading Wednesday.
Here is what Disney reported for the quarter ended June 28 compared with what Wall Street expected, according to LSEG:

Earnings per share: $1.61 adjusted vs. $1.47 expected
Revenue: $23.65 billion vs. $23.73 billion expected

Net income for the quarter was $5.26 billion, or $2.92 per share, more than double the $2.62 billion, or $1.43 a share, that the company reported for the same period last year. Adjusting for one-time items, primarily related to tax benefits associated with Disney’s purchase of Comcast’s Hulu stake, Disney reported earnings per share of $1.61. 

Disney’s overall revenue rose 2% to $23.65 billion, missing analyst expectations for the first time since May 2024. 
The company reported continued growth in its streaming business despite headwinds in the traditional TV bundle, which has suffered from declining customers. 
Disney upped its fiscal 2025 guidance on Wednesday and now expects adjusted EPS of $5.85 – an increase of 18% from fiscal 2024. In May, Disney issued guidance for expected full-year adjusted EPS of $5.75.

Streaming, parks, ESPN results

A statue of Walt Disney and Mickey Mouse stands in a garden in front of Cinderella’s Castle at the Magic Kingdom Park at Walt Disney World on April 3, 2025, in Orlando, Florida.
Gary Hershorn | Corbis News | Getty Images

Revenue for Disney’s experiences segment, which includes theme parks, resorts and cruises as well as consumer products, increased 8% to $9.09 billion. Domestic theme parks revenue was up 10% to $6.4 billion, in particular as there was an increase in spending at theme parks and higher volumes in passenger cruise days and resort stays. 
Johnston told “Squawk Box” on Wednesday that Walt Disney World had its “biggest” third quarter ever, adding that traffic at the Orlando, Florida, park was solid.
“I know there’s a lot of concern about the consumer in the U.S. right now. We don’t see it. Our consumer is doing very, very well,” he said.
International parks and experiences revenue was up 6% to about $1.7 billion. In May, Disney announced it reached a deal to bring a theme park and resort to Abu Dhabi. The expansion into the United Arab Emirates is not part of the earlier Disney pledge to spend $60 billion on theme parks over the next decade.
Meanwhile, revenue for Disney’s entertainment segment, which includes traditional TV networks, direct-to-consumer streaming and films, was up 1% to $10.7 billion. 
While revenue for the direct-to-consumer streaming business rose 6% to $6.18 billion, the entertainment segment as a whole was weighed down by the traditional TV business, which saw revenue dip 15% to $2.27 billion. 
The direct-to-consumer streaming business was lifted, however, by the company’s flagship service, Disney+, which added 1.8 million subscribers, bringing its total to nearly 128 million. Total Hulu subscribers grew 1% to 55.5 million. 

The atmosphere at the Disney Bundle Celebrating National Streaming Day at The Row in Los Angeles on May 19, 2022.
Presley Ann | Getty Images Entertainment | Getty Images

The company said it expects a modest increase in Disney+ subscribers in its fiscal fourth quarter compared with its fiscal third quarter. Total Disney+ and Hulu subscriptions are expected to increase more than 10 million during the current period. 
Disney also raised its operating income expectation for direct-to-consumer streaming to $1.3 billion for fiscal year 2025.
Domestic revenue for ESPN increased 1% to $3.93 billion, while its domestic operating income dropped 7% to $1.01 billion. Those results were impacted by higher programming and production costs, particularly due to NBA and college sports rights. 
ESPN on Tuesday announced a deal with the NFL in which the pro football league will take a 10% stake in the company. 
And separately on Wednesday, ESPN announced that its forthcoming full-service streaming app will launch on Aug. 21 and that WWE live events are coming to the app and in some cases to the linear ESPN network. 
Johnston said he expects the new streaming service to be “accretive to overall earnings growth.”
The traditional TV business once again dragged down the entertainment unit. Total operating income for the linear networks – which includes broadcaster ABC as well as pay TV channels like FX – fell 28% to $697 million, impacted by a decline in advertising revenue due to lower viewership and rates. 

A still from Disney and Pixar’s animated film “Elio.”

Disney’s theatrical unit, comprised of content sales and licensing, suffered from tough comparisons to the year-earlier period, which saw the release of “Inside Out 2.” The Pixar movie was the highest-grossing animated movie ever, surpassing Disney’s “Frozen II.”
The division reported an operating loss of $21 million for the most recent period, compared with operating income of $254 million in the same period last year.
Revenue for the unit was up 7% to $2.26 billion during the quarter, as Disney released “Elio,” “Thunderbolts*” and “Lilo & Stitch.” The original animated film “Elio” set a record low for the Pixar animation studio, notching just $21 million in ticket sales during its first three days in theaters.
– CNBC’s Robert Hum contributed to this report. 
Disclosure: Comcast is the parent company of CNBC. 

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Correction: This story has been updated to correct that Disney raised its operating income expectation for direct-to-consumer streaming to $1.3 billion for fiscal year 2025. A previous version misstated the guidance. More

Energy Star, a public-private partnership administered by the U.S. Environmental Protection Agency, is reportedly on the chopping block as part of massive budget cuts proposed by the Trump administration.
Roughly 2,500 builders, developers and manufactured housing firms participate in the Energy Star Residential New Construction program, which sets strict energy-efficiency guidelines required to earn its designation.
Last year, more than 8,800 commercial buildings earned the Energy Star, saving more than $2.2 billion and preventing more than 5.7 million metric tons of emissions.

An Energy Star sign on a building.
Lynne Gilbert | Moment Mobile | Getty Images

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Most people think of Energy Star as the little blue sticker on their appliances that tells them they will see some measure of energy-efficiency savings on their utility bills. But Energy Star, a public-private partnership administered by the U.S. Environmental Protection Agency, is a lot more than that. Now it is reportedly on the chopping block as part of massive budget cuts proposed by the Trump administration.

Roughly 2,500 builders, developers and manufactured housing firms participate in the Energy Star Residential New Construction program, which sets strict energy-efficiency guidelines required to earn its designation. Last year, more than 8,800 commercial buildings earned the Energy Star, saving more than $2.2 billion and preventing more than 5.7 million metric tons of emissions, according to the Energy Star website. 
Even more critical to property owners, Energy Star also includes a software platform that is the fundamental infrastructure for energy tracking across commercial real estate. The EPA’s Energy Star Portfolio Manager tool connects utilities to landlords and then to dozens of state and municipal governments who rely on it to uphold their energy and climate policies, many of which include tax breaks and financial subsidies for energy savings.
The EPA announced massive job cuts and restructuring in early May, and while it didn’t specifically mention Energy Star, numerous reports, citing EPA documents, say it is part of the plan.

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An EPA spokesperson said in a statement, “EPA is continuing to work to implement the reorganization plans that were announced on May 2, 2025. EPA will provide updates on these plans as they become available.”
The agency declined to comment further. 

Landlords rely on Portfolio Manager data to maintain compliance with state and municipal regulation and to gauge energy performance of buildings in their portfolios and decide which ones need upgrades. Such upgrades could include new HVAC and lighting. 
The tool was used by more than 330,000 buildings last year, comprising nearly 25% of all commercial building floorspace in the U.S., according to the EPA’s website. Seven states, 48 local governments and two Canadian provinces currently rely on the program and its software for their energy benchmarking and transparency policies, according to the agency. 
“There is a potential that they would defund the entire software platform. And so if the system disappears, the data disappears with it, and what this means is that that hub, that connected tissue around how utility landlord and state and municipal governments share energy data across them, that would all go away,” said Leia de Guzman, co-founder of Cambio, a real estate operations platform. 
At the very highest level, Energy Star Portfolio Manager supports $14 billion in energy cost savings per year, according to Guzman. 
“If you don’t have the data, you then don’t have any means to understand how to deploy retrofit initiatives across your building,” she said. 
Cambio, which ingests building data in order to automate real estate operations, can tap into Energy Star data from the past and is offering building owners and managers the option to back up data that already exists. It could not, however, get future data if the EPA takes its system down.
Industry organizations including the National Association of Home Builders (NAHB), National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) are fighting for the program’s existence. The concern is that if Energy Star, including the Portfolio Manager, were to lose federal backing and then be managed by a private entity, costs would go up.
“It’s a $32 million program for the government, but it provides, in terms of return on investment  — it’s huge,” said Nicole Upano, director of public policy for the NAA. “It provides hundreds of billions of dollars of savings for consumers and businesses in its current form, and if it were to be managed by an external company, that might result in a fee-based system that would increase the cost to use this program.”
If Portfolio Manager were no longer a government program, Upano said, the likely result would be a complicated patchwork of compliance. 
“As a government managed program, they don’t pick a horse.They’re very much focused on energy efficiency and reducing waste overall. But if, say, an external company were to manage it, they might focus on electrification over gas, or pick some sort of energy delivery system that they favor, and we would not like to see that,” she said.  More

ESPN will launch its direct-to-consumer streaming service — also named ESPN — on August 21.
The streaming app will include all ESPN content from its linear TV networks and will cost $29.99 a month.
On the same date and just ahead of college football and the NFL seasons, Fox Corp. will launch its own all-in-one streaming app, Fox One.

A general view of the ESPN Monday Night Countdown booth prior to the game between the Jacksonville Jaguars and the Cincinnati Bengals at EverBank Stadium in Jacksonville, Florida, on Dec. 4, 2023.
Mike Carlson | Getty Images

ESPN will launch its new flagship streaming service — also named ESPN — on August 21.
Disney’s ESPN has been working on the all-in-one streaming app for some time in preparation for a launch this coming fall.

The app launches ahead of the upcoming NFL season — the highest rated live sports content — as well as the start of college football, where ESPN has expanded its portfolio. Fox Corp. will also launch its direct-to-consumer streaming service on the same date.
The ESPN app will cost $29.99 a month, and when bundled with Disney’s other streaming services, Disney+ and Hulu, will cost $35.99 per month.
The service will include a boatload of content, namely all of ESPN’s live games, as well as programming from its other networks like ESPN2 and the SEC Network, as well as ESPN on ABC. It’ll also include fantasy products, new betting tie-ins, studio programming, documentaries and more.

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On Wednesday, ESPN said it inked a deal with WWE for the U.S. rights to the wrestling league’s biggest live events, including WrestleMania, the Royal Rumble and SummerSlam, beginning in 2026. CNBC reported it will pay an average of $325 million annually in the five-year deal.
The company also announced late Tuesday that it reached a deal with the NFL, which includes the league taking a 10% equity stake in ESPN. As part of the deal, ESPN will acquire the NFL Network and other media assets from the league.
Disney on Wednesday reported quarterly earnings that topped analyst expectations, but revenue that came in just shy. More

ESPN’s new direct-to-consumer service will include all of WWE’s live premium events beginning in 2026; ESPN will also simulcast select events on its linear networks.
ESPN is paying TKO’s WWE an average of $325 million per year for five years, according to people familiar with the matter.
The WWE’s premium events package has been on NBCUniversal’s Peacock. WWE SmackDown will remain on Peacock and USA Network.

Triple H looks on during WrestleMania 41 Saturday at Allegiant Stadium on April 19, 2025 in Las Vegas, Nevada.
Georgiana Dallas | WWE | Getty Images

The WWE is coming to ESPN.
The Disney-controlled sports and entertainment business will pay an average of $325 million per year for five years of U.S. rights to the WWE’s biggest live events, including WrestleMania, the Royal Rumble and SummerSlam, beginning in 2026, according to people familiar with the matter who declined to be naming speaking about the deal specifics. Spokespeople at WWE and ESPN declined to comment.

NBCUniversal’s Peacock had previously paid $180 million per year over five years for the package, according to two people familiar with the matter.
All 10 of the WWE’s premium live events each year will stream on ESPN’s new $29.99 per month direct-to-consumer platform in the U.S. Select events will be simulcast on ESPN’s linear networks.
Disney reported quarterly earnings Wednesday that showed domestic ESPN revenue up 1% to $3.93 billion.

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The WWE and ESPN have strategically moved closer together in recent years, said TKO Group President and Chief Operating Officer Mark Shapiro in an interview. TKO is the controlling owner of WWE. Shapiro, himself, was a top executive at ESPN in the early 2000s.
“In many ways, this is our destiny,” said Shapiro. “If you want to expand the audience, our fan base, the fervor around WWE, and grow on a real significant national scale, you can’t do that as it relates to the sports world without partnering with ESPN.”

ESPN Chairman Jimmy Pitaro said he would have been interested in bidding on the package of events even if ESPN weren’t about to debut its new streaming service. Still, adding the events, for no extra charge, for subscribers of the digital product will help reduce churn for professional wrestling and help expand ESPN beyond traditional sports.
“Our place was built as the entertainment and sports programing network,” said Pitaro, referencing the literal meaning of the acronym, “ESPN.” “This is a fantastic way for us to expand our audience. It’s younger, it’s more diverse, and it’s more female than what we see at the network level.”
Thirty-eight percent of WWE’s audience is women, noted WWE President Nick Khan. About 50% of people who attend WWE live events come with children, he said in an interview.
“It’s multigenerational viewing, and we think ESPN is multigenerational viewing,” said Khan.
In 2024, the WWE signed a 10-year, $5 billion deal with Netflix to stream “Raw” every Monday night, beginning this year. Netflix will continue to stream marquee WWE events outside the U.S.
“SmackDown,” which airs Fridays on USA Network, will continue to stream on Peacock. That deal expires in 2029, according to people familiar with the matter.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC and USA Network.
Clarification: This story has been updated to clarify that ESPN will hold the rights to stream WWE premium live events in the U.S. Netflix holds those rights outside the U.S.

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