A quick summary
Netflix has acquired the worldwide rights to WWE's flagship property, RAW, as well as the international rights (minus the Middle East and India) to its library and all PPVs.
In return, the WWE will receive US$500 million per year for the next 20 years, up 32% from the roughly US$380 million per year under its current deal structure.
Paying a 32% premium and then locking in that price for the next 20 mirrors what the deal Lakers and Magic Johnson agreed to early in his playing career. And that deal aged poorly fairly quickly for Mr. Johnson
The kicker is Netflix has an opt out after year 5 and 10 making it both an inflation and recession/industry downturn proof deal for them. Hard to paint a rosy WWE growth picture going forward.