Shares of TKO Group Holdings (NYSE: TKO) charged sharply higher on Tuesday, soaring as much as 23.9%. As of 2:02 p.m. ET, the stock was still up 12.2%.

The catalyst that sent the sports entertainment giant surging was a report that the company inked a massive deal with streaming pioneer (NASDAQ: NFLX).

WWE announced on Tuesday morning that Netflix would become the exclusive home of WWE's flagship wrestling program, Raw, in the U.S., Canada, Britain, and Latin America. In a press release, the company said the program will begin streaming on Netflix on Monday nights beginning in January 2025, expanding to additional geographies over time. The company noted that this marked a "major programming shift," as Raw was leaving linear (broadcast and cable) television "for the first time since its inception 31 years ago."

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Source Fool.com