WWE shares rose in trading Monday after multiple reports said the WWE had completed a deal with Fox to air its “SmackDown” program on network television starting in 2019.

A five-year deal for more than $1 billion, according to the Hollywood Reporter. The deal is said to be three times as lucrative as the WWE’s current deal with NBCUniversal to air “SmackDown” on USA Network.

Fox is reportedly set to begin airing “SmackDown” episodes in October 2019. WWE executives were drawn to Fox’s offer because of a commitment from Fox to promote wrestling content during its other live sports broadcasts including the NFL Thursday Night.

WWE’s stock rose more than 12% to $57.86 at the close of trading Monday. Shares are up more than 60% so far this year.

SmackDown Live has averaged 2.59 million viewers a week year to date.

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WWE shares rose in trading Monday after multiple reports said the WWE had completed a deal with Fox to air its “SmackDown” program on network television starting in 2019. A five-year deal for more than $1 billion, according to the Hollywood Reporter. The deal is said to be three times...