Hollywood Reporter:

On May 17 at 9:30 a.m., WWE executive Stephanie McMahon and her husband, Paul Levesque — better known as the fearsome wrestler Triple H — walked into a conference room on the 44th floor of 21st Century Fox's Manhattan headquarters. They were there for a pitch meeting with Fox leadership, who were eager to acquire WWE's programming, which includes the weekly Raw and SmackDown Live.

Both shows have been fixtures on NBCUniversal cable networks, and NBCU was fully expecting to keep things that way with a new 10-year deal worth $360 million, sources tell The Hollywood Reporter. But Peter Rice, chairman and CEO of Fox Networks Group, knew that NBCU’s exclusive negotiating window was due to lapse at 4:59 p.m. ET on May 16. By the end of the meeting, the two sides had shaken hands on a five-year deal for SmackDown — the live Friday night showcase — worth $1.025 billion.

How the deal — which is not yet final but expected to close soon — went down says a lot about the importance of wrestling and other live events to network strategy, especially as the Murdoch family prepares to launch “New Fox” after most of its assets are sold to Disney or Comcast. Sports will become an integral piece of the new company, which will include sports cable nets FS1 and FS2 and the Big Ten Network.

I know, I know - WRESTLE TALK OH GOD.

But - this is really interesting to see how much value is being placed by major networks on live sports programing - and how far they’re willing to go to get it away from their rivals.