LOS ANGELES — “Wheel of Fortune” and “Jeopardy!” are two of the biggest holdouts of the streaming revolution, available only on traditional broadcast television.

Not for much longer.

Sony Pictures Entertainment, the owner of the popular game shows, said Thursday that it was soliciting bids from major media and tech companies for the streaming rights to new episodes of the two series for the first time.

Big Audiences, Changing Landscape

“Jeopardy!” and “Wheel of Fortune” still command big audiences — roughly 7 million viewers a night for each, according to Nielsen. That audience, however, is getting older and declining, just like the audiences for rest of traditional television.

Other mainstays of broadcast television have recently made their way to streaming as well. “WWE Raw,” which used to run on cable television, began streaming on Netflix every week in January. The NFL streams Thursday games on Amazon Prime Video, and Fox’s broadcast of the Super Bowl this month streamed live on free platform Tubi. On Sunday, the Academy Awards will stream live on Hulu for the first time.

“The world is changing around us,” said Keith Le Goy, the chair of Sony’s television division. “Consumption on streaming is now overtaking consumption of other forms of delivery of television. Big iconic franchises, like the NFL, the NBA and WWE, are moving over.”

Related Story: All Netflix Wants for Christmas Is No Streaming Problems for Its First NFL Games

Streaming Rights and Negotiations

The initial streaming rights to “Jeopardy!” and “Wheel of Fortune” would begin in September and could be for three years, Sony officials said. During that time, the company that wins the rights will be able to stream new episodes the day after they air on syndicated television. Exclusive same-day rights to new episodes are available starting in September 2028, when all preexisting syndication deals expire.

Sony is in negotiations with several streaming companies, and it anticipates that a deal will be reached by early April. This would give the winning bidder an opportunity to trumpet the shows at its annual showcase for advertisers in May — the so-called upfront.

“We want to make sure that these shows are as relevant as they are now — or more — 40 years from now,” said Ravi Ahuja, who became CEO of Sony Pictures Entertainment last month.

Ahuja said he had been thinking about how to move the shows to streaming since he joined the company four years ago.

“People are running all over town looking for intellectual property,” he said. “When I got here it was clear that ‘Wheel of Fortune’ and ‘Jeopardy!’ were the proverbial assets hiding in plain sight. There was full awareness in the country, massive viewership and a passionate fan base. All of that pointed to a big opportunity for more growth.”

The company has made big investments in preparation for this moment. Ryan Seacrest replaced Pat Sajak as host of “Wheel of Fortune” last year, and the company signed him to a long-term deal — through the early 2030s — to help the show transition to streaming. Likewise, Ken Jennings became the full-time host of “Jeopardy!” in late 2023. Both shows have also significantly upgraded their sets and the technology they use.

Executives stressed that the streaming rights were unrelated to a monthslong legal fight between Sony and CBS over distribution rights for the syndicated shows. “These rights are entirely separate from the syndication rights that CBS has,” Le Goy said.

Sony has made moves in recent years to make the streaming bid more compelling. The company pulled streaming rights for older episodes of both shows from free streaming service Pluto over the summer, causing a dustup among loyal fans. And in a first, a spinoff series, “Pop Culture Jeopardy!,” began streaming on Amazon in December, a move that Suzanne Prete, Sony’s president of game shows, described as “dipping our toe in the water.”

Executives said they wanted to be cautious about introducing decades-old shows to streaming. They are hopeful they can find newer and younger viewers who do not flip on a TV set at 7 p.m. in search of syndicated series. But they also do not want to alienate the millions who tune in every night the old-fashioned way — or the local stations that have broadcast the shows for decades.

“The streamers did that with sports, too,” Prete said. “They conditioned the audience.”

Related Story: Satellite Service DirecTV Buys Rival Dish as It Fights the Onslaught of Streaming Services

Appealing to Streaming Companies

In addition to a big audience, both shows produce a staggering volume of new syndicated episodes: 425 a year, combined.

That could be appealing to streaming companies. Consumers are canceling their streaming subscriptions at higher rates, and every company, from Netflix to Max to Peacock, is trying to find ways to deter that behavior. The game shows could provide a daily habit that makes a subscriber less inclined to jump around.

And nearly every major streaming service has cheaper tiers that feature commercials to add a new revenue line. Last year, “Jeopardy!” and “Wheel of Fortune” together generated $175 million in advertising revenue, according to Guideline, an advertising data firm.

“This gives them a real opportunity to meaningfully expand their presence with Madison Avenue,” Le Goy said.

—

This article originally appeared in The New York Times.

By John Koblin/Philip Cheung
c.2025 The New York Times Company