From Mike Tyson-Jake Paul fight to NFL games, Netflix interest in live sports is rising

To learn more about the CNBC CFO Council, visit cnbccouncils.com/cfo

In the competitive world of live sports streaming, Netflix is taking another step into the arena.

In July, the media giant will broadcast a boxing match between legendary fighter Mike Tyson and social media personality-turned-boxer Jake Paul, who is 30 years Tyson's junior. This will be Tyson's first professional fight in 19 years — and Netflix management is billing the event, as well as its other live programming, as "cultural moments" relevant not only to viewers, but to advertisers. 

Advertising is one of Netflix's newest revenue streams, and the company said in an April shareholder letter that it's trying to scale ads and make them a "more meaningful contributor" to business. 

Netflix has previously hedged its investment in live sports, differentiating its ventures into the realm —  like its more than $5 billion licensing deal with WWE  — as "sports entertainment." But on its most recent earnings call in April, co-CEO Ted Sarandos said Netflix isn't "anti-sports, but pro-profitable growth." He suggested that under the right circumstances, the company could expand its live sports programming.

"Our North Star is to grow engagement, revenue and profit, and if we find opportunities we could drive all three of those, we will do that across an increasingly wide variety of quality entertainment," Sarandos said. "So when and if those opportunities arrive, that we can come in and do that —  which we feel like we did in our deal with WWE — if we can repeat those dynamics and other things including sports, we'll look at them for sure."

Netflix has hosted several other one-off live sports events recently paired with documentary-type series. It live streamed the