For the past few years now, NBCUniversal owned the rights to both WWE Raw and Smackdown Live.
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TV rights is a huge revenue earner for the WWE, so it's unlikely WWE just wants to put Smackdown on its own WWE Network.
WWE's deal with USA / NBC expires on September 30, 2019, and they are now in an exclusive negotiating period with each other until the end of this spring.
WWE chief financial officer George Barrios earlier this week when asked about Raw and Smackdown airing on differrent networks.
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"Market determines that opportunity".
From our end, [we don't think] it's an issue to split it. "We think we're pretty good at promoting and moving our viewers from one platform to another". If this happened then Raw may have to go back to two hours and they wouldn't have an overrun due to local news starting at 10pm EST. The publication cites sources and claims NBCU is focused on renewing its pact for Raw, which is expected to go for as much as three times its current value.
No word yet on where SmackDown will end up but Fox has been speculated. WWE's final decision on the deal is reportedly planned to be announced sometime during the summer.
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The main thing WWE needs to agree on is that Smackdown Live needs to air preferably on Tuesday nights in order for the show to stay being "live".