Chairman Vince McMahon has described the announcement of the WWE Network as a "historic day" for the company.

The 24/7 stream, which will cost $9.99 per month, will screen all of WWE's pay-per-view events throughout a calendar year, while offering around-the-clock programming to subscribers, including coverage of the week's RAW and Smackdown tapings.

At a press conference, McMahon said: "Today is an historic day for WWE as we transform and re-imagine how we deliver our premium live content and 24/7 programming directly to our fans around the world.

"WWE Network will provide transformative growth for our company and unprecedented value for our fans."

The network, which will begin screening on February 24, will also offer viewers the opportunity to watch any pay-per-view event in the history of the company, including material from WCW and ECW.