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A lot more bad than good for both brands since Smackdown still heavily relies on needing a strong RAW to act as a lead in and isn't strong enough on its own to offset or carry RAW.
When Smackdown used to be on UPN & CW, it had some buffer against RAW's struggles due to having stronger Hispanic and African American markets that helped minimalize any losses RAW was causing to them. Pretty much helped keep the show at a more stable level in terms of viewership range while RAW was spiking a lot more harder in both directions.
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