As noted, SmackDown will be moving to the FOX broadcast channel in October of 2019. According to The Hollywood Reporter, the new deal is for five years valued at $205 million per year, or three-times it's current value. WWE is also close to finalizing a deal with NBC Universal to keep RAW on the USA Network at three times its current value, so the new TV deal will be worth close to half a billion dollars per year.
The Wrap reported that the show will move to Friday nights, although it was not specified if it will remain live. In the past when SmackDown aired on Thursdays or Fridays, it would be taped on Tuesday nights. The Tuesday tapings made it easier on the production crew and cut down on costs with RAW being taped the night before, however with a deal this lucrative, it's very possible that they will keep the show live.
The New York Post reported that SmackDown will be moving to three hours on FOX. However, it named The Wrap article as the source, even though The Wrap story had nothing about it moving to three hours. With Smackdown airing on the FOX broadcast station, it will almost certainly remain at two hours since FOX affiliates air their local news at 10 pm ET.
WWE stock has jumped on the news. As of this writing, the stock is up nearly 15% at $58.91.