Paramount Wins UFC In First Major Sports Deal Since Merger

Paramount has struck a $7.7 billion media rights deal with TKO Group to exhibit all UFC events in the US on Paramount+ starting next year.

The Big Picture: The UFC deal (which beat out Netflix, Amazon, and YouTube) comes just a week after David Ellison’s Skydance officially took control of Paramount, demonstrating the new leadership’s eagerness to mint some blockbuster deals that position the studio as an aggressive bidder for marquee rights and projects.

Behind The Octagon: In making a deal with Paramount, UFC is fundamentally changing how its fights are watched.

• All 13 of the promoter’s numbered events and its 30 Fight Nights will be available to stream on Paramount+, with some events simulcast on CBS.
• That means UFC is giving up its long-running pay-per-view model for its premium events, instead including them in a normal Paramount+ subscription in the US.
• Paramount also hopes to lock up international rights when they eventually become available.

Final Round: The hope is that putting fights on Paramount+ will give the UFC — which has roughly 100 million fans across linear TV, digital, and socials — even more accessibility to lure new fans. It’s also a big step up from the $2.5 billion, five-year deal that the company is concluding with ESPN. For Paramount, the ambition is for UFC to be a marquee acquisition delivering year-round content and supercharging subscriber sign-ups to a streamer desperately in need of a boost.

And here’s a bit of fun intrigue: while working to secure federal approval for the Paramount purchase, Ellison met with Donald Trump twice at UFC events — meetings organized by TKO CEO Ari Emmanuel. It’s been suggested that those face-to-faces helped close the deal. Even as an executive, Ari is forever the agent.

Next Bout: In the first quarter of 2026, expect Paramount+ to see a record number of new subscribers.