In a major strategic move shortly after completing its merger with Skydance Media, Paramount has acquired the U.S. rights to TKO Group’s Ultimate Fighting Championship (UFC) in a blockbuster seven-year agreement beginning in 2026. The deal, valued at $7.7 billion, marks Paramount’s first significant content acquisition post-merger and signals its aggressive push into live sports streaming.
Under the terms of the agreement, Paramount will pay an average of approximately $1.1 billion per year to secure the full slate of UFC events, totaling 43 annual live shows. This includes 13 marquee pay-per-view caliber events alongside 30 “Fight Nights.” All of these matches will be exclusively available to stream on Paramount+ across the United States, with select marquee events simulcast on the CBS broadcast network, enhancing reach and exposure.
This deal ends the traditional pay-per-view (PPV) model currently employed by ESPN+ for premium UFC events, a shift that industry insiders see as transformative. Paramount+ subscribers will have access to every UFC event as part of their subscription with no additional fees, breaking down barriers for fans who have previously faced high PPV costs. ESPN’s outgoing deal with UFC, which costs around $500 million annually and runs through the end of 2025, established the precedent that Paramount is now dramatically expanding upon.
Mark Shapiro, president and chief operating officer of TKO Group, emphasized the significance of the shift away from pay-per-view. “The pay-per-view model is a thing of the past,” Shapiro said in an interview. “What’s still on pay-per-view? Boxing? Movies on DirecTV? It’s an outdated, antiquated model. Paramount+ offers one-stop shopping, especially for younger fans in flyover states. For $12.99 a month, they get all UFC’s numbered fights and the rest of the portfolio. That’s a powerful message we want to amplify.”
The announcement comes at a pivotal moment for both companies. Paramount officially completed its merger with Skydance Media last Thursday, handing control to Skydance with new leadership under CEO David Ellison. This deal represents a key part of Ellison’s strategy to deepen Paramount’s streaming content offering and accelerate subscriber growth through premium live sports.
Meanwhile, TKO Group, formed by the 2023 merger of UFC and WWE, recently signed a $1.6 billion, five-year deal with ESPN for U.S. rights to WWE’s premium live events. These landmark deals position TKO as a dominant force in combat sports media rights.
TKO’s leadership had initially anticipated selling only the 30 Fight Night events to Paramount, while premium numbered UFC events would go to a different media partner. However, following the closing of the Skydance-Paramount deal, the two companies moved quickly, negotiating this comprehensive rights package in just 48 hours.
“This deal underscores how we drive subscriptions, which is central to David Ellison’s strategy,” said TKO CEO Ariel Emanuel during a Monday interview on CNBC’s “Squawk on the Street.” Emanuel also noted that the expanded access and bundled offering would appeal to UFC’s younger demographic and help grow the sport’s fanbase in underserved regions.
The deal payments are structured to be weighted, with Paramount paying less than $1.1 billion in the early years and increasing payments in later years. Select UFC events will be simulcast on CBS, blending traditional broadcast reach with Paramount+’s streaming capabilities.
With this acquisition, Paramount aims to compete more aggressively with other streaming giants investing heavily in live sports rights, further cementing its position in the evolving media landscape. The move reflects broader industry trends of shifting from fragmented pay-per-view models to subscription-based access that provides consumers with more convenience and value.
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