Paramount, newly merged with David Ellison’s Skydance, has made its first major splash in the sports media arena, locking in a seven-year, $7.7 billion rights agreement with TKO Group to become the exclusive U.S. home of UFC starting in 2026.

Under the deal, valued at an average of $1.1 billion annually and weighted toward the back end of the term, Paramount+ will carry the full slate of UFC programming — 13 marquee numbered events and 30 Fight Nights each year — with select numbered cards also simulcast on CBS.

In a major strategic shift, the UFC’s existing pay-per-view model will be retired in the U.S., with all premium events included at no extra cost for Paramount+ subscribers. Executives from both companies said the move is designed to “unlock greater accessibility and discoverability for sports fans” while serving as a growth engine for the streaming platform.

Paramount will also explore acquiring UFC rights in international territories as they become available.

“This is a milestone moment and landmark deal for UFC, solidifying its position as a preeminent global sports asset,” said TKO executive chair and CEO Ari Emanuel, noting the MMA promotion’s decade-long run of growth and expansion. “We believe wholeheartedly in David’s vision and look forward to being in business with a company that will prioritize technology as a means to enhance storytelling and the overall viewing experience.”

Ellison, fresh off closing Skydance’s $8 billion acquisition of Paramount Global from Shari Redstone, called UFC “a global sports powerhouse with extraordinary recognition, scale, and cultural impact.” He added, “Live sports remain a cornerstone of our broader strategy — driving engagement, subscriber growth, and long-term loyalty. The addition of UFC’s year-round must-watch events to our platforms is a major win.”

The Paramount deal ends UFC’s run with Disney’s ESPN, which has held U.S. rights since 2019 under a five-year pact reportedly worth about $500 million annually. The shift is part of a flurry of combat sports rights moves: just last week, ESPN inked a $1.6 billion, five-year deal with TKO to become the exclusive home of WWE premium live events starting in 2026.

Mark Shapiro, TKO president and COO, said the new partnership with Paramount delivers “meaningful economics for investors; expanded premium inventory for global brand partners; and deeper engagement for UFC’s passionate fanbase. Just as importantly, our athletes will love this new stage.”

UFC currently stages about 43 live events annually and produces more than 350 hours of live content each year, with a roster of roughly 600 athletes representing 75 countries. In the U.S., the organization estimates it has about 100 million fans across linear TV, digital, and social platforms.

For Ellison, the deal represents more than just rights acquisition — it’s a signal of Paramount’s intent to compete aggressively in live sports as a driver of its direct-to-consumer future. “We look forward to delivering this premium content to millions of fans in the U.S., and potentially beyond,” he said.