Paramount's $7.7 billion UFC deal is a knockout move

In its first major move since merging with Skydance, the new Paramount has secured exclusive U.S. rights to all UFC events for seven years in a $7.7 billion deal. The pact is a massive bet on live sports to drive Paramount+ subscriptions and, in a bombshell for fans, completely eliminates the league's pricey pay-per-view model.

• Tapping out on PPV: Starting in 2026, the agreement moves UFC’s entire slate of events—including its 13 marquee pay-per-view cards—from a costly one-off purchase model to the standard streaming subscription. To maximize reach for its new asset, Paramount will also simulcast select fights on its CBS broadcast network.
• Ellison's opening move: This is the first major play by new CEO David Ellison since the Skydance merger and was reportedly hammered out in just two days. The strategy directly attacks the problem of subscriber churn by leveraging UFC’s relentless, year-round schedule, which gives fans fewer reasons to cancel during a seasonal lull—because for the UFC, there isn't one.
• The streaming arms race: The deal reshuffles the sports streaming deck, with current partner ESPN losing the rights. But TKO, parent company of both UFC and WWE, played all sides, recently inking a separate five-year, $1.6 billion deal to move its WWE premium events like WrestleMania exclusively to ESPN's forthcoming streaming service.

Paramount is paying a hefty premium to acquire a year-round content engine, betting that a constant stream of high-demand live sports is one of the last remaining keys to winning in streaming.

• The wider view: Paramount’s big content plays aren't limited to sports, as the company also recently locked in a new five-year deal for South Park. Meanwhile, the fight for premium sports continues to heat up, with reports that Apple is pursuing rights for Formula 1. And as for the UFC, its cultural influence continues to grow, with a championship fight scheduled to be held at the White House in 2026.