It’s been a crazy week for TKO Group Holdings as the company and its UFC subsidiary today announced a new blockbuster media rights deal with Paramount Skydance worth $7.7 billion.

Set over a span of seven years with an average value of $1.1 billion per year, the new deal will see 13 numbered UFC events and 30 UFC Fight Nights airing exclusively on Paramount+, with some events being simulcast on CBS.

The deal effectively kills the pay-per-view model for the UFC as all the events will be part of the Paramount+ subscription, similar to what WWE has with Peacock and with ESPN next year.

“I couldn’t be more excited to join forces with Dana, Ari, and Mark. Rarely do opportunities arise to partner on an exclusive basis with a global sports powerhouse like UFC – an organization with extraordinary global recognition, scale, and cultural impact,” said David Ellison, Chairman and CEO of Paramount. “Paramount’s advantage lies in the expansive reach of our linear and streaming platforms. Live sports continue to be a cornerstone of our broader strategy — driving engagement, subscriber growth, and long-term loyalty, and the addition of UFC’s year-round must-watch events to our platforms is a major win. We look forward to delivering this premium content to millions of fans in the U.S., and potentially beyond.”

“This is a milestone moment and landmark deal for UFC, solidifying its position as a preeminent global sports asset,” said Ariel Emanuel, Executive Chair and CEO, TKO. “Our decade-long journey with UFC has been defined by continuous growth and expansion, and this agreement is an important realization of our strategy. 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.”

“Paramount is a platinum partner with significant reach,” said Mark Shapiro, President and COO, TKO. “Our new agreement unlocks powerful opportunities at TKO for years to come – 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.”

The deal will kick off in January 2026 when UFC exits ESPN and is replaced by WWE on a new $1.6 billion five-year deal which will see 10 premium live events streaming on their new DTC service and some of them simulcasting on ESPN linear.

This historic deal does not include any of The Ultimate Fighter, Dana White’s Contender Series, or any of the UFC video library, which could be sold to another partner.

TKO also has the NXT premium live events domestic rights and the vast WWE video library also potentially going to other broadcast partners in a different deal.