Days after sealing its merger with Skydance, the newly restructured Paramount has landed one of the most aggressive sports rights deals in recent memory: a $7.7 billion, seven-year agreement with TKO Group to bring the UFC exclusively to Paramount+ in the U.S., starting in 2026.
The deal covers all 43 annual UFC events — 13 marquee numbered cards and 30 Fight Nights, with select numbered events simulcast on CBS. In a significant strategic shift, Paramount and UFC are scrapping the pay-per-view model in favor of bundling premium fights directly into the Paramount+ subscription at no additional cost. For $12.99 a month, fans will get the entire UFC slate, a move designed to drive accessibility, discoverability, and long-term subscriber retention.
While Disney’s ESPN had been paying roughly $500 million annually for UFC rights under its expiring deal, Paramount’s agreement more than doubles that valuation, averaging $1.1 billion per year. Payments are weighted, starting lower and ramping up over time. For Paramount CEO David Ellison, this was a “unicorn” opportunity — the kind of premium sports rights asset that surfaces only once a decade.
Scarcity was a key driver. With Formula 1 likely headed to Apple and MLB locked until 2028, there’s little else in the near-term sports rights market at this scale. UFC’s year-round calendar, 350 hours of live programming annually, provides a steady subscription anchor, avoiding the seasonal churn that plagues other sports offerings.
For TKO, which also owns WWE, the move solidifies UFC’s position as a premier global sports brand and marks a pivot in distribution strategy. “The pay-per-view model is a thing of the past,” said TKO president Mark Shapiro, noting the appeal to younger fans and the simplicity of “one-stop shopping” for premium content.
Paramount also secured a 30-day exclusive negotiating window for UFC’s international rights as they come up for renewal, opening the door for further global expansion.
The Take
With this deal, Paramount has made clear that live sports — particularly exclusive, year-round properties — will be central to its post-merger streaming strategy. The UFC move is not just a rights acquisition; it’s a bet that the right sports asset, integrated into a subscription bundle, can be a growth engine in a crowded streaming marketplace.
