Paramount has moved quickly to strengthen its sports portfolio after finalising its merger with Skydance Media, striking a $7.7 billion agreement for exclusive US rights to Ultimate Fighting Championship (UFC) events.
The seven-year deal, beginning in 2026, positions Paramount+ as the sole streaming home for UFC’s full lineup, with select events simulcast on CBS.
The move eliminates the pay-per-view model for premium UFC matches in the US, a significant shift from ESPN+’s approach, and comes amid heightened competition for a limited pool of premium sports rights over the next decade.
Paramount+ to stream full UFC calendar
Under the agreement, Paramount will pay an average of $1.1 billion annually for 43 live events each year, including 13 marquee numbered fights and 30 “Fight Nights.”
The payments will be weighted, starting below the annual average in the initial years and increasing later.
All events will be accessible to Paramount+ subscribers in the US without extra fees, replacing ESPN+’s system, which charged pay-per-view prices for certain fights.
The deal offers Paramount a 350-hour annual slate of year-round UFC content, designed to keep subscribers engaged throughout the year and reduce seasonal churn that affects other sports.
Select matches will air simultaneously on CBS, providing additional reach beyond streaming.
Skydance-Paramount deal accelerates negotiations
The agreement was finalized within 48 hours of Paramount’s completed sale to Skydance Media on Thursday, which brought new leadership under the CEO, David Ellison.
According to TKO Group, which owns UFC and WWE, initial plans were to split rights between multiple partners.
However, the closure of the Skydance deal prompted negotiations for Paramount to secure the entire US UFC package.
The timing reflects the scarcity of upcoming sports rights opportunities. Formula 1 rights are expected to go to Apple, and Major League Baseball’s major packages will not be renegotiated until 2028.
This made UFC, which merged with WWE to form TKO in 2023, one of the few premium sports properties available.
Competitive sports rights landscape
ESPN’s current UFC contract, worth an average of $500 million annually, expires at the end of 2025.
Paramount’s deal more than doubles that figure, reflecting the heightened demand for exclusive sports content among streamers and broadcasters.
UFC’s year-round schedule and global fan base make it an attractive asset, with fights currently broadcast in over 210 countries.
Paramount also confirmed interest in acquiring UFC’s international rights, which are renewed on a rolling basis, with around one-third available each year.
The company will hold a 30-day exclusive negotiating window for each territory’s rights as they become available.
Expanding TKO’s media footprint
The UFC deal comes just days after TKO secured a separate five-year, $1.6 billion US rights agreement with ESPN for WWE’s premium live events.
The back-to-back signings mark a rapid expansion of TKO’s media partnerships and reinforce its strategy of maximising exposure for its sports entertainment brands.
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