Paramount Secures U.S. UFC Rights in $7.7 Billion, Seven-Year Agreement

Paramount has reached a landmark deal to acquire the exclusive U.S. rights to TKO Group’s Ultimate Fighting Championship (UFC) in a seven-year agreement worth $7.7 billion, the companies announced. Beginning in 2026, all 43 annual UFC live events will stream exclusively on Paramount+, with select events also airing on CBS. The move eliminates the pay-per-view model currently used under ESPN’s contract, making all events available to subscribers at no additional cost.

Under the agreement, Paramount will pay an average of $1.1 billion per year for the UFC package, which includes 13 marquee “numbered” events and 30 “Fight Night” cards. Payments will be weighted, with smaller sums in the early years and higher amounts later. The deal follows days after Paramount completed its merger with Skydance Media, ushering in new leadership under CEO David Ellison.

The deal represents a significant increase over the current rights arrangement. ESPN’s contract, valued at an average of $500 million annually, will expire at the end of 2025. Under ESPN, some premium UFC events were available only via pay-per-view on ESPN+, an approach TKO Group President and COO Mark Shapiro said no longer fits today’s viewing habits.

Two men fighting | Source: Pexels

“The pay-per-view model is a thing of the past,” Shapiro said. “It was paramount to us — forgive the pun — where it’s one-stop shopping, especially for our younger fans in flyover states. When they find out, ‘Wait, if I just sign up for Paramount+ for $12.99 a month, I’m going to automatically get UFC’s numbered fights and the rest of the portfolio?’ That’s a message we want to amplify.”

Shapiro revealed that TKO had initially considered splitting rights between different media partners, with Paramount acquiring only the Fight Night events. However, after the Skydance-Paramount merger closed on Thursday, the two sides negotiated the full package within 48 hours.

TKO Chief Executive Officer Ariel Emanuel said securing the entire slate was important for Paramount due to the scarcity of premium sports rights in the near term. Formula 1 rights are expected to go to Apple, while Major League Baseball will not reorganize its major media packages until 2028. “UFC is a unicorn asset that comes up about once a decade,” Ellison said, describing himself as a UFC fan.

The year-round nature of UFC events was cited as a key draw for Paramount. Unlike seasonal sports, the UFC’s schedule of 43 live events — totaling approximately 350 hours of live programming — offers consistent content to retain monthly subscribers.

A man with boxing gloves | Source: Pexels

The agreement also includes a provision for potential international expansion. Paramount stated it is interested in acquiring UFC’s overseas rights to pair with its U.S. coverage. These rights become available on a rolling basis, with about one-third open for renewal each year. Paramount will have a 30-day exclusive negotiating window for each market as contracts expire.

Shapiro said the partnership would benefit both sides. “We’re getting the brand, we’re getting the reach, and they’ll get the signups,” he told CNBC.

With the new agreement, Paramount positions itself as the exclusive home for UFC in the U.S., signaling a major strategic shift in sports media distribution and expanding the reach of its streaming platform ahead of 2026.