The Ultimate Fighting Championship (UFC) has secured a landmark seven-year, $7.7 billion media rights agreement with Paramount that will see all fights streamed exclusively on Paramount+ in the United States, with select events simulcast on CBS.

The deal, finalised just days after Skydance Media CEO David Ellison completed an $8 billion acquisition of Paramount, will nearly double the UFC’s current US media rights revenue from its partnership with ESPN. The existing ESPN deal, worth an estimated $600 million annually, will run until the end of 2025.

From 2026, Paramount+ will carry the UFC’s full slate of events, eliminating the pay-per-view (PPV) system that has been a fixture of the sport since 1993. UFC parent company TKO Holdings said the decision was driven by rising costs for fans—nearly $100 a month to access all events—and a surge in piracy during major fight nights.

“We knew the double paywall had gotten out of control,” said Mark Shapiro, TKO president and chief operating officer. “Piracy numbers were up tenfold, similar to big boxing PPVs.”

Negotiations began in February, with UFC exploring the possibility of splitting rights between multiple partners, including Netflix and Warner Bros. Discovery. Paramount initially appeared in line to acquire rights to UFC’s “Fight Night” events only, but after the Skydance merger closed, Ellison moved quickly to secure the entire package.

Paramount will continue UFC’s practice of producing its own broadcasts to retain full creative control. “It’s going to be like that until I leave,” UFC CEO Dana White said.

At $1.1 billion per year, UFC’s US media rights will now rival those of the Olympics, March Madness and NASCAR, and far exceed sports such as the NHL and PGA Tour. The organisation will also maintain separate international rights deals, currently worth an estimated $250 million per year.

Paramount is banking on the UFC’s year-round schedule and global fanbase to boost Paramount+ subscriptions, which stood at 77.7 million as of July—well behind rivals Netflix, Amazon Prime Video and Disney+.

White confirmed discussions are underway to stage a UFC event at the White House in July 2026, an idea linked to his longstanding friendship with US President Donald Trump.

Shares in TKO Holdings rose more than 10% on news of the deal, while Paramount stock dipped slightly.