TKO Ends PPV Model With Huge New Paramount Deal
TKO Group, the owner of WWE and UFC, has announced another massive deal.
TKO Group owns WWE and UFC, along with other properties. It’s a massive company that is constantly making deals all around the world.
It was announced last week that ESPN will have the streaming rights to WWE PLE’s in the US starting in 2026. The five-year streaming partnership is valued at $1.6 billion over five years, which is $325 million annually, and a significant increase over what NBC/Peacock was paying.
Even though WWE and UFC are under the same umbrella, they had different strategies for PPV/PLE events. Since WWE Network launched in early 2014, the cost of their PLEs has been lower than ever, as all you needed was a WWE Network or Peacock subscription. The same will apply to the new ESPN deal.
For fans of the UFC, watching a pay-per-view broadcast required spending $70+ with their local service provider. That can be expensive, but it’s also a thing of the past starting next year.
TKO’s New Massive Deal With Paramount/CBS Ends UFC’s PPV Model
A new deal was announced between TKO Group and Paramount/CBS for UFC special events. Starting in 2026 in the US, fans of the UFC can stream the company’s PPVs on the Paramount+ streaming service. That includes the PPVs and Fight Night broadcasts.
It’s a huge deal for TKO and UFC, as they will go from making $550 million annually from ESPN to an average of $1.1 billion per year with Paramount/CBS.
For the consumer, Paramount+ costs $12.99 monthly (or less if you get a different deal), so it’s a huge money saver if you intend to watch UFC PPVs.
The full press release is below.
PARAMOUNT TO BECOME EXCLUSIVE HOME OF UFC IN THE U.S.
Beginning in 2026, all UFC numbered events and Fight Nights will stream live on Paramount+, with select marquee fights simulcast on CBS
LOS ANGELES and NEW YORK, Aug. 11, 2025 /PRNewswire/ — Paramount, a Skydance Corporation, (“Paramount”) (NASDAQ: PSKY) and TKO Group Holdings, Inc. (“TKO”) (NYSE: TKO), a premium sports and entertainment company, today announced a seven-year media rights agreement in which Paramount will become the exclusive home of all UFC events in the U.S.
Starting in 2026, Paramount will exclusively distribute UFC’s full slate of 13 marquee numbered events and 30 Fight Nights via its direct-to-consumer streaming platform, Paramount+, with select numbered events to be simulcast on CBS, Paramount’s leading broadcast network.
As part of the agreement, UFC and Paramount will move away from UFC’s existing Pay-Per-View model in favor of making these premium events available at no additional cost to the expansive U.S. subscriber base of Paramount+. This shift in distribution strategy will unlock greater accessibility and discoverability for sports fans and provide an important catalyst for driving engagement and further subscriber growth for Paramount+. Paramount intends to explore UFC rights outside the U.S. as they become available in the future.
“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.”
UFC is the world’s premier mixed martial arts (MMA) organization. UFC events take place year-round with approximately 43 live events annually, delivering more than 350 hours of live event content. In the U.S., UFC has approximately 100 million fans who are highly engaged across linear, digital, and social platforms. Further, UFC is one of the few truly global sports properties, with programming reaching nearly 950 million broadcast and digital households across more than 210 countries and territories in 50 languages, as well as a roster of approximately 600 of the world’s best male and female MMA athletes representing 75 countries.
The seven-year term, which begins in 2026, has an average annual value (“AAV”) of $1.1 billion. The contract’s payment schedule is weighted more toward the back end of the deal.