No more pay-per-view? Inside Paramount’s record-breaking $7.7 billion UFC deal

In a landmark sports media agreement, Paramount announced Monday, August 11, that it has secured exclusive United States streaming and broadcast rights to the Ultimate Fighting Championship (UFC). The deal, valued at $7.7 billion over seven years, will take effect in 2026, The New York Times reported.

The agreement, finalised just days after Paramount’s merger with Skydance Media, will see the company pay an average of $1.1 billion per year to broadcast all 13 numbered UFC events and 30 “Fight Nights.” Paramount confirmed the arrangement in a press release, noting that the payment schedule is weighted, with lower amounts paid in the early years and higher sums later in the contract.

Under the terms, every UFC fight will be available to stream via Paramount+, with select high-profile events simulcast on CBS. The move will end the long-standing pay-per-view model for premium UFC matches in the U.S., making all events accessible to subscribers without additional charges.

Mark Shapiro, president and chief operating officer of TKO Group, called the pay-per-view format outdated.

"What’s on pay-per-view anymore? Boxing? Movies on DirecTV? It’s an outdated, antiquated model. So, it was paramount to us – forgive the pun – where it’s one-stop shopping, especially for our younger fans in flyover states," Shapiro told CNBC.

Currently, fans in the U.S. must subscribe to ESPN+ for $12 a month and pay an additional $79.99 fee for marquee UFC fights. ESPN’s deal with the UFC, worth roughly $500 million annually, is set to expire at the end of 2025.

Once the new arrangement begins, viewers will only need a Paramount+ subscription — priced at $13 a month without ads or $8 with ads — to access the entire UFC schedule.

UFC President Dana White hailed the move as a milestone for the sport.

"This historic deal with Paramount and CBS is incredible for UFC fans and our athletes. For the first time ever, fans in the US will have access to all UFC content without a pay-per-view model, making it more affordable and accessible to view the greatest fights on a massive platform. This deal puts UFC amongst the biggest sports in the world. The exposure provided by Paramount and CBS networks under this new structure is a huge win for our athletes and anyone who watches and loves this sport."

The agreement applies only to UFC’s U.S. rights, but Paramount has expressed interest in acquiring international rights once they are available.

The deal follows other major sports broadcasting moves by TKO Group, including last week’s five-year, $1.6 billion agreement with ESPN for exclusive U.S. rights to WWE’s premium live events.

For now, the pay-per-view model will remain in place through the end of 2025, meaning fans hoping to watch UFC 319 this weekend will still need to go through the existing ESPN+ process.