Paramount Bets Big on UFC

By: Sam Heller

September 23, 2025

Photo Credentials: Associated Press

A Landmark Deal for MMA

The UFC is set to enter a new era in 2026, as Paramount becomes the exclusive U.S. home of mixed martial arts’ biggest stage. In a seven-year deal valued at $7.7 billion ($1.1 billion annually), Paramount+ will stream all 13 numbered UFC events and 30 Fight Nights each year, with select cards also on CBS. The move ends the promotion’s pay-per-view era in the U.S., giving subscribers access to premium fights at a much lower cost. UFC CEO Dana White called the deal a “huge win” for both athletes and fans, while TKO Group president Mark Shapiro emphasized the “deeper engagement” possible on Paramount’s platforms. For Paramount, it’s the centerpiece of Paramount Chairman & CEO David Ellison’s aggressive push to reposition the newly merged Paramount–Skydance as a player in live sports.

Beyond Pay-Per-View: Changing the Business Model

For decades, UFC relied heavily on PPV revenue, with U.S. fight fans shelling out up to $79.99 for major events. Starting in 2026, that model will cease to exist in the United States. Instead, Paramount+ subscribers will enjoy full access without extra charges, boosting accessibility and subscriber growth. However, the PPV format isn’t dead everywhere. UFC executives confirmed that international markets like Canada, Australia, and New Zealand will continue with the PPV model for now. That global split highlights the balancing act of expanding access in the U.S. while protecting lucrative overseas revenue streams from PPVs in foreign countries.

Fighters and Finances: Who Wins?

The new deal raises fresh questions about fighter pay. Without PPV sales, champions and headliners may lose the “PPV points” that previously boosted their earnings. White insists details will be worked out before 2026, but he has already pledged higher performance bonuses for athletes, which could be huge for fighter paychecks. For Paramount, profitability is the bigger concern. Analysts warn it will be hard to make back $1.1 billion per year, especially as the company posted a $5.27 billion operating loss in 2024. Still, industry veterans compare the move to Fox’s bold $400 million NFL gamble in the 1990s, which helped transform the company into a sports media powerhouse despite initial skepticism.

Paramount’s Streaming Strategy

By securing year-round UFC content, Paramount strengthens its hand against rivals like Netflix, Amazon, and the new ESPN/Fox bundle. Analysts estimate UFC could attract six million new Paramount+ subscribers, with even more upside if international rights follow. Ellison has made it clear that Paramount won’t shortcut its way to growth. Instead, the UFC deal joins other major investments, like a $1.5 billion South Park package, to build a must-have content library.

What Comes Next

From fighter bonuses to global expansion, many details remain unknown. But one thing is clear: Paramount has gone all-in on UFC, betting billions that live combat sports can anchor its future. For the UFC, it’s a validation of its growth from a fringe sport in the 1990s to a global entertainment force with 100 million U.S. fans and nearly a billion households reached worldwide. As Ellison put it, this isn’t just about short-term profit. It’s about positioning Paramount “as a tech-first, personalized content brand” ready to compete with the industry’s biggest players. The Octagon, once confined to pay-per-view, is now a weapon in the streaming wars.