The complicated sports streaming landscape just upped its game.

Today, Paramount, which just closed its merger with Skydance Media , entered the octagon with TKO Group Holdings in a deal that makes Paramount the exclusive home of all UFC events in the U.S. The partnership, which begins in 2026, has an average annual value of $1.1 billion (over seven years, that’s around $7.7 billion). Paramount will also “move away” from UFC’s pay-per-view model, making the events available for no additional cost to Paramount+ subscribers.

The deal also means that ESPN is out of the UFC game, with its partnership with UFC set to expire at the end of 2025 . However, ESPN has also been busy with sports rights, recently announcing new partnerships with WWE and the NFL for NFL Network assets.

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