Paramount bets big on UFC rights

Paramount is paying $1.1 billion per year for UFC rights, signaling a growth push amid a slower market for sports programming.

Paramount bets big on UFC rights as sports media slows

Paramount Global agreed to a seven-year UFC rights deal worth about $1.1 billion per year, set to begin in 2026. The package covers all 43 events, including premium numbered events and Fight Nights, and represents more than double the $500 million per year ESPN has spent on UFC rights in recent years. Talks intensified after Skydance completed its takeover of Paramount Global, prompting UFC parent company TKOs Mark Shapiro to say the deal shifted Paramount from a consideration of multiple buyers to a single, decisive offer. The move follows Paramount’s recent expansion of programming such as five more years of South Park, underscoring a strategy to invest in high-profile IP to bolster subscriber growth for Paramount+. In the broader market, Paramount’s bet comes as other major rights cycles edge through a period of slower decisions, with leagues weighing partners and streaming implications across an increasingly fragmented landscape.

Paramount’s bid signals a willingness to spend aggressively to lock in premium content at a time when the U.S. sports media market is entering a prolonged rights-cycle lull. By attaching UFC to Paramount+, the company hopes to convert fans into subscribers and turn an expensive asset into a durable growth engine. Yet overpaying for rights carries real risks if subscriber growth stalls or if cost synergies fail to materialize, potentially pressuring margins and inviting investor scrutiny. The deal also exposes Paramount to a cycle of high-profile bets, where success hinges on a steady stream of large-scale IP that can justify ongoing investments in streaming and live events. Taken with the South Park renewal, the package paints a clear message: Paramount plans to compete by investing in content that can drive attention and loyalty, even as rivals recalibrate strategy after CNN+ and other costly pivots.

Highlights

Growth today requires risk, but patience remains scarce in a market hungry for scale.