Paramount said Monday it will pay about $7.7 billion for exclusive U.S. media rights to the Ultimate Fighting Championship in a seven-year agreement with UFC owner TKO Group Holdings. The contract, which begins in 2026, marks the first major strategic move by the company since closing its merger with Skydance last week and installing Skydance founder David Ellison as chief executive officer. The package covers all 43 live UFC events each year—13 marquee numbered cards and 30 Fight Nights—which will stream on Paramount+. Select numbered bouts will be simulcast on the CBS broadcast network. Payments average roughly $1.1 billion annually and are weighted toward the back end of the deal, according to people familiar with the terms. The arrangement will eliminate the pay-per-view model that has been central to UFC’s U.S. distribution, allowing Paramount+ subscribers to watch premium fights at no extra charge. It also pulls the mixed-martial-arts franchise away from Disney’s ESPN, which had carried UFC events since 2019. Paramount said it may pursue additional UFC rights in international markets as they come up for renewal.