As these shifts take place, the media industry is about to go through a major test: how many people are willing to pay for a lot of — but not all — the sports content they want to watch.

Paramount has struck a blockbuster deal to become the exclusive US broadcaster of UFC fights, agreeing to pay $7.7 billion over seven years starting in 2026. The deal, with UFC parent company TKO Group,

The seven-year $7.7 billion deal is an early win for the company’s new chairman, David Ellison, who took over last week. CBS will also show some marquee fights.