Paramount Skydance said it will become the exclusive distributor of TKO Group's UFC events in a seven-year deal worth $7.7 billion.

The Paramount deal will eliminate the pay-per-view model used by ESPN in its current UFC deal, making all events available for no extra charge on Paramount+.

"The addition of UFC's year-round must-watch events to our platforms is a major win," said Paramount CEO David Ellison, former CEO of Skydance, calling the mixed martial arts franchise a "global sports powerhouse".