David Ellison, the new CEO of Paramount, pinned a major new deal for the media company he just took over. Paramount Skydance on Monday announced a seven-year media rights agreement with TKO Group under which Paramount+ will become the exclusive home of all UFC events in the U.

Paramount is purchasing the rights to UFC in a landmark $7.7 billion deal over seven years beginning in 2026, the companies announced in a statement Monday, in a move that will eliminate the pay-per-view model. All of the UFC’s events will now be accessible with only a Paramount+ subscription, and select numbered events will also air on CBS.

One big question around the long-drawn-out merger of Paramount and Skydance was what its new CEO, David Ellison, would do once he was in charge. In his first big move since the deal closed last week,