Skydance-owned Paramount will become the exclusive U.S. home of Ultimate Fighting Championship under a seven-year media rights deal valued at about $7.7 billion, marking the first major strategic move by the merged media giant under new CEO David Ellison.

David Ellison, the new CEO of Paramount, pinned a major new deal for the media company he’s taken 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.