As part of the agreement, the Paramount+ streaming platform will show UFC’s full slate of numbered events and ‘Fight Nights,’ with select events simulcast on sister network CBS, the companies said. UFC has traditionally distributed its mixed martial arts events through a pay-per view model rather than via streaming subscriptions.

Paramount Skydance shares jumped by 37% overnight, after the newly merged company announced a US$7.7 billion deal for exclusive US rights to all UFC fights.The stock soared throughout Wednesday, hitting a peak of US$17.

"CBS Mornings" parent company Paramount has secured U.S. TV rights to UFC in a $7.7 billion deal. MoneyWatch correspondent Kelly O'Grady reports on what the move means for the league and its fans.