UFC owners reveal Netflix was in serious talks for broadcast rights and why deal ultimately didn’t happen

Paramount Secures UFC Broadcast Rights with $7.7 Billion Deal After Netflix Talks Stall

By Damon Martin – Combat sports journalist since 2003

When the UFC entered negotiations for a new broadcast deal, many expected Netflix to emerge as the top contender. The streaming giant had just signed a massive 10-year, $5 billion deal to carry WWE’s Monday Night Raw, and with both WWE and UFC under TKO Group Holdings, it seemed like a natural fit.

However, in a surprising twist, Paramount stepped in and landed the deal — a staggering $7.7 billion agreement that more than doubles what ESPN currently pays for the same rights.

Despite the unexpected outcome, TKO president and COO Mark Shapiro confirmed that discussions with Netflix were serious. Still, the streamer ultimately passed on the opportunity because they weren’t interested in airing the full slate of UFC content.

“Even though we had several parties interested, not everyone was offering the kind of money we wanted,” Shapiro said on The Varsity podcast. “We got close with Netflix, but they made it clear early on that they didn’t want the volume.”

According to Shapiro, Netflix executives — including co-CEO Ted Sarandos and chief content officer Bela Bajaria — expressed interest only in marquee events, like UFC’s monthly pay-per-views. They were open to hosting those events for subscribers, but had no desire to carry the other 30+ annual Fight Night cards.

Netflix has been cautious with live sports, typically opting for one-off, high-profile events like Jake Paul vs. Mike Tyson or the NFL’s Christmas Day games. Sarandos has consistently said the company prefers major spectacles over full-season sports coverage, making a limited UFC partnership seem viable.

But Shapiro acknowledged that UFC wasn’t keen on splitting its content across multiple platforms. While it was a fallback option, it wasn’t ideal.

“We didn’t want to be split up five ways,” Shapiro said. “We were willing to consider it, but only with premium partners. It would’ve been more out of desperation.”

Despite Netflix’s global reach — over 300 million subscribers — their reluctance to take on the full UFC package created an opening for Paramount. Shapiro believes Netflix’s existing WWE deal may have hurt UFC’s chances.

“They already had volume with WWE,” Shapiro explained. “I think that worked against us. They didn’t want another similar commitment.”

Netflix’s focus remains on blockbuster events, such as Canelo Alvarez’s recent fight that drew 41 million viewers — even with minimal marketing compared to the Tyson fight.

With Netflix stepping aside, Paramount quickly emerged as the leading candidate. The result: a $7.7 billion, seven-year agreement that gives Paramount exclusive rights to all UFC events.

Under the new deal, every UFC fight — including pay-per-view-level cards — will stream on Paramount+ at no additional cost to subscribers. CBS will also play a role in cross-platform promotion, enhancing visibility across broadcast and streaming.

“When CBS and Paramount came to us and said, ‘We want it all. We want the volume. We’ll promote it across platforms,’ that was hard to pass up,” Shapiro said. “They’re investing in better tech, better ad solutions, and they have the backing of Oracle through David Ellison. It was a powerful vision, and he’s a UFC fan — that mattered.”