The Octagon could be streamed elsewhere after the UFC’s exclusive negotiating window with ESPN expired earlier this month. In its next deal, the UFC is reportedly seeking more than $1 billion per year, an exponential increase from the five-year, $1.5 billion deal that gave ESPN exclusive domestic rights in 2019. That deal was extended for two more years and included exclusive PPV rights.
ESPN still views the UFC as a marquee property for ESPN+, with ESPN President Jimmy Pitaro optimistic about “trying to figure something out” and reaching a new agreement. The relationship between the two has had occasional friction over the years. Sources told the New York Post that TKO Group, the UFC’s parent company, was “absolutely furious” about issues that plagued UFC 313, including buffering issues and a temporary PPV sales outage.
During the UFC 314 post-fight press conference, UFC CEO Dana White addressed the organization’s upcoming media rights negotiations:
“When the window opens, we’ll obviously start talking to lots of different people and we’ll see what the options are out there,” White said. “We’ve said this every time. There could be a time when we end up on several different networks, like all other sports do. I like ESPN. I’ve said it many times, we had a bit of a rocky start, which is normal in any relationship, but we’re in a great place with ESPN. If we re-sign with them or do not, I have nothing but great things to say about my time at ESPN.”
A shift in broadcast partners could fundamentally alter how fans access UFC events. When asked whether the promotion would maintain its current 43-event annual schedule, White suggested that future programming volume will likely depend on the needs of its next media partner.
Beyond event frequency, the very structure of how UFC content is sold may also change. Sources told Erich Richter of the New York Post that UFC PPV buy rates have been low over the last few years. TKO President and COO Mark Shapiro emphasized the company was “super flexible” about linear TV, streaming, PPVs, and non-PPV events in the UFC’s next deal at last month’s Morgan Stanley Conference.
Should talks with ESPN fall through, the UFC has no shortage of suitors. Netflix, Amazon, and Warner Bros. Discovery have all expressed interest in acquiring UFC rights, while Fox and NBCUniversal have yet to publicly weigh in. Here’s a look at how the contenders stack and what each brings to the table.
Here’s a look at how each one stacks up and their interest in the Las Vegas-based fighting promotion.
Tag Team With WWE on Netflix
According to Richter, insiders view Netflix as the likely frontrunner to secure UFC rights, a move that would unite TKO’s two most valuable assets—WWE and UFC—on a single platform. Earlier this year, WWE launched a 10-year, $5 billion deal with Netflix, which now carries Monday Night Raw domestically and all WWE programming internationally.
Netflix recently reported over $10.5 billion in revenue during Q1 of 2025, with its ad-supported tier serving as a focus and growth engine. As the company continues to add more live events, subscribers have been paying for it through price increases. If the platform strikes a deal with the UFC, it may lead to another price hike. If the UFC decides to move away from the PPV model in favor of a PLE model like WWE, it could prove beneficial compared to ESPN+.
On a recent earnings call, Netflix Co-CEO Ted Sarandos declined to confirm interest in UFC rights or other live sports, but emphasized that live events must meet the company’s financial and strategic standards. Sarandos noted that the company’s live event strategy is to focus on big events, such as last year’s Jake Paul vs. Mike Tyson fight and the NFL on Christmas.
During the call, Sarandos explained how the company views sports acquisitions:
“So anything we chase in the event space or the sports space is a deal that would have to make economic sense as well. Live is a relatively small part of our content spend. We have about 200 billion view hours so small relative to view hours, too. But that said, all viewing is not equal. What we have seen with live is this very outsized positives around conversation and acquisition and we suspect retention. We’re really excited to keep building on that.” [Transcript via MMAFighting]
Netflix’s next major foray into live combat sports will be the Katie Taylor and Amanda Serrano title fight rematch, which will headline the platform’s first all-women’s boxing card. If the UFC joins Netflix’s lineup, the promotion could benefit from unprecedented exposure to more than 300 million global subscribers.
Prime Video Can Expand Its Combat Sports Portfolio
Amazon Prime Video has already carved out a space in combat sports, streaming Premier Boxing Champions and ONE Championship events. Jay Marine, Prime Video’s Head of Global Sports and Ads, expressed admiration for the UFC in a January CNBC interview:
“They’ve grown that into just an incredibly valuable franchise, incredibly passionate fan base. I have huge respect for them over there, and if that comes to market, I think they’re an exclusive window right now, we’d be very interested in taking a look as I expect every broadcaster would.” [Transcript via AwfulAnnouncing]
Beyond MMA, Prime Video has local sports via RSNs available on the platform, domestic rights for the NFL, WNBA, and NWSL, and will begin streaming NBA games next season. With over 200 million global Prime subscribers and nearly $2 trillion in market capitalization, Amazon has both the reach and the financial muscle to meet UFC’s lofty expectations.
WBD Could Expand UFC’s Footprint on Max
Warner Bros. Discovery (WBD) already has a foothold in UFC coverage abroad, including Max, Eurosport, and discovery+ platforms in markets like Italy, the UK, and the Netherlands. Domestically, however, TNT Sports has not yet carried UFC programming, though that could soon change.
In a recent podcast appearance, TNT Sports Chairman Luis Silberwasser acknowledged a gap in the company’s combat sports portfolio, spotlighting All Elite Wrestling (AEW), and highlighted UFC as a potential solution.
During an interview with The Varsity podcast, Silberwasser stated the following:
“We know combat sports is an area that we don’t have. AEW is not combat sports, it’s really a hybrid between entertainment and sports, so we don’t consider that 100% sports. Combat sports, like UFC, which is a fantastic property, is something that has perked our interest. Formula One as well. Given our experience with sports internationally, we know the passion for Formula One. We know that in this market it has grown and it has great potential as well. We will continue to be disciplined and strategic about it. It had to meet those objectives that we want. It has to offer us value from a distribution perspective, from a Max perspective, and generate the scale that we need to be able to monetize.“ [Transcript by 411Mania]
Like the UFC, Max would have to compete with Netflix, Amazon, and others for Formula One rights, but a deal with the racing league and MMA promotion would help close the programming hole left by the NBA.
After four decades, the NBA left TNT for streaming, which has caused WBD to bolster its TNT Sports programming with college sports, NASCAR, in addition to the MLB and NHL. However, unlike other major sports, the UFC doesn’t have an offseason, which would provide TNT, TBS, truTV, and Max with a year-round schedule of reliable, evergreen live programming.
Fox and NBCUniversal: Legacy Ties and Fresh Opportunities
The UFC previously called Fox home from 2011 to 2018. Now, the broadcaster is preparing to launch a standalone streaming service later this year, and live UFC events could provide an impactful debut. The platform will offer a wide range of content from Fox’s library, including live sports, news, and shows. If Fox and the UFC reunite, big fight nights would help the platform’s launch as it did ESPN+ back in 2018.
NBCUniversal continues to make sports an integral part of Peacock, which makes it a sleeper for UFC rights. Before the UFC signed its deal with Fox, the company nearly struck a deal with NBC until then-WWE Chairman Vince McMahon reportedly blocked it, citing contractual control over combat sports on USA Network.
Dana White recently told the story to Vince’s daughter, Stephanie, during her What’s Your Story with Stephanie McMahon podcast:
“So I’m on the 1-yard line, we’re about to get a deal done with NBC,” White said. “One of my big deal points was that The Ultimate Fighter had to be on USA [Network]. We’re literally in New York for days, hammering it out with all the executives over there. Finally, they come back and say ‘we’ll do it, we’ll put The Ultimate Fighter on USA.’”
“So the next day we come back, and we’re about to sign the deal and do all this stuff, and they’re like ‘we can’t believe this, we didn’t know this, we just found out — Vince McMahon has the right to determine whether another combat sport can come onto USA.’ I’m like what? How is that even f****** possible?” [Transcript via SI.com]
With McMahon no longer in the picture and both WWE and UFC now owned by TKO, the path to a renewed NBC deal may be clear.
NBCU already holds domestic rights to WWE Premium Live Events via Peacock, a deal set to expire next March. If the platform were to add UFC rights as well, it could become the primary streaming home for most of TKO’s portfolio.
What’s Next for the Octagon?
As cord cutting continues to disrupt traditional television, the UFC’s next media deal could shape the future of combat sports broadcasting. Whether it stays with ESPN or moves to a new partner, TKO’s negotiation represents one of the most high-stakes media rights battles in modern sports. As the sports landscape continues to change, securing the UFC’s next deal could be TKO’s biggest fight yet.
)
