Why Paramount Outbid Netflix for the UFC’s Next Broadcast Deal

Netflix’s Reluctance

Despite serious talks, Netflix ultimately bowed out. According to TKO president and COO Mark Shapiro, the streamer was unwilling to commit to the UFC’s full slate of events.

“Even though we had a lot of different interested parties, not everybody was writing a big check,” Shapiro told The Varsity podcast. “We were getting pretty close with Netflix, frankly. They kind of stood by the fact that they didn’t want the volume. Ted Sarandos and Bella Bajaria were very upfront: ‘Give us one pay-per-view, we’ll put it on the platform for free for subscribers, and we’ll pay premium for it. But we don’t want the other 30 Fight Nights.’”

Netflix’s stance was consistent with its event-driven sports model, which prioritizes one-off spectacles such as the Jake Paul vs. Mike Tyson mega-card, or its holiday deal with the NFL for two Christmas Day games over full season commitments.

Why Paramount Made Sense

For the UFC, however, splitting inventory across multiple broadcasters was never the preferred model. Paramount’s all-in approach, offering to take the entire package, provided both financial security and a single, unified distribution platform.

By locking down the UFC rights, Paramount not only secures one of sports media’s most reliable draws but also delivers a massive blow to rivals like ESPN and Netflix in the escalating battle for premium live content.

The Bigger Picture

The deal underscores a growing divide in the streaming wars:

• Netflix remains committed to tentpole spectacles but avoids season-long or year-round deals.

• Paramount, meanwhile, doubled down on live sports as a cornerstone for its platform, making the UFC a flagship property.

For the UFC, the outcome is clear: record-breaking revenue, broader distribution, and a future tethered to Paramount’s streaming and broadcast ecosystem.