Fresh off securing a seven-year, $7.7 billion rights agreement with the UFC, Paramount is in advanced discussions to acquire the media rights for Zuffa Boxing, the high-profile boxing venture backed by Saudi Arabia’s Turki Alalshikh, UFC President Dana White, and WWE President Nick Khan.
According to industry sources, Paramount has emerged as the leading contender for the rights deal, positioning itself to further strengthen its relationship with TKO Group Holdings, the parent company of UFC and WWE.
Zuffa Boxing: A Low-Risk, High-Margin Play for TKO
TKO President and COO Mark Shapiro recently outlined the structure of Zuffa Boxing’s business model during an earnings call. The promotion operates with minimal financial risk to TKO, which receives around $10 million annuallyin management fees for overseeing day-to-day operations.
The partnership with Saudi Arabia’s General Entertainment Authority — led by Alalshikh — will see 2–3 “super fights” staged each year, with the inaugural marquee event being Canelo Álvarez vs. Terence Crawford on September 13, streaming globally on Netflix.
For each super fight, TKO earns multiple revenue streams:
- Promotion fees for managing the event.
- Negotiation fees for media rights, handled through IMG.
- Hospitality revenue via On Location.
- Additional fight card exposure by placing Zuffa Boxing fighters on the undercard.
Shapiro projected that each super fight could generate $10 million in net income for TKO.
Paramount’s Strategic Play in Combat Sports
Paramount’s potential acquisition of Zuffa Boxing rights would follow its recent blockbuster UFC deal, which moves MMA coverage from ESPN platforms to Paramount+ and CBS, significantly increasing its reach and strengthening its live sports portfolio.
By adding Zuffa Boxing, Paramount would further entrench itself in the combat sports space, diversifying content offerings and capitalising on the sport’s global growth — particularly in the Middle East, where Saudi-backed events have drawn unprecedented attention and financial backing.
Why This Matters for the Industry
If completed, the deal would mark a significant consolidation of high-profile combat sports properties under Paramount’s distribution network, offering cross-promotional opportunities between MMA, boxing, and WWE.
It also underscores a wider industry trend: media rights holders are seeking sports properties with predictable returns, international expansion potential, and year-round engagement opportunities. Zuffa Boxing’s low-risk, event-driven model ticks all three boxes — making it an attractive proposition in the increasingly competitive live sports rights market.
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