Paramount-Warner Bros. Partnership Could Bring UFC to HBO as Owners Explore New Platforms

That's not enough for TKO. Just 10 months into its seven-year, $7.7 billion Paramount deal, the parent company is already exploring new avenues to take the UFC experience beyond its existing broadcasting setup.

Is UFC Planning a New Streaming Empire?

During Wednesday’s earnings call, TKO Group Holdings president and COO Mark Shapiro revealed that discussions with Skydance are ongoing, with both sides exploring ways to expand UFC’s reach across its growing multi-platform network, including HBO and TNT.

“We’re in conversation as we speak with Skydance about the best way to maximize audience across the Skydance platform,” Shapiro said during the call. “We will be maximizing HBO, TNT, Paramount+, CBS, all in the name of expanding eyeballs, expanding viewership, growing audience, and increasing engagement.”

The promotion's rising commercial value has become increasingly important to its parent company, potentially giving Mark Shapiro the leverage to expand UFC's distribution across Paramount-Skydance's growing media portfolio.

Under the seven-year, $7.7 billion agreement signed with TKO in August 2025, Paramount+ secured exclusive US rights to all 43 UFC events annually, bringing an end to the traditional pay-per-view model in the country.

However, Paramount-Skydance’s $100 billion acquisition of Warner Bros. Discovery has dramatically broadened its media reach, bringing HBO, TNT and TBS alongside Paramount+, CBS and its expanding portfolio of platforms. 

That creates an opportunity for TKO to take UFC programming beyond Paramount+ and explore distribution across HBO and TNT. A broader platform presence could expose the promotion to new audiences while opening additional avenues for advertising and sponsorship revenue.

“Our business is durable, and our fundamentals are solid, with the vast majority of our existing revenues locked in for the next five to seven years,” Shapiro said in TKO’s third-quarter earnings release on November 4. “Macro trends are firmly in our favor, every facet of sports consumption is pointing north, and we see substantial runway ahead.”

These comments come days after TKO reported impressive financial results, with the UFC playing a major role in the company's growth. In the third quarter of 2026, UFC revenue surged 60 percent year over year to $519.2 million, while adjusted EBITDA climbed 72% to $285.3 million. Across TKO, revenue increased 21 percent to $1.36 billion, prompting the company to project full-year revenue of between $5.790 billion and $5.830 billion.

Interestingly, while UFC's growth was tremendous, WWE revenue slipped 1 percent to $39.3 million amid softer live event and hospitality revenue. Meanwhile, IMG posted a 16 percent increase to $391.3 million, buoyed by World Cup hospitality. That contrast highlights why the Octagon remains the headline act in TKO's business.

With such strong numbers, Paramount-Skydance has plenty of reason to explore an expansion of UFC’s programming onto HBO and TNT.