As these shifts take place, the media industry is about to go through a major test: how many people are willing to pay for a lot of — but not all — the sports content they want to watch.

Paramount Skydance announced a seven-year media rights agreement in which Paramount+ will become the exclusive home of all UFC events in the U.S. -- pulling the mixed martial arts events from ESPN.

The seven-year $7.7 billion deal is an early win for the company’s new chairman, David Ellison, who took over last week. CBS will also show some marquee fights.