Paramount shares were up 4.2% in premarket trading. The company will carry the UFC's full U.S. slate of 13 numbered events and 30 Fight Nights on its Paramount+ streaming service, with select numbered events simulcast on its CBS broadcast network.

Paramount Skydance said it will become the exclusive distributor of TKO Group's UFC events in a seven-year deal worth $7.7 billion.

Under the seven-year deal, UFC fights will be streamed on Paramount+ and select bouts will be simulcast on CBS.