The meet and greet was at UFC 306 at the Sphere in Las Vegas nearly a year ago. In the luxury box of TKO Holdings, which owns UFC and WWE, were media luminaries: Amazon’s Jeff Bezos, Disney’s Bob Iger and the future leader of Paramount, David Ellison, CEO of Skydance.

David Ellison, the new CEO of Paramount, pinned a major new deal for the media company he just took over. Paramount Skydance on Monday announced a seven-year media rights agreement with TKO Group under which Paramount+ will become the exclusive home of all UFC events in the U.

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.