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The End of an Era: UFC's Landmark Deal

In a move that sends shockwaves through the sports media landscape, the Ultimate Fighting Championship (UFC) has officially announced it will be leaving its long-standing Pay-Per-View (PPV) model behind in the United States. Beginning in 2026, the world's premier mixed martial arts organization will move to Paramount's streaming and broadcast networks in a landmark seven-year, $7.7 billion deal. This transition isn't just a change of channels; it's a fundamental shift in how fans will consume the sport, how the league generates revenue, and how fighters build their careers.

This groundbreaking agreement will see all UFC events, including 13 marquee numbered cards and 30 "Fight Nights," available to subscribers of Paramount+ at no extra cost. Select major events will also be simulcast on the CBS broadcast network, promising unprecedented access. For a sport that built its empire on the high-stakes, high-cost PPV model, this pivot marks the end of an era.

A Brief History of the Pay-Per-View Powerhouse

To understand the magnitude of this change, one must appreciate the history of PPV in combat sports. The model's origins trace back to closed-circuit theater telecasts for boxing's biggest stars like Muhammad Ali. As technology evolved, this model moved into living rooms, and the UFC, under Dana White, masterfully leveraged this system. By making its most significant fights available only through a hefty PPV fee (currently around $80), the UFC created a sense of occasion and exclusivity. This model was instrumental in transforming the once-niche sport into a global phenomenon, turning its biggest events into cultural moments.

So, why leave a model that has been so lucrative? The answer lies in the evolving media landscape. The rise of streaming giants has changed consumer behavior. Audiences, particularly younger demographics, are accustomed to all-access, on-demand content for a flat monthly fee. The per-event purchase model, once a strength, was becoming a barrier to entry for casual fans. The UFC is betting that the long-term value of subscriber growth on a major platform like Paramount+ will ultimately outweigh the unpredictable windfalls of individual PPV sales.

The Tale of the Tape: PPV vs. Network Deal

This strategic shift brings a host of pros and cons for all parties involved—the league, the sport, and the fighters.

For the UFC (The League)

  • PPV Pros & Cons: The PPV model offered enormous revenue potential for blockbuster events but was inconsistent and highly dependent on a few top-drawing stars. It also alienated casual fans due to high costs.

  • Network Deal Pros & Cons: The Paramount deal provides guaranteed, predictable revenue of over $1.1 billion annually, offering immense financial stability and increased accessibility. However, the "special event" feel of a PPV might be diluted when it's part of a regular subscription.

For MMA (The Sport)

  • PPV Pros & Cons: PPV elevated the biggest fights to must-see cultural moments, but the paywall made it difficult for the sport to grow beyond its hardcore base.

  • Network Deal Pros & Cons: The potential for a massive increase in viewership on platforms like Paramount+ and CBS lends a new level of mainstream acceptance. Casual viewers can discover the sport without a financial commitment. The primary risk is oversaturation, making it harder for specific fights to stand out.

For the Fighters (The Athletes)

  • PPV Pros & Cons: Top-tier champions could earn immense paydays through "PPV points"—a share of the revenue. However, this created a top-heavy financial structure where the vast majority of fighters saw no direct benefit.

  • Network Deal Pros & Cons: Every fighter on the roster gains increased exposure, potentially leading to better sponsorship opportunities. The guaranteed revenue could also lead to a higher base pay structure. The main drawback is the elimination of PPV points, which could lower the earning ceiling for the sport's biggest superstars.

A Calculated Risk for a New Generation

The UFC's move to Paramount is more than a business deal; it's a strategic pivot that acknowledges the future of media consumption. By trading the volatile peaks of the PPV model for the steady, broad reach of a subscription service, the UFC is making a calculated bet on growth and accessibility. While the raw excitement of a PPV night will be missed by some, this new era promises to bring the world's most exciting sport to more screens than ever before, creating new fans, new stars, and a new chapter in the story of the UFC.

Business

A United Front: The MLV-PVF Merger

In a landmark move for American professional sports, the landscape of women's volleyball has been dramatically reshaped. The Pro Volleyball Federation (PVF) and the upstart Major League Volleyball (MLV) have announced a historic merger, consolidating their efforts into a single, unified league that will operate under the MLV banner. This isn't just a simple business deal; it's a strategic consolidation that signals a powerful, unified push to establish women's professional volleyball as the next major league in the United States.

An Overview of the Deal

Announced in early August 2025, the merger brings together the established, two-season-old PVF with the heavily funded MLV, which was originally set to launch in 2026. The new, combined entity, which will be branded as MLV, is reportedly valued at over $325 million, with the PVF having raised an additional $40 million in connection with the deal.

The league is set to begin its inaugural season as a unified force in January 2026, which will be recorded as the league's third season, building on the PVF's foundation. It will launch with eight teams, all from the existing PVF, in key markets like Atlanta, Omaha, San Diego, and Dallas. The structure is built for growth, with plans to expand to ten teams in 2027 by adding franchises in Washington D.C. and Northern California, backed by high-profile owners like Vivek Ranadivé of the Sacramento Kings and the ownership group of D.C. United. This move from a fragmented landscape with multiple competing leagues to one powerhouse entity is a crucial step toward long-term stability and growth.

Tapping into a Proven Market

The timing for this ambitious push could not be better. For years, the evidence of a massive, untapped market for high-level women's volleyball has been hiding in plain sight on college campuses across the country. The sport is a juggernaut at the collegiate level, consistently shattering attendance and viewership records.

Look no further than the Big Ten Conference, where volleyball matches have become premier television events. In October 2023, a regular-season match broadcast on FOX drew a staggering 1.66 million viewers, a record for the sport. This wasn't an anomaly. The 2023 NCAA Championship match between Texas and Nebraska captivated 1.7 million viewers, demonstrating a national appetite for elite competition.

The most powerful evidence, however, comes from the University of Nebraska. In August 2023, the university hosted "Volleyball Day in Nebraska," a regular-season match against Omaha held in the school's football stadium. The event drew an astonishing crowd of 92,003, setting a new world record for attendance at any women's sporting event. This wasn't just a big crowd; it was a declaration. It proved that with the right promotion and context, women's volleyball can attract audiences on the scale of major men's sports.

The Untapped Potential: A League of Its Own

One of the most compelling factors in women's volleyball's potential rise is its unique position in the American sports landscape. Unlike basketball (WNBA/NBA) or soccer (NWSL/MLS), there is no mainstream, professional men's indoor volleyball league in the U.S. competing for fans, media attention, or sponsorship dollars. This gives the new MLV a clear and open lane to capture the hearts of sports fans.

The sport itself is tailor-made for modern audiences: it's fast-paced, athletic, and filled with dramatic, high-impact plays. The merger provides the scale and resources necessary to capitalize on this. By uniting the best players, attracting powerful ownership groups, and creating a stable, single destination for fans, the MLV can build team rivalries and star power that transcend the existing college fanbases.

For decades, the best American female volleyball players had to go overseas to compete professionally. Now, with a unified and well-funded league at home, the nation's top talent can build their careers in front of American audiences. This will not only elevate the quality of play but also create the household names and compelling storylines that are essential for any major sports league.

The consolidation of the PVF and MLV is more than just a merger; it's a calculated, strategic move to build the next great American sports league. By leveraging a proven, passionate fanbase and occupying a unique space in the market, professional women's volleyball is poised for an explosive increase in popularity. The sleeping giant of American sports may finally be ready to awaken.

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By The Numbers

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Big investors are buying this “unlisted” stock

When the founder who sold his last company to Zillow for $120M starts a new venture, people notice. That’s why the same VCs who backed Uber, Venmo, and eBay also invested in Pacaso.

Disrupting the real estate industry once again, Pacaso’s streamlined platform offers co-ownership of premier properties, revamping the $1.3T vacation home market.

And it works. By handing keys to 2,000+ happy homeowners, Pacaso has already made $110M+ in gross profits in their operating history.

Now, after 41% YoY gross profit growth last year alone, they recently reserved the Nasdaq ticker PCSO.

Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.

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