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.

Skydance-owned Paramount will become the exclusive U.S. home of Ultimate Fighting Championship under a seven-year streaming deal valued at about $7.7 billion, the first major strategic move by the newly merged media giant under new CEO David Ellison.

That means fans who are used to occasionally forking out for a pay-per-view UFC fight will have to consider a Paramount Plus subscription instead. All UFC events will be included in Paramount Plus subscriptions.