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.

As part of the agreement, the Paramount+ streaming platform will show UFC’s full slate of numbered events and ‘Fight Nights,’ with select events simulcast on sister network CBS, the companies said. UFC has traditionally distributed its mixed martial arts events through a pay-per view model rather than via streaming subscriptions.

One big question around the long-drawn-out merger of Paramount and Skydance was what its new CEO, David Ellison, would do once he was in charge.