Should we have been surprised when David Ellison, the new CEO of Paramount, announced a $7.7B, seven-year deal for all U.S. rights to the UFC?
Like many, I thought it was a bold move. He outbid ESPN, Netflix, Apple, Amazon, Warner Bros, Dazn, and YouTube. And he did it just days after taking control of Paramount through the merger with Skydance Corporation.
But it is a move not without precedent. A new CEO looking to make his mark and break into an industry. A big price tag. A deal that would change live sports for decades to come. We’ve seen this before.
In 1993, Rupert Murdoch paid $1.6B over four years for NFL broadcasting rights for the NFC. He outbid CBS, and many thought he overpaid, especially since Fox was considered an outsider to the incumbent broadcasters at the time. But following the deal...