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The Optimist’s Case for the UFC and F1 Megadeals

Wolfe Research analyst Peter Supino offers up his candid thoughts and surprising bull case for Paramount’s UFC deal and F1’s partnership with Apple—and why the mega-trend media universe keeps gravitating toward superstars.

UFC
"David Ellison is making some big bets, and I think the UFC is an asset that, if managed correctly by both TKO and its distributor, could have an unusually bright future," says analyst Peter Supino. Photo: Chris Unger/Zuffa LLC
John Ourand
May 26, 2026

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Sports media professionals don’t agree on much, especially not lately. But one area they did find a solid consensus was in the widely held belief that Paramount wildly overpaid for UFC rights last summer. Almost as soon as David Ellison’s acquisition of Paramount gained regulatory approval, he announced a $7.7 billion deal for UFC. It certainly made a big splash—but, critics wondered, at what cost? Then just a few months later, Formula 1 took its rights to Apple in a deal that also drew skepticism of the $4.5 trillion company’s strategy for live sports rights.