The meet and greet was at UFC 306 at the Sphere in Las Vegas nearly a year ago. In the luxury box of TKO Holdings, which owns UFC and WWE, were media luminaries: Amazon’s Jeff Bezos, Disney’s Bob Iger and the future leader of Paramount, David Ellison, CEO of Skydance.

This deal comes one week after ESPN cut a deal with another TKO company, WWE, to air all of its premium live events on the network’s new platform.

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.