Overall, the news of Paramount’s UFC deal, as well as Fox One and ESPN teaming up, shows the impact of live programming, which Krim called the “most valuable thing” in today’s streaming landscape.

“Anybody who’s got a live franchise, whether it’s WWE, all these various sports leagues, or award shows—as long as they’re doing a good job of delivering something that there are fans for—they’re going to get paid in this media environment,” Krim said. “It is what everyone needs to stay relevant.”