As the calendar turned to the final quarter of the year—especially post-Labor Day—the stage seemed set for Top Rank and Zuffa Boxing to unveil new media rights. Instead, the can has been kicked further down the road. Have networks and streaming platforms gotten cold feet? Were deals pulled amid merger talks that have recently surfaced? Several factors may explain why we’ve yet to see any movement on media rights agreements for either promotional company.
Still No Media Rights Deal For Top Rank, But Have A ‘Friends With Benefits’ Arrangement With ESPN?
When Top Rank’s homegrown talent Xander Zayas (22-0, 13 KOs) earned a unanimous decision victory over Jorge Garcia on July 26, it marked the end of the promotion’s media rights deal with ESPN—a partnership that had been in place since 2017.
When ESPN announced its partnership with Top Rank—brokered by CAA (Creative Artists Agency), specifically Nick Khan, now President at WWE—it triggered a domino effect across the boxing industry. In the wake of that deal, PBC (Premier Boxing Champions) signed with FOX Sports in 2018 and extended its contract with Showtime Sports, while Golden Boy Promotions entered a multi-year agreement with DAZN. If a political war hadn’t already been brewing, these deals ignited one. The “sides of the street” conversations became the norm, and fans missed out on countless matchups because of it.
Now in the final quarter of 2025, Top Rank remains without a media rights deal. PBC is currently distributed via Prime Video under an agreement that allows the platform to host events without paying rights fees, while Golden Boy stands as the only U.S. promoter with a solid media rights partner in DAZN—for now. In June, when FightsATW asked Top Rank’s founder and CEO Bob Arum about the company’s future with regard to a media rights deal, he responded, “We will be announcing an even more robust program starting in September,” and that the new deal would be “up to 40 events, so three outlets, more activity.”
August passed quietly, as expected, but signs of movement began to surface. Fighters under the Top Rank umbrella started to take fights with other promotional companies to stay active, and the company appeared comfortable farming out their talent while its business affairs remained in flux. Meanwhile, an interesting thing began unfolding at ESPN. The network began attaching itself to boxing events via ESPN Deportes and ESPN Knockouts, and even committed to airing club shows later in the year.
Although it initially appeared that ESPN was stepping away from boxing altogether, it seemed they simply weren’t ready to commit long-term to any one promoter. Fight cards featuring Oscar Valdez, Naoya Inoue, and others began surfacing on ESPN platforms, suggesting a more casual arrangement with Top Rank. At times it felt like ESPN was treating the relationship as a “friends with benefits” setup. For now, we’ll put a pin in that and see if it evolves into a smaller-scale deal—potentially making ESPN one of the “three outlets” Arum spoke of in June.
While all of that was happening in August, FightsATW continued to hear rumblings of Top Rank working on a deal with Warner Bros./Discovery (WBD)—a development the site has been tracking since December 2024. WBD seemed like a natural fit, having split their linear and streaming divisions and actively pursuing live sports entertainment. The CW signed WWE’s NXT in 2023 and has been looking to expand its live programming slate. Meanwhile, TNT & TBS already air AEW (All Elite Wrestling) shows, while HBO MAX hosts AEW’s archive and has begun streaming pay-per-view events. All signs pointed to Top Rank heading in that direction, with an announcement expected after Labor Day weekend.
Shortly after the holiday weekend, reports surfaced that Paramount & Skydance were looking to acquire WBD—a move that would likely put any potential deals on hold until the dust settles. Then, on Friday, Collider.com reported that Netflix has also expressed interest in purchasing WBD. Whether Top Rank was in talks with WBD, Paramount, or Netflix, these potential mergers delay things for them. No company is likely to finalize a media rights deal while a merger is pending. For now, Top Rank is left to wait until the dust settles, without the leverage it once held in 2017, and in a boxing landscape that’s far less robust outside of premium matchups.
Don’t Let The Loud Voice Fool You, Zuffa Boxing Might Be In A Similar Position As Top Rank
When Canelo Alvarez vs Terence Crawford was formally announced on May 3, Dana White’s Zuffa Boxing was soon named the promoter of record for the “once in a lifetime” fight, which streamed globally on Netflix. For years, White had teased his entry into boxing, but the plans never materialized—until TKO, Turki Alalshikh, and SELA joined forces to form a promotional superpower. With the pieces finally in place, White made his long-awaited debut in September, and the event delivered: over 41 million views worldwide.
In August, TKO and Paramount announced a seven-year, $7.7-billion U.S. broadcast rights deal for the UFC beginning in 2026. That same week, White gave several interviews teasing that a Zuffa Boxing media rights deal would be announced shortly. He repeated the claim during Canelo-Crawford fight week. But on the Impaulsive Podcast with Logan Paul, White shifted tone, saying he was still working on a new boxing deal that would include “16-18 Zuffa Boxing Events.” So once again, what was supposed to be imminent has turned into something still in progress.
🚨Dana White says 2026 paramount deal will have:
44 UFC Events
16-18 Zuffa Boxing Events
14 UFC BJJ events
12 Power Slap Eventsvia @impaulsive pic.twitter.com/iaxfhcsny6
— Dovy🔌 (@DovySimuMMA) September 17, 2025
On Thursday, TKO Group Holdings CEO Mark Shapiro appeared on The Varsity with John Ourand and stated that the Zuffa Boxing deal would be announced within the next two weeks. During the podcast, Shapiro added “…where we produce about 12-16 events per year and then beyond that, we’re going to do about 2-4 super fights a year like Canelo-Crawford, where the undercard of those fights are Zuffa fighters.” His comments stand in contrast to Dana White’s recent statements.The public discrepancy between White and Shapiro doesn’t bode well for a new boxing promotion trying to establish its legitimacy.
Mark Shapiro talks Zuffa Boxing: Where we produce about 12–16 events per year. And then, beyond that, we’re gonna do about 2–4 super fights a year, like Canelo/Crawford, where the undercard of those fights are Zuffa fighters.pic.twitter.com/AYSAhmVDXf
— Jed I. Goodman © (@jedigoodman) September 18, 2025
Despite the brash bravado that defines White’s public persona—often used to deflect or obscure shifting narratives—it appears the can is being kicked down the road for the same reasons Top Rank hasn’t secured a deal. With major mergers looming, this isn’t the time for those companies to expand their portfolios.
What Are The Anticipated Outcomes For Top Rank & Zuffa Boxing?
When it comes to who might reach the finish line first in securing a media rights deal, Zuffa Boxing appears to be the frontrunner—but not for the reasons you might expect. The promotion will likely feature a roster dominated by club-level fighters, with only a handful of mid-level names. Any deal they sign with a network or streaming platform will probably come in at roughly half the nearly $90 million per year ESPN paid Top Rank during their partnership. Expect a short-term “prove it” arrangement with certain financial incentives for bouts deemed “super fights.”
With Top Rank, it’s a little more complicated. The company boasts a deep boxing archive and maintains co-promotional contracts with Teiken, Zanfer, and Eye of the Tiger—some or all of which may have been tied to the ESPN deal. If Top Rank secures another major platform, those partnerships are likely to resume in full. Boxing Advisor Rick Glazer recently posted on X that Top Rank had reached a $12 million annual deal with Starz, but no official confirmation has followed. It is possible something is brewing with Starz, but it’s unlikely to be Top Rank’s only play.
However this unfolds, the expectation is that when the ball drops in Times Square on December 31, both Top Rank and Zuffa Boxing will be busy filling their 2026 calendar—and who knows, they may be doing it under the same corporate roof. One thing is certain, this final quarter is shaping up to be the most intriguing stretch of 2025 for the business of boxing.
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