For decades, boxing was the dominant combat sport as fighters like Muhammad Ali, Mike Tyson, and Evander Holyfield became household names. In recent years, MMA has caught up to the sweet science with Alex Pereira, Dustin Poirier, and Conor McGregor joining Canelo Alvarez, Tyson Fury and Anthony Joshua as fighters who can headline cards that sell out arenas and get a million pay-per-view buys. Even professional wrestling—long derided as sports entertainment because it is scripted—has grown more formidable over the past decade. The 2019 addition of All Elite Wrestling (AEW) provided World Wrestling Entertainment (WWE) with its first true rival since WWE purchased World Championship Wrestling in 2001.
With all three categories becoming more mainstream, MMA, boxing, and wrestling promotions are all fighting for much of the same audience and have been making a dash for cash to fuel growth. With the fight game getting bigger and the top promotions drawing real capital, the combat sports industry has become a winner’s game, as competitve outside the ring (or Octagon) as it is once the bell rings.
The most high-profile moment in the combat sports battle royale has been the merger and subsequent IPO of UFC and WWE—first and second on this inaugural list—under the name TKO Holdings in September 2023. To understand how big each of the companies were separately, consider this: UFC holds some 40 events annually, reaching more than 900 million households on television across 170-plus countries, while WWE stages more than 200 live events annually, with televised events reaching at least one billion people on a weekly basis in more than 180 countries. The two brands each had media rights revenue of over $800 million, more than triple the total revenue of all the other promotions on the list.
To make the $11.3 billion value of UFC even more eyepopping, consider that Lorenzo and Frank Fertitta purchased UFC for just $2 million in 2001. Then in 2016, Endeavor bought the company for $4 billion, marking a 72% annual return each year the Fertittas held ownership.
In terms of pay, however, boxers are still making the bigger bucks, with Canelo Alvarez and Anthony Joshua both landing on Forbes’ Highest Paid Athletes List. No MMA fighters appeared on the 2023 list, although that may change going forward after a settlement in March that will require UFC to pay $335 million to former fighters who alleged the promotion restricted their ability to maximize earnings.
For MMA fighters looking to maximize their earnings outside UFC, its competitors have also made some significant moves recently. One of the fastest growing companies in combat sports is Singapore-based ONE Championship, which has raised more than $500 million in capital from funding rounds since 2014. ONE has focused on growing globally and has media deals that allow its product to reach more than 190 countries. Additionally, ONE has been seeking to grow its live events portfolio as well, having had a successful launch in the United States last year at a sold-out Denver event, then launching its first Qatar promotion earlier this year. The Qataris have also played a key role in One’s growth as a major player in its latest funding round.
Professional Fighters League (PFL) owner Donn Davis didn’t want to be the only MMA promotion left behind so last November he acquired rival Bellator after receiving a $100 million investment from the new arm of Saudi Arabia’s Public Investment Fund (PIF), known as SRJ (and pronounced Surge). The acquisition of Bellator gave PFL a larger stable of fighters, in addition to the signings of social media star and celebrity boxer Jake Paul, and former UFC heavyweight champion Francis Ngannou.
While PFL is in direct competition with UFC, its structure is designed much like the four major North American sports leagues, with a regular season, playoffs, and eventual crowning of a champion at season’s end, and so far it is resonating with fans. In just its fifth year, PFL’s ratings increased 45% year-over-year on ESPN and ESPN+, with an average of 509,000 viewers per regular season event, roughly half of the average UFC event viewership.
Perhaps the biggest indicator that boxing, MMA and wrestling are achieving parity is how many fighters are blurring the lines. Among the most anticipated fights of the past decade was in 2017, when MMA star Conor McGregor laced up boxing gloves to square off against retired champion Floyd Mayweather Jr. More recently, heavyweight champion Tyson Fury defeated former former UFC champ Francis Ngannou last October in a controversial boxing match that many fans thought Ngannou had actually won. Five months later, in March, Anthony Joshua defended boxing’s honor by knocking out Ngannou in the second round.
The crossover is not limited to boxers and MMA fighters. Professional wrestling has a long history of bringing in fighters from other arenas, going all the way back to Muhammad Ali’s appearance at the first Wrestlemania in 1985. Former UFC champion Ronda Rousey had a five-year stint in WWE, which included four separate title runs during her time with the company. And professional wrestlers have also made the jump the other way—most notably Brock Lesnar’s multiple stints with UFC. Lesnar started his WWE career in 2002, before moving to UFC in 2008, where he almost immediately won the heavyweight championship.
Combat sports have also come a long way in the eye of the public—which once regarded MMA as human cockfighting. Today, ESPN broadcasts fight nights for UFC, PFL, and Top Rank Boxing. Additionally, top streaming sites such as Amazon Prime and Netflix have signed deals to carry Premier Boxing Championship and WWE’s Monday Night Raw, respectively. Fans, meanwhile, continue to fight it out in social media as to which brand is best.
Here are the most valuable combat sports promotion for 2024.
#1. $11.3 billion
UFC
2023 Revenue: $1.29 billion | Operator: Dana White | Top Draws: Israel Adesanya, Jon Jones, Sean O’Malley
COOPER NEILL-ZUFFA LLC/GETTY IMAGES
With a global reach spanning more than 170 countries, UFC showcases MMA fighters from every corner of the globe, each vying for glory inside the Octagon. Top fighters such as Israel Adesanya, Max Holloway, and Alex Pereira consistently put their bodies on the line and put on shows that keep fans coming back for PPV events. UFC 300 was yet another example, as Holloway was a trending topic on Twitter for his electrifying knockout of Justin Gaethje in the final second of their bout.
#2. $6.8 billion
WWE
2023 Revenue: $1.33 billion | Operator: Nick Khan | Top Draws: Roman Reigns, Cody Rhodes, Rhea Ripley
WWE/GETTY IMAGES
WWE has been the premier name in professional wrestling since it was founded by Vince McMahon (who purchased what was then known as WWWF from his father) in 1982. With stars like Hulk Hogan, Stone Cold Steve Austin, The Rock, and the Undertaker, WWE and its annual Wrestlemania events became a cultural phenomenon. Today, WWE reaches more than 1 billion people weekly across the globe with its three television shows, and produces more than 200 live events every year.
#3. $2 billion
AEW
Est. 2023 Revenue: $250 million | Operator: Tony Khan | Top Draws: The Young Bucks, Jon Moxley, Kenny Omega
AARON KOTOWSKI FOR FORBES
The youngest promotion on the list, AEW became the primary challenger to WWE when it launched in 2019. AEW got immediate legitimacy from superstars like Chris Jericho, Kenny Omega, and the Young Bucks, while a partnership with New Japan Pro Wrestling and the purchase of Ring of Honor have helped the young brand build its roster and match library.
#4. $1.3 billion
ONE Championship
Est. 2023 Revenue: $140 million | Operator: Chatri Sityodtong | Top Draws: Christian Lee, Stamp Fairtex, Anatoly Malykhin
ROUELLE UMALI/XINHUA/GETTY IMAGES
ONE Championship has a broadcast reach that spans across 190 countries. Backed by significant capital raises, ONE continues to expand its reach and impact, solidifying its position as a burgeoning player in combat sports. Top caliber fighters such Anatoly Malykhin, Christian Lee, and Stamp Fairtex will be key in helping ONE continue to grow its audience while enticing fans to come to live events in new territories such as North America and the Middle East, where successful events have taken place over the past several months.
#5. $850 million
Matchroom Boxing
2023 Revenue: $134 million | Operator: Eddie Hearn | Top Draws: Anthony Joshua, Katie Taylor, Dmitry Bivol
RICHARD PELHAM/GETTY IMAGES
Renowned for its stable of big-name fighters and penchant for delivering unforgettable matchups, Matchroom is the brash upstart promotion in boxing. Former heavyweight champion Anthony Joshua and undisputed lightweight and super lightweight champion Katie Taylor are huge draws for Matchroom, with Joshua consistently fighting top rivals, and handily defeating MMA star Francis Ngannou earlier this year. Taylor, the popular Irish boxer, will fight Amanda Serrano on July 20 as the co-main event of the Jake Paul-Mike Tyson card.
#6. $690 million
PFL
Est. 2023 Revenue: $110 million | Operator: Donn Davis | Top Draws: Francis Ngannou, Impa Kasanganay
KATELYN MULCAHY/GETTY IMAGES
PFL is the second-youngest company on the list and has already made some big moves in combat sports. At the end of 2023, PFL acquired rival Bellator, building the brand’s roster, while eliminating a competitor. Just a few months earlier, the promotion signed both Francis Ngannou and Jake Paul—the cross-sport YouTube celebrity who will be fighting Mike Tyson in the boxing ring in July.
#7. $630 million
Top Rank Boxing
Est. 2023 Revenue: $100 million | Operator: Bob Arum | Top Draws: Tyson Fury, Naoya Inoue, Shakur Stevenson
JULIAN FINNEY/GETTY IMAGES
Run by the legendary promoter Bob Arum, Top Rank has the biggest draw in boxing undefeated WBC heavyweight champion Tyson Fury, but he’s not the only champ on the roster. Top Rank also represents Teofimo Lopez (WBO super lightweight champion), and Artur Beterbiev— who holds the IBF, WBC, and WBO light-heavyweight belts. Coming up for Top Rank is the return of Fury to the ring in Riaydh, Saudi Arabia, to fight Oleksandr Usyk, in a match that will unite the heavyweight championships for the first time since 1999.
#8. $600 million
Premier Boxing Championship
Est. 2023 Revenue: $95 million | Operator: Al Haymon | Top Draws: Canelo Alvarez, Gervonta Davis, Terence Crawford
ETHAN PINES FOR FORBES
PBC is home to, arguably, the best pound-for-pound fighter in the world—Saul ‘Canelo’ Alvarez. The 33-year-old champion has bounced around quite a bit over the past few years, from Golden Boy to Matchroom, finally landing with Premier in 2023. But Canelo is not the only boxer on PBC’s roster who can put on a show. Gervonta Davis and Deontay Wilder both have plenty of championship fight experience under their respective belts as well. Davis was one half of one of the largest boxing events of last year, when he took on Golden Boy’s Ryan Garcia, handing Garcia the first loss of his career.
#9. $450 million
Golden Boy Promotions
Est. 2023 Revenue: $70 million | Operator: Oscar de la Hoya | Top Draws: Ryan Garcia, Jaime Munguia, Marlen Esparza
SAM HODDE/GETTY IMAGES
Following Canelo Alvarez’s departure, Golden Boy Promotions has relied heavily on Ryan Garcia and Jaime Munguia as the company’s top draws. But those two aren’t the only talented boxers on Oscar de la Hoya’s roster. Vergil Ortiz Jr. holds the WBA Gold and WBO International welterweight championships, while Marlen Esparza holds the Ring, WBC, and WBA flyweight women’s world championships. Garcia’s fight against Gervonta Davis was one of the biggest PPV draws in boxing last year, and his next fight against Devin Haney on April 18, will be his attempt to bounce back from the first defeat of his career.
#10. $120 million
Combate Global
Est. 2023 Revenue: $18 million | Operator: Campbell McLaren | Top Draws: Cristian Perez, Ramiro Jimenez, Gisela Luna
SCOTT HIRANO/COMBATE GLOBAL
Founded in 2013, Combate Global is an up-and-coming MMA promotion that targets the largest Spanish-speaking populations in the world (The United States and Mexico). Combate is the only MMA company in the U.S. that can be watched on broadcast television, partnering with Univision and Televisa to bring content to fans. (Combate can also be found in English on Fuse, CBS Sports, and Paramount Plus.) The promotion focuses on signing young fighters from all over the world with great potential and a hunger to prove themselves, so although the names may not be familiar yet, be on the lookout for fighters like Cristian Perez, Ramiro Jimenez, and Gisela Luna.
In for later!
I’d like to know what RIZIN, KSW, Oktagon, Cage Warriors and Jungle Fight are worth. I know BRAVE and ACA get state funding and are a little different.
WWE is considered Combat Sports now? And where is Street Beefs?..
The ufc haters in shambles right now
And the older fans think the ufc is dying
I’d be curious what LFA, Fight Nights Global, CFFC, ROAD, Shooto Brazil, Shooto, Pancrase etc… are valued at as well.
This one is still weird to me.
I’d love to see the math.
Seems like some aggressive EBITDA multiples here. They must be factoring in quite a lot of growth potential but I’m not sure I see where that growth would come from.
UFC is pretty saturated, not like you can cram more events! Unless they’re expecting the next TV deal to be massively bigger, which could happen.
Interesting that WWE is down ~30% YOY but I believe the $9b+ valuation for the TKO purchase was questioned at the time. Slight overpay, maybe Netflix deal wasn’t as big as hoped? And Vince of course…
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Interesting article!
What about Fight Circus?
Priceless!
Supposedly, the owner and creators of Oktagon turned down a $20M offer for it, something like that.
How is UFC Iran doing these days? Like Fight Circus, I consider it priceless.