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Why Is the UFC Worth $4 Billion?

When the announcement finally came that the UFC had been sold after weeks of speculation, the $4 billion price tag entertainment agency WME-IMG paid for it raised eyebrows around the sporting world.

It's the largest sale of a sports franchise in history, easily topping the $2 billion former Microsoft CEO Steve Ballmer paid for the Los Angeles Clippers in 2014. It's even more than the current valuation of the Dallas Cowboys, Real Madrid, FC Barcelona, the New York Yankees and Manchester United, though there's a good chance any of those organizations would top the UFC's sale price in the current market.