You may know WME-IMG as a Hollywood talent agency, but those days are officially over. Teamed with private equity firms, WME-IMG agreed to buy Ultimate Fighting Championship for $4 billion this week, pushing Ari Emanuel's company further toward ESPN or WWE. The mixed martial arts franchise was acquired by Frank and Lorenzo Fertitta for $2 million in 2000. Bloomberg sports business reporter Scott Soshnick discusses how UFC exploded in popularity and in value, explaining to Alex Sherman how the organization may grow, or stumble, in the future.

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