What happened: The combined operation will promote boxing and MMA under the MVP umbrella. Jake Paul and Nakisa Bidarian will retain active leadership roles and join the board, while Martin becomes chief executive and a board member.

Why it matters: The deal combines MVP's media platform with PFL's established MMA operation and fighter roster. It also reshapes the competitive landscape alongside UFC.

What to watch: The next markers will be the brand transition, fighter arrangements and future event schedule.