With a new $1.5 billion agreement with UEFA Champions League, Paramount attempts a goal.

With the signing of a new $1.5 billion agreement to broadcast soccer matches from the European Champions League in the United States for an additional six years on Friday, Paramount Global (NASDAQ:PARA) changed the course of the struggle for the rights to prestigious sporting events.

According to estimates, Paramount (PARA) will have to pay more than twice as much for the renewal arrangement than it did for the Union of European Football Associations, which it had previously signed with for media rights. The new agreement with Paramount is valid through the 2030 Champions League season.

According to the terms of the agreement, Paramount (PARA) will broadcast Champions League matches on both its Paramount+ streaming service and CBS TV network. As UEFA is still discussing Spanish-language rights with a small number of potential partners, the new agreement exclusively applies to English-language rights in the United States.

The agreement between UEFA and Paramount (PARA) follows a number of other high-level soccer media rights agreements.

In the fall of last year, NBC (CMCSA) renewed its six-year, $2.5 billion contract to continue airing English Premier League matches on its flagship network as well as other platforms like USA Network and the Peacock streaming service. And in June, Apple (AAPL) agreed to broadcast all Major League Soccer matches for a period of ten years, beginning in 2023. That agreement is at least $250M in value, which is nearly three times the previous MLS broadcast rights agreement.