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The UFC was founded by businessman Art Davie and Brazilian martial artist Rorion Gracie,and the first event was held in 1993 at the McNichols Sports Arena in Denver, Colorado.The purpose of the UFC's early competitions was to identify the most effective martial art in a contest with minimal rules and no weight classes between competitors of different fighting disciplines. In subsequent events, more rigorous rules were created and fighters began adopting effective techniques from more than one discipline, which indirectly helped create a separate style of fighting known as present-day mixed martial arts.
The UFC was initially owned by the Semaphore Entertainment Group (SEG) until it had financial issues and it was sold to the brothers Frank and Lorenzo Fertitta in 2001, who formed the company Zuffa to operate the UFC, and placed Dana White as the president of the company.In 2016, UFC's parent company, Zuffa, was sold to a group led by Endeavor, then known as William Morris Endeavor (WME–IMG), including Silver Lake Partners, Kohlberg Kravis Roberts and MSD Capitalfor US$4.025 billion. In 2021, Endeavor bought out Zuffa's other owners at a valuation of $1.7 billion.The organization had 578 fighters contracted as of January 2023.
With a TV deal and expansion in Australia, Asia, Europe,and new markets within the United States, the UFC has achieved greater mainstream media coverage. It earned US$609 million in 2015,and its next domestic media rights agreement with ESPN was valued at $1.5 billion over a five-year term.
In April 2023, Endeavor Group Holdings announced that UFC would merge with the wrestling promotion WWE to form TKO Group Holdings, a new public company majority-owned by Endeavor, with Vince McMahon serving as an executive chairman of the new entity and White remaining as UFC president. The merger was completed on September 12, 2023

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