UFC and WWE parent TKO Group has jumped into boxing, inking a partnership with Saudi Arabia in a deal with Turki Alalshikh and Sela for a new boxing promotion.

TKO Group, the company that already houses WWE and UFC, is set to step into the ring with a new boxing promotion as part of a business deal with Saudi Arabia. TKO announced Wednesday it entered a multiyear partnership with Turki Alalshikh,

TKO Group Holdings, owners of mixed martial arts' UFC and wrestling's WWE, announced on Wednesday a new boxing promotion with the backing of Saudi Arabia's Turki Alalshikh and entertainment conglomerate Sela.