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, the parent company of WWE and UFC, is stepping into the boxing arena with a new promotion through a business deal with Saudi Arabia.

TKO Group Holdings Inc., which owns the UFC and WWE, is teaming up with a subsidiary of Saudi Arabia’s Public Investment Fund to create a new boxing promoter that will host its first event next year.