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 is officially in the boxing business. The owner of UFC and WWE said Wednesday that it had inked a deal with HE Turki Alalshikh, the chairman of Saudi Arabia's General Entertainment Authority, which it describes as "a multi-year partnership to establish a new boxing promotion that will provide a premier platform for both leading boxers and prospects in the sport.

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.