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In 2023 PFL acquired Bellator. But by that time UFC have already lured all the best like Chandler, Alvarez, Patchy Mix and etc. UFC took all the cream and left average guys. I think they had tournament PFL vs Bellator after merge to find out who should be real one champion of two promotions.
The PFL and Bellator merger completely failed from the start. PFL failed to provide interesting matchups for its top talents, and its top fighters were not offered any fights for over a year; hence, fighters like Patrício Pitbull and others who were sticking with the Bellator brand, even in their prime, and never wanted to change brands moved to the UFC.
When the merger happened, Francis Ngannou joined PFL with all the hype, and he just had a single fight.
Anyway, this is just the beginning. It is not going to be Bellator+PFL+MVP vs UFC, but Netflix money and power vs Paramount money and power where MMA promotions are only pawns in big game.
It all depends upon how much more money they can burn. Bellator burned hundreds of millions of dollars and never became profitable, while PFL has the Saudi funding. As long as they get the funds, it will stay alive.