Paramount, Charter announce new multi-year distribution agreement

Paramount Global (PARA) and Charter Communications( CHTR) “announced they will extend their long-standing partnership with a multi-year distribution agreement for Paramount’s full portfolio of linear cable networks, CBS owned-and-operated broadcast stations and direct-to-consumer streaming services that generates greater value for consumers while creating new distribution opportunities and a glide path to a healthier video ecosystem. In addition to CBS, America’s most-watched network, Spectrum audiences will continue to enjoy access to some of TV’s most popular cable brands, including BET, Comedy Central, MTV, Nickelodeon, and Paramount Network – home to “Yellowstone,” the biggest series in all of television – as well as premium service Paramount+ with Showtime. As part of the deal, the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential, will be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its millions of Internet-only customers. Charter and Paramount will continue to innovate through long-standing advanced advertising partnerships, leveraging the local and advanced capabilities of Spectrum Reach, Charter’s advertising sales business, which will be enhanced through this new agreement. Additionally, Charter will leverage its vast distribution capabilities – including its nearly 25,000 onshore, in-house sales and marketing employees – to offer Paramount’s direct-to-consumer products to its Internet-only customers for purchase at retail rates, with revenue share to Charter for new paid subscriptions and ad-free upgrades. Financial terms of the agreement were not disclosed.”