Paramount Global (NASDAQ:PARA) inked a multi-year agreement with Charter Communications, Inc. (NASDAQ:CHTR) to distribute its linear networks, CBS-owned-and-operated stations and direct-to-consumer streaming services. The companies didn't disclose the financial terms of the agreement.
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, per the statement.
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.
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Moreover, Charter will make Paramount's direct-to-consumer products available for purchase to its millions of Internet-only customers.
Tom Montemagno, Executive Vice President, Programming Acquisition for Charter, which operates the Spectrum brand of video and connectivity services, said, "Continuing to build on our new distribution framework with the addition of Paramount+ Essential and BET+ Essential, joining the Paramount+ with Showtime service for Paramount+ with Showtime linear customers and others like Disney+, ESPN+, ViX, Max for HBO customers, Tennis Channel Plus, and numerous regional sports networks' direct-to-consumer apps for customers of our regional sports networks, Spectrum continues to transform the cable bundle to become the best destination and value for video customers and we expect to continue to add more enhancements like this in the near future."
Earlier this month, Paramount Global reportedly discussed with Amazon.com Inc (NASDAQ:AMZN) about potentially expanding their media partnership.
Investors can gain exposure to the stock via Communication Services Select Sector SPDR Fund (NYSE:XLC) and Invesco S&P 500 Pure Value ETF (NYSE:RPV).
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Price Action: PARA shares closed lower by 3.36% at $11.79 on Thursday.
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