Mass media and entertainment companies Paramount Global (NASDAQ:PARA) and Comcast Corporation (NASDAQ:CMCSA) have reached a deal to renew their distribution agreements, ensuring continued access to a range of premium content for Xfinity customers.
The renewed multi-year contracts will maintain the availability of Paramount’s popular channels, including CBS, BET, Comedy Central, and Nickelodeon, as well as streaming platforms such as Paramount+, Pluto TV, and BET+. Terms of the agreement were not disclosed.
Comcast customers will also be able to access Paramount+ with SHOWTIME as part of the agreement.
“This agreement gives us the ability to offer customers more choice and flexibility in what they want to watch and how they want to watch it,” said John Dixon, Senior Vice President, Entertainment, Comcast Cable.
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Ray Hopkins, President of Paramount Distribution, said, “This new deal ensures that our dynamic portfolio of popular brands and premium programming continue to reach and entertain our valued audiences everywhere.”
Paramount reported third-quarter revenue of $6.73 billion, down 6% year-over-year.
However, Paramount+’s revenue increased 25% year over year, ending the quarter with 72 million subscribers, up 3.5 million.
Price Action: CMCSA shares are trading lower by 0.23% at $37.41 at the last check Tuesday.
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