PARAMOUNT AND COMCAST ANNOUNCE MULTI-YEAR DISTRIBUTION AGREEMENTS

Rhea-AI Summary

Paramount Global (PARA) and Comcast (CMCSA) have announced the renewal of their comprehensive distribution agreements. The multi-year deals ensure continued delivery of Paramount's broadcast, entertainment, news, and sports content across Xfinity platforms.

The agreement includes carriage of Paramount's networks such as CBS, BET, Comedy Central, MTV, Nickelodeon, and Paramount Network. Comcast subscribers will maintain access to streaming services including Paramount+, Pluto TV, and BET+. Additionally, Comcast gains rights to make Paramount+ with SHOWTIME available to qualifying Xfinity customers.

While the specific terms of the agreement remain undisclosed, both companies expressed satisfaction with the renewed partnership, emphasizing the importance of providing diverse content options to their audiences.

Positive

• Secured multi-year distribution agreement with major cable provider Comcast
• Maintains broad distribution of Paramount's networks across Xfinity platforms
• Expands streaming service reach through Paramount+, Pluto TV, and BET+ accessibility
• New opportunity for revenue through Paramount+ with SHOWTIME offering to Xfinity customers

Negative

• Financial terms and duration of agreement not disclosed

NEW YORK and PHILADELPHIA, Jan. 7, 2025 /PRNewswire/ -- Paramount Global (NASDAQ: PARA) (NASDAQ: PARAA) and Comcast (NASDAQ: CMCSA) today announced the renewal of their comprehensive distribution agreements to continue delivering Paramount's leading portfolio of broadcast, entertainment, news and sports brands across Xfinity platforms.

The multi-year deals feature ongoing carriage of Paramount's networks, including CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount Network and more. Comcast subscribers will also retain access to Paramount's popular streaming services across Paramount+, Pluto TV and BET+. Additionally, as part of the renewal, Comcast has the right to make Paramount+ with SHOWTIME available to qualifying Xfinity customers.

"We are pleased to renew and expand upon our broad partnership with Comcast," said Ray Hopkins, President, Paramount Distribution. "This new deal ensures that our dynamic portfolio of popular brands and premium programming continue to reach and entertain our valued audiences everywhere."

"Paramount Global is a valued partner, and we are excited to continue providing Xfinity customers with access to their traditional and streaming content across our industry-leading entertainment platforms," said John Dixon, Senior Vice President, Entertainment, Comcast Cable.  "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."

Terms of the agreement were not disclosed.

About Paramount

Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount's portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. Paramount holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.

For more information about Paramount, please visit www.paramount.com and follow @ParamountCo on social platforms.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.

PARA-IR

 

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SOURCE Paramount Global

FAQ

What networks are included in the Paramount-Comcast distribution agreement?

The agreement includes CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount Network, and other Paramount-owned networks.

Which streaming services are covered in the PARA-Comcast deal?

The deal covers Paramount+, Pluto TV, and BET+, with additional rights for Comcast to offer Paramount+ with SHOWTIME to qualifying Xfinity customers.

How long is the new distribution agreement between PARA and Comcast?

The specific duration is not disclosed, but it is described as a multi-year agreement.

What new features does the PARA-Comcast renewal agreement include?

The renewal includes a new feature allowing Comcast to make Paramount+ with SHOWTIME available to qualifying Xfinity customers.

How will this agreement affect PARA shareholders?

The agreement ensures continued distribution of Paramount's content through a major cable provider, potentially securing long-term revenue streams, though specific financial terms are not disclosed.