Paramount and Charter Agree To Extend Talks, Hold Off on the Ol' Blackout
A very tumultuous week for Paramount Global will not include a blackout with the largest U.S. pay TV operator, with the media company and the MSO agreeing to keep Par channels on the Charter programming grid as the two sides keep negotiating, according to multiple published reports in Bloomberg and the Penske showbiz trades, citing inside sources.
A Charter rep had told Next TV earlier Tuesday, "We have nothing to share at this time, and we're not providing any guidance." (Hmph …)
In extending the current arrangement, Paramount and Charter avoid a fate similar to Comcast and bankrupt regional sports network operator Diamond Sports Group, which squared off with blackout threats Tuesday amid failing negotiations.
Controlling around 13.7 million video subscriptions amid lean times in the U.S. pay TV ecosystem, Charter wields considerable leverage these days. And the cable company has used that leverage recently, securing major concessions, for example, in a closely observed renegotiation with The Walt Disney Co. back in September.
For its part, Paramount just sent its longtime CEO, Bob Bakish, packing on Monday, as it enters advanced M&A discussions with David Ellison and his Skydance Media.
Benefitting from a record-breaking Super Bowl audience performance in February, Paramount on Monday reported solid first-quarter metrics for CBS, its cable channels and streaming service Paramount Plus.
But any good vibes would be quickly undone if CBS, Comedy Central and Nickelodeon were to be shoved off Spectrum-branded video program guides.
