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Charter Communications (CHTR)  agreed to a multiyear carriage agreement with Walt Disney (DIS) that would avoid a blackout of Disney channels for the company's cable subscribers, CNBC reported. 

As part of the deal, Charter agreed to carry Disney's new ACC Network college sports channel, according to CNBC sources.

Cable companies pay content creators like Disney, Comcast (CMCSA) and CBS (CBS) for the right to air their channels and programs through multiyear contracts. When the two sides can't agree on a price, blackouts of certain channels often occur. 

Content providers are currently pushing for higher carriage fees at a time when most of the major pay-TV carriers are losing subscribers to cord-cutters. 

It is also a contentious time for cable and satellite operators due to plans by the major media companies to start their own direct-to-consumer offerings that will compete with Netflix (NFLX) , pulling more viewers away from the pay-TV model. 

Charter shares were down 1.45% to $373.88 in trading Wednesday. Disney was down 1.92% to $134.38.

Disney and Comcast are holdings in Jim Cramer's Action Alerts PLUS charitable trust