Viacom (VIAB) - Get Report and Charter Communications (CHTR) - Get Report announced they renewed their partnership, avoiding a blackout of Viacom's suite of channels on Charter's network.

Charter's Spectrum customers will continue to receive Viacom's channels including MTV, BET, VH1, Nickelodeon among others. The agreement also calls for Viacom to develop content specifically for Charter's subscribers. 

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Early reports suggested that Viacom agreed to lower the broadcast fees for its channels. However, in an email to TheStreet, a company spokesperson said that no rate structures have been finalized yet. 

"Viacom and Charter have reached an agreement in principle. Spectrum subscribers will continue to have access to Viacom's networks, without disruption, while we finalize terms," the two companies said previously when they avoided a blackout. 

One of the sticking points in the negotiations between the two companies was that Viacom wanted to offer a skinny package of its content that was free of any sports channels. 

Editor's Note: story has been updated to include a comment from Viacom.