The deal includes retransmission of 23 CBS-owned stations in 15 markets, plus Showtime, CBS Sports Network, Smithsonian Channel and Pop TV. Comcast will stream CBS Sports and CBS TV for the first time.
The agreement also sets up Comcast, Philadelphia, to provide the CBS All Access app and carry CBS All Access on its Xfinity X1 cable/streaming and Flex streaming platforms later this year.
Terms weren’t disclosed, but ViacomCBS, New York, has made clear its desire for higher fees.
In November, ViacomCBS CEO Bob Bakish told an analyst call that the company enjoys about a 22% share of the prime-time viewing market but garners only about 11% of affiliate fees, according to the Hollywood Reporter.
Both companies expressed enthusiasm about their deal.
"We are very pleased to have reached this agreement to continue to bring CBS’s industry-leading entertainment, sports and news content … to millions of Xfinity customers," Ray Hopkins, president of ViacomCBS’s U.S. networks distribution, said in a statement.
"We look forward to discussing the entire ViacomCBS portfolio with Comcast in the future."
As for Comcast’s take on the deal, “ViacomCBS has been a great partner, and we are very pleased to have reached this agreement,” said Rebecca Heap, senior vice president of video and entertainment at Comcast Cable.
At last check Comcast shares stood at $45.14, up 0.5%, while ViacomCBS traded at $41.99, down 0.3%.
The author of this story owns shares of Comcast.