How Will Viacom (VIA) Stock React To Distribution Agreement With Sony (SNE)?

NEW YORK (TheStreet) -- Viacom Inc. (VIA) announced today that it entered into a distribution agreement with Sony Corp. (SNE) , in which Sony's fourth-coming cloud-based TV service will carry 22 Viacom networks at launch.

This is Viacom's first-ever agreement to offer its networks for an Internet-based live TV and video on demand service, the company said.

The company owns and operates the largest basic cable portfolio in the U.S. by audience share, Viacom said.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Sony, the maker of the popular PlayStation gaming devices, said it plans on announcing details about its subscription and Internet-based TV and video on demand program, which will offer content from "major programmers" like Viacom's CMT, BET, MTV, Nickelodeon, TV Land and more, "in the near future."

Shares of Viacom are down by 0.04% to $79.30 and Sony stock is up 0.96% to $19.39 on Wednesday morning.

VIA Chart VIA data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Video: You Could Live in a Ritz-Carlton or St. Regis Home