Comcast and ViacomCBS are teaming up to launch a European streaming service in 2022, both companies said Wednesday.
Dubbed “SkyShowtime,” the service will include new and previously released TV shows and movies from Comcast-owned Sky and NBCUniversal and ViacomCBS brands like Showtime, Nickelodeon and Paramount Pictures.
Shares of ViacomCBS closed 3.7 percent higher at $40.47 on Wednesday, while shares of Comcast dipped 0.7 percent to $59.03.
The deal marks the second major partnership between Comcast and ViacomCBS in recent weeks. The two media companies said it would launch Paramount+, ViacomCBS’ new streaming service via a partnership with Sky earlier this month.
The cozy, new relationship follows speculation that the two media companies could strike up an M&A deal amid a consolidation frenzy in Hollywood. Last week, The Post reported that ViacomCBS was holding off on any M&A or domestic venture talks with the Brian Roberts-led company, so that it could wait for more suitors over the course of this year.
Both companies are remaining mum on any chatter and are instead focusing on international streaming expansion as they race to keep up with streaming titans like Netflix, Disney+ and Amazon Prime Video.
According. to the companies, the new SkyShowtime service will roll out to more than 20 European countries including Spain, Portugal and the Netherlands. The companies have yet to release pricing information for the service, but prices are expected to differ by market, sources said.
SkyShowtime, which is expected to house over 10,000 hours of shows and movies, is structured as a joint venture with equal ownership from both Comcast and ViacomCBS. It will run on NBCUniversal’s platform, which is owned by Comcast.
Both NBCUniversal and ViacomCBS are relative newbies to the streaming game, trailing behind giants like Netflix and Disney, which have over 209 million and more than 116 million subscribers, respectively. Currently, NBCUniversal’s Peacock has 54 million sign-ups and ViacomCBS has 42 million subscribers across its streaming portfolio, which includes Paramount+, Showtime and BET+.
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