A potentially costly retransmission fee impasse between Viacom and Charter Communications‘ MVPD Spectrum has been averted, as the two companies on Wednesday (10/18) approved a new deal.
It’s a win for Spectrum and its customers: The new retransmission fee agreement will put eight Viacom networks on Spectrum’s most basic of cable TV tiers.
According to Reuters, terms of the new deal will place MTV, Nickelodeon, Comedy Central, Paramount Network (presently Spike) and BET on Spectrum’s basic cable tier once again. However, they will be joined by VH1, TV Land and CMT.
An official announcement had not yet been dispatched by either Charter or Viacom by RBR+TVBR’s deadline Wednesday.
The companies agreed to a truce late Sunday, after an extension prevented Spectrum from being forced by law to remove all Viacom channels from its lineups across the U.S.
“Viacom and Charter have reached an agreement in principle,” the companies said in a joint statement Monday. “Spectrum subscribers will continue to have access to Viacom’s networks, without disruption, while we finalize terms.”
At the Closing Bell on Wall Street Wednesday, Viacom’s Class B shares were down 2.8%, to $25.82. Charter shares were down 1.6%, to $352.07.