Charter brings Paramount+ to Spectrum TV customers in new carriage deal

(Reuters) -Paramount Global has signed a new multi-year content distribution deal with Charter Communications for its full portfolio of linear cable networks, the companies said on Thursday.

The companies did not disclose the financial terms of the deal, in which the ad-supported versions of Paramount's direct-to-consumer services, Paramount+ Essential tier and BET+ Essential, will be included at no extra cost to Charter's Spectrum TV customers.

Charter will also make Paramount's direct-to-consumer products available to its Internet-only customers at the broadband and cable TV provider's retail stores. It will get the revenue share for new paid subscriptions and ad-free upgrades.

The announcement come as bidders negotiate the purchase of media conglomerate Paramount Global, which owns a studio and networks such as CBS, MTV, Comedy Central, among others.

Paramount's exclusive negotiations with Skydance lapsed early in May, allowing the company to evaluate rival bids such as Apollo and Sony Pictures' $26 billion offer.

Spectrum customers with Paramount+ Essential will get an opportunity to upgrade to Paramount+ with Showtime plan, the companies said.

Charter, one of the largest cable company by subscribers in the U.S., will continue to carry CBS owned-and-operated broadcast stations and all of Paramount's current cable networks and Paramount+.

Last year, Disney and Charter had reached a similar dealthat brought back media giant's networks, including ESPN, to the Spectrum cable service.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur)