Warner Bros. Discovery strikes new distribution deal with Comcast
Warner Bros. Discovery has taken steps to strengthen its economic footing with a major channel distribution deal.
The company announced Monday that it had reached an agreement for cable giant Comcast Corp. to continue carrying Warner Bros. Discovery’s linear cable channels, including HBO, TNT, HGTV, Food Network, CNN and Animal Planet. The deal also expands Comcast’s ability to offer Warner Bros. Discovery’s streaming services, Max and Discovery+, in the U.S. to its millions of Xfinity subscribers.
In addition, Comcast’s Sky television service in Britain and Ireland will continue to carry HBO shows and Warner Bros. movies.
“These broad and multiyear agreements underscore the value and appeal of our linear portfolio for audiences in the U.S.,” Bruce Campbell, Warner Bros. Discovery’s chief revenue officer, said in a statement announcing the pact. “We are pleased that Xfinity and Sky UK subscribers will continue to enjoy our award-winning and popular content on our networks and across our streaming platforms.”
Since losing a TV rights auction for TNT to continue to carry NBA games after this season, Warner Bros. Discovery and its high-profile chief executive, David Zaslav, have faced tough questions about whether the company had enough clout to maintain its deals with distributors.
Grappling with a huge debt load, it has been under increased pressure to shore up the distribution fees it receives for its sprawling portfolio of traditional cable channels.
“They can’t go on like this,” Bank of America analyst Jessica Reif Ehrlich said, referring to the lagging stock and string of missteps by Warner Bros. Discovery boss David Zaslav.
In August, Warner Bros. Discovery took a $9-billion write-down to reflect the diminished value of its basic cable channels. The company’s stock price swooned, and the company laid off thousands of workers.
Theatrical movies from Warner Bros. misfired, providing more incentive for top executives to prioritize TV distribution to maintain the company’s revenue picture.
Comcast and Warner Bros. Discovery didn’t release financial terms of the new pact Monday.
“Through these agreements, we will bring Warner Bros. Discovery’s extensive portfolio to our customers however they want to consume the content across our existing and future linear television and streaming bundles,” Greg Rigdon, Comcast’s president of content acquisition, said in the statement.
Warner Bros. Discovery’s attempt to match Amazon bid is rejected, ending TNT’s run as an NBA partner after next season.
In addition to offering Warner Bros. Discovery’s linear channels, including HBO, to its Xfinity customers, Comcast will have expanded rights to provide ad-supported versions of Warner Bros. Discovery’s Max and Discovery+ into its streaming packages.
The companies said Warner Bros. Discovery television and movies will continue to be available to Sky UK and U.S. Now customers. Currently, Sky has exclusive rights to HBO, but Sky will have competition when Warner Bros. Discovery rolls out the Max app in Britain and Ireland in early 2026.
“This new partnership provides an expanded portfolio of content for our customers who enjoy Warner Bros. Discovery’s popular storytelling. Sky customers will be able to enjoy the Max app, WBD movies and the TV shows currently on Sky channels,” Dana Strong, group chief executive of Sky, said in the statement.
The deal follows a similar pact in September between Charter Communications, another major TV distributor, and Warner Bros. Discovery. Charter operates the Spectrum service.
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