Paramount has struck a multi-year distribution agreement with Virgin Media, extending a long-term partnership between the pair.
Streamer Paramount+, which has been heavily prioritizing international, will debut on Virgin TV in 2023, handing the 8,000-hour platform distribution in thousands of homes.
AVoD service Pluto TV will also appear on Virgin Media’s TV360 and Stream services, while networks Channel 5, MTV, Comedy Central and Nickelodeon remain on the platform. Sarah Rose, Chief Operations and Commercial Officer, UK and Canada, said the move “supports our ambitious growth plans for streaming in the UK.”
Paramount CFO Naveen Chopra told investors on a third-quarter earnings call that bundled distribution partnerships had been “important acquisitions driver” — Paramount+ is already available in the UK to Sky Cinema subscribers. Sky offers the Paramount service in Italy, Germany, Austria and Switzerland.
Overall, Paramount+ reached 46 million subscribers in the third quarter of this year, up 4.6 million from the previous quarter, but total Paramount Global revenues for the third quarter were slightly below analyst forecasts, with revenue inching up 5% to $6.9 billion. Earnings per share tumbled 49% to 39 cents.
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