Comcast and ViacomCBS to launch SkyShowtime streaming service in Europe

Brian Roberts, Chairman and CEO of Comcast

David A. Grogan | CNBC

Comcast and ViacomCBS are partnering to launch a European streaming service, the businesses introduced Wednesday.

The service, dubbed “SkyShowtime,” is predicted to launch in 2022 and roll out in additional than 20 European international locations together with Spain, Portugal and the Netherlands. It is going to embody libraries from Comcast-owned Sky and NBCUniversal and ViacomCBS manufacturers like Showtime, Nickelodeon and Paramount Photos. The brand new service will embody each new and beforehand launched films and TV collection and could have greater than 10,000 hours of content material.

Comcast’s NBCUniversal and ViacomCBS determined to associate collectively all through a lot of Europe as a result of every firm felt there wasn’t a big sufficient streaming urge for food for a number of merchandise in these international locations, in keeping with folks acquainted with the matter. Pricing will differ market to market, although will probably be “aggressive” with different merchandise in all international locations, stated the folks, who requested to not be named as a result of the small print are nonetheless non-public.

Shares of ViacomCBS rose almost 5% at 2:15 p.m. ET. Comcast shares had been largely flat.

The information comes simply two weeks after ViacomCBS stated it could associate with Sky to launch Paramount+ in Europe. Final month, a number of media shops reported Comcast Chief Govt Brian Roberts and ViacomCBS Chairman Shari Redstone had reportedly met to debate methods to work collectively.

SkyShowtime is structured as a three way partnership with equal possession from each firms. It is going to run on NBCUniversal’s platform. Comcast selected to make use of the Sky branding, moderately than Peacock, as a result of it is higher identified in Europe, one of many folks stated.

Each NBCUniversal and ViacomCBS path behind most of the streaming giants, with simply 54 million Peacock sign-ups and 42 million streaming subscribers respectively. That places them behind streaming giants like Netflix, Disney and Amazon.

Disclosure: Comcast is the proprietor of NBCUniversal, the father or mother firm of CNBC.

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