ViacomCBS Inc. said it added 6.5 million streaming subscribers across its platforms in the second quarter and unveiled a partnership with Comcast Corp.’s Sky TV unit to distribute its Paramount+ service in several European markets.
The company, which owns the CBS broadcast network, the Paramount studio and cable channels such as MTV and Comedy Central, said revenue increased 8% to $6.56 billion in the quarter, powered by gains in streaming video and advertising sales.
Viacom’s operating income decreased 2% to $1.23 billion in the period, due in part to the costs associated with Paramount+ and lower licensing revenue compared with a year earlier, when there was a substantial gain from licensing “South Park” to WarnerMedia.
The agreement with Comcast makes Paramount+ available free to subscribers of Comcast’s Sky Cinema service in Sky markets including the U.K., Switzerland, Italy and Germany, the company said. The pact also extends the deal to carry ViacomCBS channels on Sky’s pay-TV systems.
The Wall Street Journal last month reported that Comcast Chief Executive Brian Roberts met with ViacomCBS Chair Shari Redstone and ViacomCBS Chief Executive Bob Bakish to discuss how the companies could join forces in international markets.