Viacom and Dish agree to deal to renew contract
Viacom Inc. and Dish Network said on Thursday they've agreed to terms for a multi-year contract renewal that will see Dish continue to provide Viacom's slate of cable channels. Details of the deal were not disclosed. The deal comes after initial talks broke down earlier in the week, sending Viacom's stock down. Viacom has been under pressure, as questions have been raised regarding the company's management and its networks -- generally targeted to younger audiences -- have taken a hit from viewers opting out of traditional pay-TV packages. Viacom hopes the renewal, along with other affiliate agreements announced over the past year, will help the company drive growth, Chief Executive Philippe Dauman said in a statement. Shares of Viacom were up 7.7% and Dish shares were up about half of a percent intraday.
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