Viacom shares rose the most in seven months on Monday, after it announced the renewal of its distribution deal with AT&T.
Earlier, Viacom had warned viewers of its conflict with Time Warner-owner AT&T, and had accused AT&T of bias towards the latter’s content. Viacom had also previously said that it offered options to AT&T to reduce customers’ bills. AT&T had hit back claiming that some of Viacom’s channels were losing popularity, and called it “a serial bad actor” in negotiations with pay-TV companies.
If the dispute hadn’t been resolved, DirecTV customers could have lost access to Viacom channels like Nickelodeon, BET, MTV, Comedy Central and Paramount. "We are pleased to announce a renewed Viacom-AT&T contract that includes continued carriage of Viacom services across multiple AT&T platforms and products," the companies said in a statement Monday.
Viacom shares surged as much as +8% on the news.