AT&T Inc. said on Monday that it reached an agreement with Viacom Inc. to continue providing Viacom’s media networks, which include Comedy Central, Nickelodeon and MTV, to AT&T’s U-Verse TV and DirecTV national subscribers. Terms of the long-term, multi-platform deal were not disclosed. The deal gives AT&T rights to distribute Viacom’s content across its satellite and Internet TV platforms. In July the Federal Communications Commission approved AT&T’s $49 billion deal to buy DirecTV, making it the largest pay-TV company in the U.S. AT&T subsequently announced it would begin offering bundled TV and wireless phone services. Shares of AT&T are down 2.8% in the year to date, outperforming Viacom, which has dropped 41% in the year. The S&P is down more than 5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News