- TV channels owned by Walt Disney Co DIS are back on DISH Network Corp DISH satellite broadcasting, and streaming platforms after the two companies tentatively agreed on a new contract.
- The accord ended a weekend blackout that saw millions of Dish customers lose access to several popular Disney networks, including ESPN and ABC.
- Other channels that suffered blackout included FX, Disney Channel, Freeform, National Geographic, and ABC locals in eight markets.
- Also Read: Disney Analyst Slashes Profit Estimates To Factor In Content Sales Licensing Guidance, DTC Losses
- DISH Network said Disney is more interested in becoming a monopolistic power than providing its programming to viewers under fair terms. Disney plans to spend billions on direct-to-consumer streaming services such as Disney+ and ESPN+, not included for DISH and SLING customers.
- Disney charged high fees for several of its networks, including ESPN, which cost distributors nearly $9 a month, the Wall Street Journal reports, citing the research firm Kagan.
- The report added Disney reached a "handshake agreement" with DISH Network that reflected fair market value for its content. The terms of the agreement remained undisclosed.
- Both companies will work to finalize the deal in the coming days.
- Disney wants to retain the ESPN sports television network despite a deluge of offers from companies wanting to buy ESPN ever since rumors regarding a potential sale of the cable network began floating around.
- Price Action: DIS shares closed lower by 3.20% at $94.33 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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