Time Warner, CBS reach deal to end blackout
CBS Corp said it has reached an agreement with Time Warner Cable Inc to end a month-long blackout of its stations in New York, Los Angeles and Dallas.
September 03, 2013 / 13:16 IST
CBS Corp said it has reached an agreement with Time Warner Cable Inc to end a month-long blackout of its stations in New York, Los Angeles and Dallas.
The two sides had been at odds since August 2, when talks broke down over CBS's demand that the so-called "retransmission fees" be increased in order for Time Warner to continue carrying its signal. Time Warner wanted to also receive CBS programming for its digital outlets without paying additional costs.Also read: Major 2012 Hollywood films lacked gay protagonists: GroupUnder the agreement, programming on all networks resumed at 6 pm EDT (2200 GMT) on Monday, the two sides said in a joint statement. The agreement covers CBS's Showtime premium cable channel as well.
Financial terms of the deal were not disclosed."This is a far more protracted dispute than anyone at CBS anticipated, but in spite of the pain it caused to all of us, and most importantly the inconvenience to our viewers who were affected, it was an important one, and one worth pursuing to a satisfactory conclusion," CBS Chief Executive Leslie Moonves said in a statement."We are receiving fair compensation for CBS content and we also have the ability to monetize our content going forward on all the new, developing platforms that are right now transforming the way people watch television," he added."We wanted to hold down costs and retain our ability to deliver a great video experience to our customers," Time Warner Cable Chairman and Chief Executive Glenn Britt said in a separate statement. "While we certainly didn't get everything we wanted, ultimately we ended up in a much better place than when we started." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
