Comcast and ViacomCBS are teaming up to launch a European streaming service, the companies announced on Wednesday.
The service, called “SkyShowtime”, is expected to be launched in 2022 and rolled out in more than 20 European countries, including Spain, Portugal and the Netherlands. It will include libraries from Sky and NBCUniversal and ViacomCBS brands such as Showtime, Nickelodeon and Paramount Pictures, owned by Comcast. The new service will feature both new and previously released movies and TV series and will feature over 10,000 hours of content.
Comcast’s NBCUniversal and ViacomCBS decided to partner in much of Europe, as each company felt there was not enough interest in streaming across multiple products in those countries, according to people familiar with the matter. Prices will vary from market to market, although it will be “competitive” with other products in all countries, said the people, who asked not to be named as the details are still private.
Shares of ViacomCBS were up nearly 5% at 2:15 PM ET. Comcast stocks were largely flat.
The news comes just two weeks after ViacomCBS said it would partner with Sky to launch Paramount+ in Europe. Last month, several media outlets reported that Comcast Chief Executive Brian Roberts and ViacomCBS Chairman Shari Redstone reportedly met to discuss ways to work together.
SkyShowtime is structured as a joint venture with equal ownership of both companies. It will run on the NBCUniversal platform. Comcast chose to use the Sky branding instead of Peacock because it is better known in Europe, one of the people said.
Both NBCUniversal and ViacomCBS track many of the streaming giants, with only 54 million Peacock signups and 42 million streaming subscribers, respectively. That puts them behind streaming giants like Netflix, Disney and Amazon.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.