Benzinga | Aug 18, 2021 12:18PM EDT

Comcast, ViacomCBS Introduce SkyShowtime Streaming Service In Europe

Comcast Corp (NASDAQ:CMCSA) and ViacomCBS Inc (NASDAQ:VIAC) have collaborated to launch a new subscription video on demand (SVOD) service in more than 20 European territories encompassing 90 million homes.

* SkyShowtime will bring together decades of direct-to-consumer experience and the very best entertainment, movies, and original series from the NBCUniversal, Sky, and ViacomCBS portfolio of brands.

* The new SVOD service will likely launch in 2022.

* The partnership will involve equal investment and joint control by ViacomCBS and Comcast.

* Analyst rating: Wells Fargo analyst Steven Cahall upgraded ViacomCBS to Overweight from Equal Weight with a price target of $60, up from $45 based on its streaming initiatives and Paramount+.

* Price Action: VIAC shares traded higher by 6% at $41.34 at time of publication. Comcast was unchanged at around $59.54.