CBS shares climbed more than 2% intraday, touching their highest level since March 2014, after Hulu said Wednesday it signed a new deal with the company to carry the CBS broadcast network as well as sports and entertainment channels: CBS Sports Network and POP.
The agreement also has a potential to add additional networks in the future, according to a Hulu statement. Shares of CBS traded in a new 52-week price range of $41.36 – $66.88.
All networks in the deal will be available to stream live, with much of their programming available on-demand as well, through Hulu’s new multichannel, live TV streaming service, set to launch in the coming months.
“To build a successful live TV service, you have to have viewers’ favorite sports and shows — and CBS’ programming is absolutely vital to that mix,” said Mike Hopkins, CEO of Hulu. “With 21st Century Fox, Disney, Turner and now CBS on board, our new live service will offer one of the most valuable sports, news and entertainment lineups anywhere.”
The CBS deal follows Hulu’s recently announced agreements with 21st Century Fox (FOX, FOXA) and The Walt Disney Company (DIS), which encompassed more than 35 top networks, including FOX and ABC, the statement added.