‘South Park’s’ $1.5 Billion Streaming Coup: Inside The Landmark Deal Bringing The Show to Paramount+

Trey Parker and Matt Stone, creators of Comedy Central’s South Park, have inked a landmark five-year deal with Paramount worth $1.5 billion, securing global streaming rights for their iconic satirical series. The pact marks a major win for Paramount+, which will host regular episodes of South Park in the U.S. for the first time.

Why it matters: South Park has long been one of the most lucrative franchises in television, a real marketing mammoth. The deal, valued at $300 million per year, underlines the show’s enduring value in the streaming wars and helps position Paramount+ more competitively against Netflix, Disney+, and Max.

Driving the news:

• The deal comes after months of fraught negotiations, with sources citing interference from incoming Paramount president Jeff Shell and resistance from Skydance Media, which is acquiring Paramount.
• Parker and Stone accused Skydance of derailing earlier talks for a $3 billion decade-long deal, forcing both sides to settle for a five-year arrangement instead.

Behind the scenes:

• Paramount initially offered to co-license the series with Warner Bros. Discovery, but negotiations collapsed over the weekend, prompting Paramount to secure exclusive streaming rights.
• Park County, Parker and Stone’s production company, will produce 10 episodes annually as part of the agreement.
• Thanks to a revenue-sharing venture with Paramount, Park County is expected to recoup nearly half the licensing fee.

The intrigue:

• Skydance Media, which holds veto power over major Paramount deals, insisted on a five-year term amid industry uncertainty, blocking a longer 10-year pact.
• Legal tensions flared, with Parker and Stone’s legal team threatening to sue both Paramount and Skydance at one point in the negotiations.
• Earlier this month, when Season 27 was delayed by Comedy Central, Parker and Stone tweeted: “This merger is a shitshow and it’s fucking up South Park. We are at the studio working on new episodes and we hope the fans get to see them somehow.”

What’s next:

• Paramount+ will begin streaming South Park episodes alongside the launch of Season 27 on July 23.
• A separate renegotiation is underway to extend Parker and Stone’s broader content deal with Paramount, last valued at $900 million and running through 2027.

The bottom line: After years of bouncing between streamers, the kids of South Park are finally coming home to Paramount+. The billion-dollar deal cements Parker and Stone’s status as major players in Hollywood’s streaming battles, even as they continue to roast the chaos behind the scenes.