NBCUniversal and YouTube averted a blackout Thursday afternoon by reaching a new multi-year carriage deal that preserves NBCUniversal’s full slate of broadcast and cable networks on YouTube TV.
The agreement followed a brief extension after the original contract expired — a last-minute negotiation tactic that echoed their previous renewal in 2021.
The terms remain undisclosed, but both companies stressed that the agreement extends beyond traditional carriage fees. In addition to long-term access for channels like NBC, Telemundo, Bravo, CNBC, Golf Channel, E!, Oxygen True Crime, MSNBC, USA, Syfy, and Universo, the deal includes expanded digital rights: short-form highlights and shows on YouTube, Universal Pictures films on Google TV and YouTube, and Peacock’s upcoming availability through YouTube Primetime Channels.
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The most striking development is the return of NBC Sports Network (NBCSN), four years after its shutdown. Relaunching later this fall, NBCSN will carry NBCUniversal’s extensive sports programming, complementing flagship events that remain on NBC’s broadcast network.
Matt Schnaars, NBCUniversal’s president of content distribution, framed the deal as both a defensive and forward-looking move.
“We’ve secured long-term access to our full portfolio of broadcast and cable networks on YouTube TV, and we’re advancing our Peacock strategy with an upcoming launch on YouTube Primetime Channels and ongoing presence on Google TV,” he said.
For NBCUniversal, reviving NBCSN reverses part of a 2022 strategy that shifted sports rights to Peacock and USA Network to cut costs. Analysts say the decision reflects slowing growth at Peacock, where sports have been central to subscriber acquisition. NBC aims to extract steady carriage fees from distributors, while still driving some viewers to Peacock for exclusive rights by restoring NBCSN to channel bundles like YouTube TV.
Greg Abel, Berkshire Hathaway vice chairman who is slated to succeed Warren Buffett as CEO, praised NBCUniversal’s balancing act in its sports business model, noting it could stabilize revenues across multiple platforms.
This deal underscores a broader trend in the television industry: the uneasy coexistence of streaming ambitions with the financial safety of legacy carriage. Other companies are also impacted by this recalibration.
Disney’s bruising dispute with Charter Communications in 2023 exposed how reliant even the biggest entertainment companies remain on distribution fees, despite the billions poured into direct-to-consumer platforms like Disney+. That standoff ended with Disney agreeing to give Charter’s pay-TV customers free access to Disney+ and ESPN+, a compromise that blended old and new business models much like NBCUniversal’s deal with YouTube.
Similarly, Paramount has leaned on YouTube TV and Hulu Live to maintain exposure for CBS and its cable channels, even as Paramount+ struggles to reach profitability. Carriage negotiations have shifted from simple pricing disputes into battlegrounds over the streaming future, where tech distributors like Google wield increasing leverage.
YouTube TV has grown to more than 8 million subscribers, which means that retaining NBCUniversal was non-negotiable. Losing access to live sports from NBCSN, Golf Channel, and Telemundo — alongside news networks like MSNBC and CNBC — could have triggered a wave of cancellations. Google ensures its platform remains the most comprehensive streaming bundle on the market by securing this deal, competing with Hulu Live, Sling, and Fubo.
Deal highlights:
- Channels: Multi-year carriage of NBC, Telemundo, Bravo, CNBC, Golf Channel, E!, Oxygen True Crime, MSNBC, USA, Syfy, Universo.
- NBCSN relaunch: Returning in fall 2025 as a key part of YouTube TV’s sports offering.
- Peacock integration: Available soon through YouTube Primetime Channels, expanding its reach.
- Digital rights: Short-form clips and highlights on YouTube; Universal films on Google TV, YouTube TV, and YouTube.
- Library content: NBCUniversal Global TV Distribution titles on YouTube Premium (SVOD) and YouTube Free Primetime Content (AVOD).
- Android extension: Peacock to remain available across Google Play and Google TV under a new multi-year extension.
Ultimately, NBCUniversal’s move shows the growing recognition among media giants that the streaming revolution is not enough on its own. While Peacock remains central to NBCU’s future, resuscitating NBCSN and locking in YouTube TV demonstrates that traditional carriage still delivers the stability Wall Street demands.
As the industry recalibrates, the NBCUniversal-YouTube agreement becomes another case study in how legacy media companies are hedging their bets — building out direct-to-consumer offerings while continuing to rely on distributors to keep the cash flowing.