Sky expands deal with Paramount in wake of concern over HBO rights
Tuesday, 27 January 2026
Sky Television has struck a more comprehensive rights deal with US studio Paramount, in an apparent step to follow through on its intent to diversify its entertainment content and reduce its past heavy reliance on industry giant Warner Bros Discovery.
The new deal with Paramount gives Sky immediate access to Paramount’s newly released “premium” shows, including spin-offs of modern ‘Western’ drama Yellowstone, which Sky described as a standout for its subscribers last year.
Sky’s share price, which had been building steadily after hitting a low in 2020 when it was facing intense competition with Spark for broadcast sports rights, took a small knock in December after Netflix launched a bid to acquire Warner Bros Discovery’s (WBD’s) film and streaming television business.
Although that acquisition does not yet appear a done deal in part because of expected intense regulatory scrutiny, the bid increased concerns that WBD might end up selling its programming direct to New Zealand customers, rather than through Sky, as it does in many other countries.
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WBD’s assets include New York studio HBO, whose programmes have formed the backbone of Sky’s Neon streaming entertainment offering.
Sky had signalled in December that more diversification of its entertainment rights was on the cards and chief executive Sophie Moloney said today that she regarded the new deal with Paramount as a significant step forward in its refreshed entertainment strategy.
That involved “broadened content partnerships and a data-driven focus on delivering variety and quality of content”, she said.
Sky shares were trading up one cent at $3.39 in mid-morning trading in the NZX.