January 1, 2009 / 12:50 PM / 11 years ago

Time Warner Cable, Viacom reach MTV agreement

(Reuters) - Time Warner Cable will be allowed to carry Viacom Inc’s MTV, Nickelodeon and Comedy Central channels, the companies said after they reached an in-principle distribution agreement.

The companies did not provide the details of the agreement in their statement.

Viacom on Tuesday said it will pull its cable television networks off Time Warner Cable if the companies do not reach a deal on carriage fees by January 1.

Viacom was seeking a fee increase of less than 25 cents per month per subscriber from the second-largest U.S. cable operator, which is expected to split from its parent Time Warner Inc this year.

Shares of Time Warner cable, whose top markets include New York, Los Angeles, Dallas and Cleveland, closed at $21.45 Wednesday on the New York Stock Exchange, while those of Viacom closed at $19.06.

Reporting by Anurag Kotoky in Bangalore; Editing by Vinu Pilakkott

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