Paramount+ has successfully won the bid to host the Champions League football matches on their platform once more.
The most recent transaction is estimated to have a value of $1.5 billion over the next six years. Under this new agreement, Paramount Global will be responsible for making payments of around $250 million each year.
That is a significant rise from the existing annual payment of $100 million that the corporation is making, which more than doubles the size of the contract that it had previously.
A new arrangement that will last from 2024 through 2030 stipulates that the online streaming service will broadcast the yearly event that features the best football teams in Europe.
UEFA Champions League Contract Renewal
Paramount+ had the largest number of fans during the finals of the Champions League between Liverpool and Real Madrid. In May, the live stream of the game on the CBS network was watched by 2.8 million people.
It was the final game of the tournament, and it drew the largest audience in US history for a final game televised on English-language television.
According to Bloomberg, Sean McManus, chairman of CBS Sports, "UEFA has been a key driver for Paramount+ since our launch and we are thrilled to extend this successful partnership showcasing even more world-class soccer through the 2029-30 season, building on the incredible momentum we have created the past two years."
The UEFA Champions League received a few bids before settling with Paramount+. UEFA revealed that it had held initial negotiations for the Champions League broadcasting rights in the United States with NBC, owned by Comcast, ESPN, owned by the Walt Disney Company, and Amazon.com, Inc.
Warner Bros. Discovery Inc, Fox Corporation, Univision, Apple, and DAZN are the companies that own these brands. The proposals with the greatest totals came from Paramount and Amazon.
The Union of European Football Associations (UEFA) had been seeking approximately $2 billion over the course of six years for the combined English and Spanish language rights.
However, UEFA has decided to delay the sale of the Spanish rights since the streaming market catering to that audience is still in its early stages.
The recent agreement reached with Paramount solidifies the Champions League's position as one of the most valuable properties associated with European football in the US media and is more indication of the rapidly increasing costs associated with acquiring sports rights.
Streaming on Paramount+
According to Engadget, this recent deal constitutes an extension of the existing agreement that Paramount has with UEFA, which is currently set to run out in 2024.
All of the Champions League games are available to watch on Paramount+, even though some of them are broadcast on Paramount-owned networks like CBS and CBS Sports Network. This will remain the case for the next eight years, as the service will continue to provide it.
In addition, the most recent agreement will remain in effect through the 2026 World Cup, which will be co-hosted by the United States of America, Canada, and Mexico.
It is also anticipated that this will lead to an increase in the sport's popularity across the continent of North America. The vast audience of Paramount+ is expected to take the UEFA Champions League to greater heights.
Related Article: 'The Sandman' Releases a Surprise 11th Episode on Netflix
