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Viacom will receive over $600 million annually as part of new DirecTV deal, says Bloomberg

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The deal between Viacom and DirecTV is reportedly worth $600 million annually, a jump from the previous arrangement between the company.

DirecTV Viacom Colbert Report
DirecTV Viacom Colbert Report

Earlier today Viacom and DirecTV announced a new long-term agreement that would bring all 26 Viacom channels back to the satellite network, but at the time terms of the agreement weren't made clear. Now Bloomberg is reporting that Viacom will receive more than $600 million annually as part of the arrangement, which is said to be a seven-year-long deal. Citing "a person with direct knowledge of the matter," Bloomberg says that the $600 million number is an increase of at least 20 percent from the previous agreement between the two companies. DirecTV had previously claimed that Viacom was attempting to increase its fees by 30 percent.

Viacom originally pulled channels including MTV, Comedy Central, and Nickelodeon over a week ago, due to an ongoing contract renewal dispute, but with the new agreement all 26 channels will be restored. "Viacom is extremely pleased to bring its programming back to DirecTV subscribers," the company said this morning in a press release, "and thanks everyone affected by the disrupting for their patience and understanding during this challenging period."