Time Warner, Viacom Reach Zero-Hour Deal

The countdown to the New Year was a frantic one for Viacom and Time Warner. The companies had set a midnight deadline in their tense negotiations to keep Viacom’s networks—which include MTV, Comedy Central, and Nickelodeon—on the massive cable provider. As the ball dropped, Viacom granted a 1-hour extension, and the sides reached a deal soon afterward, according to the Hollywood Reporter.

Time Warner said it was sorry its customers “had to endure a day of public disagreement,” during which Viacom deployed newspaper ads that featured Dora the Explorer stating its case. Viacom had been seeking a 12% fee increase, which Time Warner had balked at, citing the state of the economy. (More Viacom stories.)