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Viacom, Time Warner Cable Reach Tentative Deal

Viacom and Time Warner Cable announced early Thursday that they have reached an agreement in principle to continue carriage of Nickelodeon, MTV, Comedy Central, VH1 and 15 other networks owned by Viacom.

In a joint statement, the companies said the undisclosed details of the agreement would be finalized in the coming days.

"We are pleased that our customers will continue to be able to watch the programming they enjoy on MTV Networks," said Time Warner Cable president/CEO Glenn Britt, in the statement. "We are sorry they had to endure a day of public disagreement as we worked through this negotiation."

Philippe Dauman, President and CEO of Viacom said, "We've been partners with Time Warner Cable for a long time, and we're happy to be renewing that partnership for the benefit of their customers and our loyal viewers. It's gratifying that we could reach an agreement that benefits not only our audiences but that is also in the best interest of both of our companies."

Viacom's networks appeared set to go dark on Time Warner Cable systems at midnight Wednesday. Viacom was preparing to pull the channels as part of a license agreement renewal dispute between the two companies.

Viacom had asked Time Warner Cable for an increase of just under 25 cents per subscriber per month for carrying its 19 channels. The company justified the increase by saying its channels have been undervalued by Time Warner Cable.