Viacom And Studios To Offer New Premium Channel

A new venture announced by Viacom and five studios is poised to compete for viewership and programming taking on Time Warner's HBO and CBS Corp.'s Showtime.

As reported by CNN Money.com, Viacom Inc. and five Hollywood studios, including: Paramount, Paramount Vintage, MGM, United Artists and Lionsgate, have come together to create both a television station and a video-on-demand service.

The new channel and service will begin in the fall of 2009, showing movies and television series including Star Trek and the various Star Trek series, Cloverfield, Iron Man and others. The five studios have a collection of hundreds of television shows and thousands of movies.

According to an article at comingsoon.net, Bud Grey, Chairman and Chief Executive Officer of Paramount Pictures, "Grey said, "For close to a century, Paramount has produced and distributed some of America's best-known and beloved films - a tradition that continues today, with an outstanding lineup set through 2009. That commitment to great entertainment is matched by Paramount's focus on creating new and innovative platforms that offer more access and flexibility to consumers. We look forward to launching this historic premium entertainment service with a strong slate that includes new releases like Cloverfield, Iron Man, and Star Trek alongside Paramount's legendary library.""

The new venture may indicate friction between Viacom Inc. and CBS Corp.'s Showtime channel, according to Reuters. Sumner Redstone is both chairman and controlling shareholder of both Viacom Inc. and CBS Corp. The CEO of CBS Corp., Leslie Moonves was briefed on the plans for the new venture on Sunday.

To read more, head to the articles located here, here and here.

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