Charter Communications Inc. shares increased by over 3% on Monday after the company confirmed that it reached a multi-year distribution agreement with The Walt Disney Company.
Depending on their cable television packages, users of Charter's Spectrum service will have access to ESPN+, ESPN direct-to-consumer and Disney+ Basic ad-supported plans. Among other important points of the deal, Spectrum TV will make available Disney's "more curated lineup" of 19 networks, according to a statement by the two companies. "This deal recognizes both the continued value of linear television and the growing popularity of streaming services, while addressing the evolving needs of our consumers," Disney CEO Bob Iger and Charter CEO Chris Winfrey said.
Charter shares advanced 3.54%, while Disney increased by 0.31% at 12:16 pm ET.
