Walmart Inc. said it has agreed to a deal with Paramount Global to offer the entertainment company’s Paramount+ streaming service to subscribers of Walmart’s membership program.
The Wall Street Journal reports Walmart has been exploring a subscription video-streaming deal to draw more people to Walmart+ as it seeks to challenge Amazon.com Inc., which has grown its own Prime membership program to about 200 million global members.
The companies agreed to a 12-month exclusivity agreement and a two-year deal that would give Walmart+ members access to Paramount’s ad-supported streaming service, according to people familiar with the deal. The perk will be available starting in September, Walmart said.
Walmart executives have held talks in recent weeks to discuss a streaming deal with executives at Walt Disney Co., Comcast Corp. and Paramount Global, according to people familiar with the matter.
Paramount Global runs the Paramount+ service, which has shows such as “Halo,” the “Star Trek” series and “Paw Patrol.” The company said this month that Paramount+ had more than 43 million subscribers at the end of its latest quarter.
Walmart introduced Walmart+ in 2020 and aims to use the service to add new streams of revenue beyond selling goods, as well rival the success Amazon has had with its Prime membership services. A subscription to Walmart+ costs $12.95 a month or $98 a year and includes free shipping on online orders and discounts on gasoline. The retailer has added perks to build interest, such as six months of the Spotify music-streaming service.
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