Paramount has agreed to buy the global broadcast rights to "South Park" for $300 million per year to stream on its streaming service, Paramount+.
The five-year deal will generate $1.5 billion for digital rights alone, cementing "South Park" as one of the most valuable TV franchises.
As part of the deal, Trey Parker and Matt Stone's production company, Park County, has committed to producing 10 episodes of "South Park" annually.
Paramount is eager to bring back "South Park," which was previously licensed to HBO Max in 2019, before Paramount+ went into full expansion.
Talks with Warner Bros. Discovery (HBO Max's parent company) for a joint license failed, prompting Paramount to secure exclusive rights.
The deal must be reached before the 27th season of "South Park" begins Wednesday on Comedy Central, and before Parker and Stone's appearance at Comic-Con.
Due to a long-standing agreement, Park County is entitled to nearly half of streaming revenue through their joint venture, South Park Digital Studios.
Months of negotiations were complicated by Paramount's pending sale to David Ellison's Skydance Media.
Negotiations became so heated last week that Park County hired litigation counsel to prepare a lawsuit against Paramount and Skydance.
Park County initially sought a 10-year contract, but Skydance declined, and the two parties ultimately settled on a five-year term.