Entertainment

(Reuters) - Sumner Redstone-controlled media company CBS Corp's premium movie and TV cable unit Showtime Networks Inc signed a seven-year deal with the Weinstein Co to air the studio's films, The Wall Street Journal reported. The deal comes after Redstone's other media company Viacom Inc recently ended an agreement to supply films to Showtime Networks to launch a rival premium television network with Metro-Goldwyn-Mayer and Lions Gate Entertainment Corp. The agreement with the Weinstein Co will give Showtime Networks about 95 movies over the seven-year term and ease pressure on the pay-cable network, which would have been without any studio deals for new movies beginning in 2009. The deal could be worth $500 million to $700 million to the studio over seven years if the Weinstein Co's movies perform well at the box office, people familiar with the terms of the deal told the paper. Both companies declined to comment on financial terms of the deal, the paper said. The companies could not be immediately reached for comment. (Reporting by Pratish Narayanan; Editing by Louise Ireland)

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