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A part of the reason is that licensing out titles is usually a lucrative enterprise. To date this yr, ViacomCBS made $4.6 billion from licensing, virtually a quarter of the corporate’s complete income. That cash comes from an array of licenses, from Tv syndication to Paw Patrol stuffed animals and costumes. But farming out titles like Yellowstone, South Park and others to Paramount Plus’ direct rivals is part of it too. When you grant your own programming to your individual service completely, you forsake piles of that cash you would’ve hauled in when you’d licensed it to someone else.

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