July 23 (Reuters) - Paramount Global ( PARAA ) has

extended its partnership with "South Park" creators Trey Parker

and Matt Stone for another five years, the company said on

Wednesday.

Under the new deal, Paramount will pay South Park Digital

Studios, co-owned by the media giant and Park County, more than

$1.25 billion, ranking it among the richest deals in television

history, according to an LA Times report from Tuesday.

The announcement follows the season 27 premiere of the

long-running animated series on Comedy Central.

Under the agreement, Paramount will air 50 new episodes

across five seasons. The episodes will debut on Comedy Central

before streaming on Paramount+ the following day.

All 26 previous seasons will also be available on

Paramount+, which regained international streaming rights after

a period of contractual disputes.

The deal concludes protracted negotiations between Paramount

and the show's creators, who previously sued incoming Paramount

President Jeff Shell, accusing him of interference with rival

negotiations involving Warner Bros Discovery ( WBD ) and Netflix ( NFLX )

.

Talks were further complicated by the Skydance leadership,

which is in the process of acquiring Paramount, reportedly

objecting to earlier proposed terms valued at $3 billion over

ten years.

"South Park" debuted on Comedy Central, a Paramount-owned

network, in August 1997.