(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.