Sony Pictures Television (SPT) announced new streaming deals with Peacock and Hulu for the popular game shows “Wheel of Fortune” and “Jeopardy!”. Starting in Fall 2025, both streaming services will offer new episodes the day after their linear broadcast. The agreement also includes rights to past episodes, though the exact number remains undisclosed.
This marks a significant shift. It's the first time new, regular episodes will be available on streaming so soon after their initial airing. While past seasons and select episodes (like “Celebrity Wheel of Fortune” and “Celebrity Jeopardy!”) have been on various streaming platforms, this is a major change for the core weekday shows.
The move is strategic. SPT aims to counter declining linear viewership and engage new audiences through digital distribution. This strategy involves separate deals and digital offerings for both “Wheel” and “Jeopardy!”, alongside non-broadcast licenses.
Previously, SPT prioritized exclusive weekday episode rights for its syndication partners. But changing viewer habits and cost-cutting measures by stations have apparently diminished the linear value of the shows. SPT hasn't renewed any traditional syndication deals beyond 2028, suggesting exclusive same-day streaming rights will become the norm then.
The shows’ availability on multiple streamers – with presumably similar release windows – is noteworthy. This contrasts with the past emphasis on exclusive content by streamers. This might mean lower payments per streamer than a fully exclusive deal would command. The fact that the content already airs linearly might have influenced NBCUniversal (Peacock’s parent) and Disney (Hulu’s parent) willingness to share rights.
For Hulu and Peacock, these established shows are beneficial. They could attract new subscribers and improve subscriber retention. SPT is currently in a legal battle with CBS Media Ventures (CMV) over syndication rights, but the streaming rights appear to be a separate, directly managed arrangement. A recent ruling granted CMV distribution rights until the dispute concludes. Paramount+, CMV’s sister streamer, didn't secure streaming rights despite this, which is notable.
SPT accuses CMV of using tactics that damaged revenue from “Jeopardy!” and “Wheel,” including bundling them with lower-rated shows and reducing advertising sales support. Allegations of preferential treatment for CMV's own shows, such as “Entertainment Tonight,” were also made.