Two of the most successful syndicated programs in history, Jeopardy! and Wheel of Fortune, are poised for a major shift to streaming. Sony Pictures Television, the owner of both shows, has announced it is accepting bids from streaming services to add syndicated editions to their platforms, as reported by The New York Times. The winning bidder would gain the right to air new episodes the day after their broadcast on TV stations, starting September 2025. Exclusive same-day streaming rights will become available in September 2028 when current syndication deals expire. Sony aims to finalize a deal by April 2025, allowing the successful streamer to promote the shows during May upfronts.
The streaming presentation will greatly depend on the winning bid and Sony's agreements. Options include commercial-free streaming on premium tiers, ads within existing commercial breaks on lower tiers or FAST channels, or limited commercial breaks for paid services—a model already used for sports and live events. The initial announcement didn't clarify whether Sony will maintain ad slots for its revenue, as in current syndication deals. Jeopardy! already provides "Pop Culture Jeopardy!" for Amazon Prime Video, but Wheel of Fortune hasn't ventured into original streaming content. Both shows have created primetime specials for ABC, which might continue under a streaming agreement as these are separate from syndicated episodes. Sony previously offered older episodes on streaming but removed them in preparation for this new offering. The inclusion of back episodes in any future deal is currently uncertain.
Streaming services find the shows appealing as a tool to combat subscriber cancellations. Daily fresh episodes should encourage continued subscriptions from dedicated viewers. Both shows boast strong digital and social media presence, leading to viral news about contestants, winnings, and even mishaps, generating buzz. Jeopardy!'s "super champions" have created a must-follow aspect, encouraging immediate DVR viewing. Streaming viewers might lag by 24 hours but will remain engaged in the daily conversation, possibly expanding the audience and extending each episode's relevance. While not live, the shows share live programming characteristics due to this social media engagement. Live content is highly sought-after by streamers for exclusive offerings, often accompanied by ads.
For Sony, streaming offers access to younger audiences who largely use streaming services. While both shows have a loyal fanbase, it skews older. Sony clarified that its streaming plans are separate from current legal disputes with CBS Media Ventures. For decades, King World (acquired by CBS in 1999) distributed Wheel and Jeopardy! Sony's announcement suggests a potential exit from traditional syndication by 2028, potentially significantly impacting local stations that currently air the shows in primetime slots or as news lead-ins. The disappearance of these shows from linear TV could present a scheduling challenge, especially considering the popularity they currently enjoy. However, the shift to streaming is rapidly altering the broadcasting landscape. The future of local station scheduling and their interest in such programs in 2028 remains uncertain.
Syndication's popularity has waned recently, with some stations questioning the return on investment of high license fees. Some have opted for locally produced content, seeking higher profits despite lower ratings. Jeopardy! and Wheel of Fortune initially benefited from the now-defunct FCC's Prime Time Access Rule. Although the rule ended in 1996, its impact is still visible in many TV schedules where these shows are aired.