Paramount Global is navigating complex negotiations to secure the streaming rights for the animated series “South Park,” as the media conglomerate seeks to finalize its merger with Skydance Media.

The $900 million deal between Paramount and “South Park” creators Matt Stone and Trey Parker is set to expire in two years. The show’s new episodes currently air on Comedy Central.

However, sources familiar with the matter indicate that efforts to extend the agreement and bring the show to Paramount+ have encountered significant obstacles. These challenges underscore the internal tensions within Paramount as executives manage the company during the pending acquisition by David Ellison’s Skydance Media.

Paramount is keen to secure the U.S. and international streaming rights to “South Park,” particularly after a previous licensing arrangement allowed HBO Max, owned by Warner bros. Discovery, to stream the show. That agreement is expiring this month.

“South Park” has been a cornerstone for Comedy Central,tackling various social and political topics. Paramount co-Chief Executive Chris McCarthy had previously announced that “South Park” episodes would be available on Paramount+ starting in July.

Despite this proclamation, securing the streaming rights remains uncertain. Paramount has reportedly made offers to Parker and stone to extend their deal, aiming to stream all 333 episodes of “South Park” on Paramount+.

Some insiders estimate the distribution fees for “South Park” could exceed $200 million annually.

Skydance, however, has not yet approved the deal, deeming the financial terms excessive. Paramount executives maintain that the show’s enduring popularity justifies the investment.

Representatives for Paramount and Skydance have declined to comment on the ongoing negotiations.

Hollywood agent Ari Emanuel, whose firm WME represents Parker and Stone, commented on the situation, stating, “Nobody has rejected anything. They are just doing their analysis.We’ve got offers from other distributors. Everybody wants this show.”

Skydance’s $8 billion acquisition of Paramount is currently awaiting regulatory approval. Skydance, with backing from Larry Ellison and RedBird Capital Partners, aims to bring financial discipline to Paramount’s operations, projecting $2 billion in cost savings.

The 27th season of “South Park” is scheduled to premiere on Comedy Central on July 9.

If Paramount does not reach an agreement with the creators by June 23, Parker and Stone could explore offers from other streaming platforms like Netflix, Amazon Prime Video, or Hulu. Negotiations could extend beyond this deadline, with expectations that a deal will eventually be reached.

Parker and Stone, represented by attorney Kevin Morris, established South Park Digital Studios nearly two decades ago, retaining the internet rights to the show. This venture has proven highly profitable for the duo, who are also known for the Broadway musical “The Book of Mormon.”

Paramount manages the joint venture with Stone and Parker, sharing control over streaming rights, even though the creators have the right to reject unfavorable deals.

Federal antitrust laws typically prevent acquiring companies from exerting undue influence before a deal’s completion. Though, Paramount has agreed to consult with Skydance on significant expenditures pending the deal’s closure.

“Nobody has rejected anything. They are just doing their analysis. We’ve got offers from other distributors. Everybody wants this show.”

The “South Park” streaming rights negotiations have also been complicated by a lawsuit filed by Warner Bros. Discovery, which accused Paramount of violating a 2019 licensing agreement after Warner paid $540 million for the show’s streaming rights.

Paramount and the “South Park” creators developed exclusive specials for Paramount+, leading Warner to argue that this violated their licensing deal.HBO Max has not commented on the matter.

In a separate agreement, Paramount secured a $900 million deal with Parker and Stone, ensuring the production of new “South Park” episodes through 2027, with potential extensions.

Paramount intends to shift the show to Paramount+ once the HBO Max deal concludes.

The envisioned scenario involves sharing domestic and international rights among multiple streaming services to maximize revenue while retaining some streaming rights.

Paramount is also addressing a $20 billion lawsuit from President trump, who alleges that CBS News deceptively edited a “60 Minutes” interview with then-Vice President Kamala harris. CBS denies these allegations.

The Federal Communications Commission (FCC) is reviewing Skydance’s proposed takeover of Paramount, causing delays and uncertainty for Paramount executives.