The South Park Guys' New Deal Is Even Bigger, Longer & More Uncut Than We Previously Thought

Just yesterday, we reported that Trey Parker and Matt Stone had signed a STUNNING five-year, $1.5 billion streaming deal with Paramount to bring "South Park" exclusively to Paramount+. Before that deal, streaming rights were split between Paramount and HBO Max. That deal alone would be among the largest licensing agreements ever signed for a TV property. Most amazingly, thanks to a clause in their original 1997 contract, Parker and Stone are set to collect 50% of the $1.5 billion windfall. AKA, $375 million per person.

And remember—they still own 50% of the property. So they'll do this again in a few years. And again. And again…

In that same article, we noted that streaming isn't even their only major payday. Parker and Stone also make gobs of money from "overall" production deals that renew every few years. An "overall" deal is essentially a studio retainer—Paramount pays them a flat annual fee to keep making South Park content exclusively.

Their most recent overall deal was signed in 2021. In that deal, ViacomCBS (now Paramount Global) agreed to pay them $900 million to continue making new episodes of "South Park." Parker and Stone kept 100% of that money, split evenly between them. The deal was supposed to last through 2027, and we predicted that another giant payday was just around the corner.

Turns out we were wrong.

They didn't wait for that next deal—they locked it up now. And between the two new agreements—streaming and production—Trey and Matt are about to make even more money than we thought.

(Photo by Frazer Harrison/Getty Images)

The New Deal

To recap: in 2021, Trey Parker and Matt Stone signed a six-year, $935 million overall production deal with Paramount that covered the years 2022 through 2027. That works out to about $155.8 million per year. They've presumably been paid for 2022, 2023, 2024, and 2025—a total of approximately $623 million—with two years and $312 million left on the contract.

But instead of letting the original deal run its course, they just re-upped in a massive way.

According to unnamed sources who spoke to Bloomberg, Trey and Matt have signed a new five-year extension that covers 2026 through 2030, paying $250 million per year. That's $1.25 billion for the next five years—just for making new episodes of "South Park."

So here's the full updated breakdown:

• 2022–2025: $623 million already earned
• 2026–2030: $1.25 billion locked in under new deal

Total production revenue (2022–2030):

$1.873 billion

Both deals likely included some large upfront payment, like a signing bonus that an athlete would earn. But if you analyze in terms of average annual value, between their two new deals with Paramount, Parker and Stone will split $400 million from 2026 through 2030. That's $200 million per person, per year.

And here's the kicker: both deals are perfectly synced to expire at the end of 2030, giving them a clean slate to negotiate two more mega-deals in 2031—one for streaming, one for production. Assuming South Park is still as popular and relevant in 2030 as it is today, they'll likely be in line for a multi-billion-dollar deal at that point.

Here's my prediction: In 2030, when Trey is 61 and Matt is 59, they'll sign one more 5-year deal—maybe worth another $2 billion. Then they'll sell their 50% stake in the streaming rights, the IP, and the entire South Park franchise to Paramount. For some insane number. Like $10 billion.