Trey Parker and Matt Stone, creators of the animated hit comedy "South Park," have accused the would-be buyers of their longtime partner Paramount Global of interfering with negotiations that could net them billions of dollars.

The two approached Paramount in February, telling the film and TV company that owns the show they want to keep making the series for many more years and extend a production deal that expires in 2027. The parties were already in talks to find a new streaming home for the series in a deal worth as much as $2.5 billion. HBO Max, which held the rights, was interested. So were several other companies, including Netflix Inc.

But Skydance Media, the independent film and TV producer that’s trying to buy Paramount, had ideas of its own. The company contacted HBO parent Warner Bros. Discovery Inc. and Netflix, relaying its own wishes on contract terms and deadlines. That triggered an angry rebuke from the creators of "South Park" and the threat of legal action, according to a letter reviewed by Bloomberg News.

“It has come to our attention that in recent days you contacted both Netflix and Warner Bros. Discovery to interfere in the process,” Parker and Stone’s lawyer said in the letter to RedBird Capital Partners, an adviser to Skydance and investor in the Paramount deal.

Paramount had planned to split the U.S. streaming rights to "South Park" between HBO Max and its own service, Paramount+. The HBO deal alone would have been worth more than $1 billion over 10 years, according to people with knowledge of the matter, while Paramount+ would have paid a similar fee for its deal. The agreement with HBO Max was contingent on Parker and Stone agreeing to make dozens of new episodes.

Skydance, led by Chief Executive Officer David Ellison, said it’s just trying to bring financial discipline to Paramount, whose owners agreed to a sale after years of watching their investment tumble in value.

“Under the terms of the transaction agreement, Skydance has the right to approve material contracts,” the company said in a statement.

The dispute over "South Park" has damaged the relationship between Paramount’s future owner and one of the company’s most valuable creative teams before the deal has even closed. It is also high-profile evidence that President Donald Trump’s delay of the Paramount-Skydance deal has wreaked havoc at both companies.

Employees at Paramount say the studio is paralyzed, unable to make major decisions at a time when the company is struggling. This account is based on conversations with more than a dozen people involved with Paramount and Skydance.

Paramount agreed to merge with Skydance last year in a deal that will shift control of the entertainment giant from heiress Shari Redstone to Ellison, the son of tech billionaire Larry Ellison. The younger Ellison, who plans to become Paramount’s CEO, wants to delay the renewal of Parker and Stone’s deal until he gains long-awaited federal approval for the Paramount takeover. President Trump is suing Paramount’s CBS division over its editing of a Kamala Harris interview, and the merger still needs to be cleared by federal regulators.

Ellison and adviser Jeff Shell, who works at RedBird, would also prefer a shorter streaming deal for "South Park" with HBO Max and Paramount+ — or one big global deal with Netflix. The negotiations have dragged on for months, forcing Paramount to sign a temporary extension with HBO Max.

After 28 years and more than 300 episodes, "South Park" remains one of the most popular shows on streaming — and one of the only popular shows left on Comedy Central. Created by Parker and Stone, classmates the University of Colorado at Boulder, "South Park" was an immediate sensation when it debuted in 1997. The show drew an audience to the young cable network Comedy Central and within a few years inspired a hit movie and popular video game.

As the young male viewers who formed the core of the "South Park" audience started to watch videos on the internet, Parker and Stone wanted to put their creation online. As part of a negotiation in 2007, they secured a 50% stake in all future online deals for the show, rights that may soon be worth billions of dollars. In 2019, the company licensed the "South Park" streaming rights to HBO Max in a five-year deal valued at more than $500 million.

But Paramount executives came to regret that agreement because they couldn’t use "South Park" to bolster their own streaming effort. When talks got underway for a new "South Park" streaming deal, negotiators sought to have the show appear on Paramount+ as well as another service. By splitting the rights, the company could get paid about the same money from a third party and offer the show on its service.

Skydance is reluctant to sign a long-term licensing deal given the pace of change in media landscape. It has pushed Paramount to sign a five-year deal with HBO Max — or potentially an exclusive global deal with Netflix. Selling to Netflix would save Paramount money, but it would also mean "South Park" is lost to Paramount+.

Parker and Stone’s company believes the combination of HBO Max, Paramount+ and separate international licensing deals would be worth more than an agreement with Netflix. The streaming deals hinge on Parker and Stone continuing to produce the show and would decrease in value if Paramount can’t come to terms with them.

“It is simply outrageous that even before it has been granted the authority to close the merger with Paramount, RedBird and Skydance are jumping the gun,” Park County wrote in the letter, which was first reported by the Hollywood Reporter. In a second letter dated June 23, outside attorneys for Park County warned Paramount it should not “acquiesce to third parties, who have no right to engage in negotiations” on their behalf. Kevin Morris, long-time lawyer for Parker and Stone, has been leading the negotiations on behalf of Park County.

While Skydance sees value in the show, executives are concerned Paramount pays the creators too much. In 2021, Paramount struck an accord that called for the pair to keep making the show but also produce "South Park" movies that would stream on Paramount+. The deal was worth about $900 million. This next deal would be worth even more on an annual basis, and Skydance would like the creators to do more in exchange.

Ellison is inheriting a media company that has struggled for years. Its cable networks have lost viewers and its movie studio trails most of its peers. The Paramount+ streaming service has posted solid growth, but is much smaller than rivals such as Netflix and Disney+. Skydance and RedBird plan to invest over $8 billion in the combined company, as well as cut costs.

Parker and Stone initially supported Ellison’s deal for Paramount. They had chafed under previous CEOs and welcomed a new partner with deep pockets.

“I’m pretty excited about David Ellison,” Stone said at Bloomberg’s Screentime conference last year.

The longer the two companies remain in limbo, the harder it becomes for either to make long-term plans. As the "South Park" negotiations dragged on, the relationship between Ellison and Paramount has grown more contentious. Ari Emanuel, one of Hollywood’s most powerful talent agents, has been attempting to mediate between the two sides. He has represented both Ellison and the "South Park" creators. Emanuel declined to comment.

Paramount plans to release new episodes of "South Park" next month. Where fans can stream those episodes is still unknown.

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