Paramount Global and Google's YouTube TV agreed to a short-term contract extension late Thursday, keeping CBS and other networks available as the two media companies worked to negotiate a new distribution agreement.

Paramount Global and YouTube TV have averted disaster, at least for the time being. The two sides have worked out a temporary agreement to keep Paramount-owned channels on the live TV streaming service in the short term,

Media giant Paramount Global's channels, including CBS and Nickelodeon, will be unavailable on YouTube TV starting Thursday after the two companies failed to reach a contract renewal, both parties said.