Verizon continues to bundle streaming services.

The telecom giants latest offer will bundle together yearly plans of both Peacock Premium and Netflix Premium, with users who pay for the Peacock plan getting Netflix thrown in for no extra charge.

The deal, available through Verizons +play content hub, works like this: A customer buys a yearly Peacock subscription for $80, and will get a one year Netflix Premium plan (valued at $275) for free. It launches today, ahead of the 2024 Paris Olympics, which will stream all of NBCs Olympics coverage, and other live programming. Peacock Premium is the NBCUniversal streaming services most popular plan, with all Peacock programming, live sports (including the Olympics), and select live channels. Netflix Premium is its most expensive plan, with Ultra HD and spatial audio support, as well as the ability for four devices to watch at the same time.

The new Verizon bundle takes a different approach than most recent bundled offerings between streaming services. For starters, the new bundle is focused on annual plans, rather than monthly plans. Other deals, like Verizons Netflix and Max bundle, the forthcoming Disney+, Max and Hulu bundle, and Comcasts StreamSaver bundle of Peacock, Apple TV+ and Netflix have been focused on delivering a monthly price that is appealing to consumers, and serves the broader goals of the entertainment companies, including a reduction of churn.

In addition, the new bundle includes Netflixs most expensive plan, which has no ads and is focused on premium video and sound. Netflix has mostly participated in bundles that include its cheaper ad-supported tier, though its most premium plan may have similar margins. It has worked with Verizon on some other bundles that include its Premium plan, including tie-ups with NFL+, Starz and Masterclass, but Peacock is a much larger-scale service than those.

It also underscores the significance of telecom companies and other third-parties, which have subscribers of their own, and the ability to chip in to help subsidize bundles if need be.