Viacom and Shapchat have established a new deal which will allow Viacom to sell advertising on Snapchat's behalf.

The media conglomerate will have exclusive third party rights to sell advertising surrounding Snapchat content, including its 'Live Stories' which compile Snaps from certain locations, events, and holidays.

A Snapchat spokesperson has confirmed that the deal has been agreed - but the financial terms remain undisclosed.

The company already has a deal with the ephemeral messaging app to carry content from two of its TV stations, Comedy Central and MTV.

Snapchat's value has rocketed as it has built a massive user base of young users who have become increasingly difficult for advertisers to reach.

The app has been engaging with advertisers as it tries to increase its revenues, as it begins to cash in on its popularity.

Its reach has allowed it to charge premium prices for advertising slots.

Viacom will announce quarterly results this evening.