Two semi-final return legs, two distinct storylines, the same Paramount+ subscription. Bayern Munich spend Wednesday at the Allianz Arena trying to claw back a one-goal aggregate deficit after the most extraordinary night of European football this decade — PSG 5-4 Bayern at Parc des Princes, the highest-scoring Champions League semi-final first leg in the competition’s history. Arsenal spend Tuesday at the Emirates trying to break a stalemate against Atletico Madrid that no away-goal advantage will tilt in either direction.
For US viewers, both nights live on Paramount+ Premium at $11.99/month. Both kick-offs land at 3:00 PM ET, making this one of the rare midweek European doubleheaders that doesn’t require an alarm clock or a late-evening rearrangement.
Two ties, two questions
Arsenal vs Atletico Madrid — Tuesday 5 May, 3 PM ET. The first leg in Madrid finished 1-1 after Julian Alvarez and Viktor Gyokeres traded goals. With away goals abolished since 2021, the Emirates leg is essentially a one-off cup match — extra time and penalties available if it stays level over 90.
Bayern Munich vs PSG — Wednesday 6 May, 3 PM ET. The first leg in Paris finished 5-4 to PSG. Khvicha Kvaratskhelia and Ousmane Dembele scored twice each for the holders, plus Joao Neves; Harry Kane, Michael Olise, Dayot Upamecano, and Luis Diaz replied for Bayern. Vincent Kompany’s side need a two-goal win in 90 minutes to advance outright; a one-goal Bayern win takes the tie to extra time.
Where to watch
| Country | Broadcaster | Notes |
|---|---|---|
| USA | Paramount+ Premium | $11.99/mo (Essential plan does NOT include UCL) |
| UK | TNT Sports / Discovery+ | £30.99/mo Discovery+ Premium |
| Germany | DAZN (Wed) / Amazon Prime (Tue) | Bayern-PSG is DAZN exclusive |
| France | Canal+ Sport 360 | €25.99/mo |
| Spain | Movistar Liga de Campeones | €11/mo UCL bolt-on |
| Italy | Sky Sport / NOW | €14.99/mo NOW Sport Pass |
Paramount+ in the US: get the right plan
The most common subscription error stateside is signing up for Paramount+ Essential ($7.99/month) and assuming it includes Champions League. It does not. Live UEFA Champions League matches require Paramount+ Premium at $11.99/month, the only tier that unlocks the live UCL stream alongside Champions League Today studio coverage.
CBS Sports holds the rights deal through 2030. The studio team — Kate Abdo, Thierry Henry, Micah Richards, Jamie Carragher — has become the most-watched anchor desk in American soccer broadcasting, and CBS Sports Network simulcasts the studio coverage on linear cable for those who prefer that route. The match itself, however, is only available on the Paramount+ Premium streaming feed.
The 2026 Champions League final on Saturday 30 May at the Puskas Arena in Budapest is the one match each season that escapes the streamer-only window — CBS will broadcast a free-to-air simulcast on linear network television, the same arrangement they’ve run since the rights deal began.
First-leg storylines worth carrying into the second
The PSG-Bayern tie is the story. Nine goals across 90 minutes. The previous Champions League semi-final first-leg goal record was eight (Liverpool 5-2 Roma, 2018). Kompany’s Bayern arrived in Paris with one of the most settled defensive units in Europe and conceded five. Luis Enrique’s PSG, holders since 2024-25 and unbeaten in the league phase, looked vulnerable in spurts but had Kvaratskhelia and Dembele in their best collective form of the season. The aggregate is one goal. Anything happens.
The Arsenal-Atletico tie is quieter on paper. 1-1 in Madrid is the kind of result that suits Diego Simeone’s away game perfectly — the away point banked, the counter-attacking threat preserved for the return. Mikel Arteta’s challenge is to translate Arsenal’s territorial dominance from the second half in Madrid into something more clinical at the Emirates, against a defense that’s been the meanest in La Liga all season. Sixteen yellow cards in the first leg suggests the discipline edges may matter more than the tactical ones.
Knockout format
UEFA scrapped the away goals rule for all club competitions starting in 2021-22. The mechanics for level aggregates after 90 minutes of the second leg:
- 30 minutes of extra time at the second-leg venue
- Penalty shoot-out if still level after extra time
- Goals in extra time count normally (no double-weight)
For Arsenal-Atletico, that means a level tie at the Emirates goes straight to ET and pens. For Bayern-PSG, Bayern need to win by two clear goals in 90 minutes; a one-goal win triggers extra time, anything else sends Paris through.
Watching from outside the US
German viewers split the week between DAZN (Wednesday-night UCL exclusive, so Bayern-PSG sits there) and Amazon Prime DE (Tuesday-night UCL slot, so Arsenal-Atletico). UK viewers stream both on TNT Sports / Discovery+. For US bettors looking at pre-match and in-play markets, Betus covers the ties; international books bet365 and William Hill carry deeper European-football market depth.
Final destination: Budapest
Both winners head to Budapest on Saturday 30 May — the Puskas Arena, capacity 67,215. If Arsenal advance, it would be their first Champions League final. PSG would be aiming for their second European Cup appearance after the 2020 loss to Bayern in Lisbon. Bayern themselves are chasing their first final since that 2020 triumph. Atletico’s most recent final was the 2016 defeat to Real Madrid in extra time.
Related coverage
- Arsenal vs Atletico Madrid stream guide
- Bayern vs PSG stream guide
- Champions League US streaming guide
- Premier League streaming guide