Turner Broadcasting System acquired a majority stake in live video streaming company iStreamPlanet.
Traditional media companies are showing more interest in the digital companies that are gaining viewers and are increasingly creating their own over-the-top direct to consumer video products.
Financial terms were not disclosed.
Turner, part of Time Warner, says it will use iStreamPlanet’s technology to deliver OTT programming. With iStreamPlanet, Turner will also move its infrastructure to the cloud, allowing it to develop new products and services.
“We’ve worked with iStreamPlanet in the past during the PGA Championship and they have also delivered world-class events such as the Super Bowl and Olympics to millions of viewers,” Turner CEO John Martin said in a statement. “There is no one better in the business. This partnership will expand our capabilities to offer live events within and outside of the traditional ecosystem and, by bringing iStreamPlanet’s innovative technology in-house, allow us to cultivate future business opportunities on digital platforms.”
iStreamPlanet has worked with many media companies. It will be operating as a standalone entity and continue to work with other clients while working closely with Turner.
“Turner is a media powerhouse with tremendous reach via their entertainment and live sports programming, and strong relationships with advertisers,” Mio Babic, CEO and founder of iStreamPlanet said. “They have been a recognized innovator in the media industry, breaking ground first in cable and then in TV Everywhere. We couldn’t ask for a better partner to accelerate our growth and expand our portfolio of multiplatform OTT solutions to meet the changing needs of content owners and consumers.”