Turner Broadcasting System has increased by some $200 million its stake in Las Vegas-based iStreamPlanet, a company that specializes in large-scale, live-event streaming as well as TV Everywhere network simulcasts and over-the-top multi-platform solutions.
Turner will leverage iStreamPlanet’s technology to deliver its OTT programming, shift its core technology infrastructure to the cloud and develop new products and services for existing and new businesses. Turner’s diverse technology requirements, ranging from live news, simulcast networks, video on demand and multiplatform specific content will also enhance iStreamPlanet’s commercial offering. This transaction is an important piece of Turner’s ongoing technology transformation with the potential to advance technological capabilities across all of Time Warner Inc.
Turner-owned networks include TNT, TBS and CNN, all of which have live-streaming needs, whether that’s sports, live entertainment of news. Like most cable conglomerates, Turner is needing to swivel to a new business strategy now that the traditional cable bundle is being seriously challenged by standalone SVOD services.
iStreamPlanet, which was founded in 2000, will continue to work with other clients. Turner first invested in the company three years ago.
“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,” said Turner Chairman and Chief Executive Officer John Martin in a statement. “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.”
“Turner is a media powerhouse with tremendous reach via their entertainment and live sports programming, and strong relationships with advertisers,” said Mio Babic, CEO and founder of iStreamPlanet, also in a statement. “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.”
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