Last Friday Turner announced it had acquired majority stake in iStreamPlanet, a large-scale cloud-based live event streaming company. By acquiring iStreamPlanet Turner further expands its TV Everywhere network simulcasts and enhances its OTT (over-the-top) multiplatform solutions. This includes different segments of Turner businesses from live news, simulcast networks, video on demand and multiplatform specific content, all of which will be enhanced by iStreamPlanet tools.

Turner Chairman and CEO John Martin commented on the deal, saying, “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. 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.”

Under the deal iStreamPlanet will continue as a standalone company, working with other media and technology companies while working closely with Turner on new business opportunities.