Turner Will Hold Majority Stake in Leading Live Video Streaming Company
New York, NY – Turner Broadcasting System, Inc. has acquired a majority stake in iStreamPlanet, a market leader in large-scale, live event streaming, TV Everywhere Network simulcasts and OTT multiplatform 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 Chairman and Chief Executive Officer John Martin said: “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.”
“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. “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.”
Aside from Turner, iStreamPlanet works with an impressive roster of high-profile media and technology companies. Under the terms of this deal, iStreamPlanet will remain a standalone entity and continue to conduct business and broker independent deals with existing and new third-party clients while working closely with Turner to explore new business opportunities.
About Turner Broadcasting
Turner Broadcasting System, Inc., a Time Warner company, creates and programs branded news; entertainment; animation and young adult; and sports media environments on television and other platforms for consumers around the world. Turner brands and businesses include CNN/U.S., CNN International, CNN.com and HLN; TBS, TNT, truTV and Turner Classic Movies; Cartoon Network, Boomerang and Adult Swim; and Turner Sports.