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The online video streaming company Hulu is a joint venture between industry giants – Disney, Comcast, and 21st Century Fox – and now it’s getting a fourth parent company. It has been announced today that Time Warner has acquired a 10 percent stake in Hulu by investing $580 million. This values the ten-year old service at $5.8 billion. Time Warner also confirmed that it’s going to be providing its suite of cable channels for live streaming on Hulu’s upcoming TV streaming service. Hulu’s online TV streaming service is expected to be launched early next year.

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It was first reported last year that Hulu and Time Warner were talking about a potential deal though what that deal entailed was not clear at that point in time.

We now know that it involves a substantial transaction from Time Warner as well as the arrival of its suite of cable channels on Hulu’s internet TV streaming service.

Hulu confirmed a few months ago that it’s going to launch a TV streaming service in 2017. The service will feature live news and sports channels as well as those that provide coverage of leading events. Reports suggest that Hulu has been talking to ESPN, ABC, FX, Fox, Disney, and others for the channels.

“These are just the latest examples of our commitment to supporting innovative digital services that allow consumers to access high-quality content however they want it across a variety of platforms,” said Time Warner CEO Jeff Bewkes in a statement.

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