Turner Broadcasting is preparing to amp up its streaming offerings by acquiring a majority stake in iStreamPlanet, a Las Vegas-based provider of streaming and cloud-based video and technology services.
Turner said the deal was part of a plan to shift its technology infrastructure to cloud-based applications, and also to gain tools to help develop new products and new iterations of existing businesses. Turner’s needs include over-the-top and TV Everywhere streaming for its entertainment networks as well as live news and simulcast technology for CNN and its offshoots. The platforms and technologies offered by iStreamPlanet may also support other Time Warner businesses.
The deal comes as Turner’s key networks, TNT and TBS, are looking to greatly enhance their multiplatform presence at a time of big changes for the traditional pay TV business.
“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 Broadcasting System chairman-CEO John Martin. “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.”
Although Turner holds a majority stake, iStreamPlanet will continue to operate autonomously and service non-Time Warner companies. The company was founded in 2000. Turner first invested in the company in 2012.
“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.