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Time Warner is to become a 10 per cent owner of premium streaming TV service Hulu. Time Warner joins The Walt Disney Company, 21st Century Fox, and Comcast in the joint venture.
Reports emerged mid-November 2015 that Hulu was seeking to sell a stake to Time Warner as part of a deal that would value the company at more than $5 billion (€4.6bn), but the suggestion at the time was that each of The Walt Disney Company, 21st Century Fox, and Comcast would have an equal stake of 25 per cent.
Time Warner says the investment in Hulu reflects its continued commitment to supporting innovative digital services that allow consumers to access high-quality content however they want it across a variety of platforms.
It was also announced that Turner’s entertainment, sports, news and kids networks including TNT, TBS, CNN, Cartoon Network, Adult Swim, truTV, Boomerang and Turner Classic Movies will be available live and on-demand on Hulu’s new live-streaming service, which is scheduled to launch early next year.
With no set-up costs or installation, Hulu’s new service will offer an intuitive and personalised interface, and instant access to live and on-demand content, across hundreds of living room and mobile devices.
Hulu will continue its current offering of ad-supported and ad-free subscription video on demand products to complement both traditional pay TV packages as well as the new streaming service. The company also remains focused on acquiring iconic and award-winning programming such as Empire, Homeland, Seinfeld, Curious George, South Park and Fear The Walking Dead, as well as creating original programming that builds upon its success with shows such as The Mindy Project, The Path, Difficult People, 11.22.63 and Casual.
“Our investment in Hulu underscores Time Warner’s commitment to supporting and developing new platforms for the delivery of high-quality content and great consumer experiences to audiences around the globe,” commented Jeff Bewkes, Chairman and CEO of Time Warner. “We’re also excited to join Hulu’s other owners in launching a new consumer-friendly package featuring leading networks that will deliver more value to audiences and complement Hulu’s core SVoD offerings. The inclusion of Turner’s networks in Hulu’s new streaming service furthers our efforts to allow consumers to engage with and enjoy our brands across a wide range of platforms and services.”
“This investment from Time Warner marks a major step for Hulu as we continue to redefine television for both consumers and advertisers,” added Mike Hopkins, CEO of Hulu. “Our two companies have long enjoyed a productive relationship – which includes the availability of past seasons of popular Turner shows on our current SVoD offerings – and we are very proud that Turner’s networks will be included in our planned live streaming service.”