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April 6, 2018
Time Warner has announced that the company will become a 10 percent owner of the streaming TV service Hulu.
As part of the deal, Turner’s entertainment, sports, news and kids’ networks including TBS, TNT, 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 slated to launch early next year.
“This investment from Time Warner marks a major step for Hulu as we continue to re-define television for both consumers and advertisers,” says Mike Hopkins, chief executive officer, 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.”
Meanwhile, Hulu says it will continue with its current offering of ad-supported and ad-free subscription video on-demand products. It will also remain focused on acquiring programming and creating original shows.
Time Warner joins The Walt Disney Company, 21st Century Fox and Comcast in the joint venture.
“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,” says Jeff Bewkes, chairman and chief executive officer, 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.”
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