Time Warner now owns a piece of one of the most popular streaming services, after the company joined Disney, Fox and Comcast as a stakeholder in Hulu. The Wall Street Journal reports that TW agreed to buy a 10% stake in the streamer.
Today’s announcement by Time Warner comes as Hulu is readying a new live-streaming service.
“Time Warner paid $583 million in cash for the 10% stake, giving Hulu a new valuation of about $5.8 billion, according to people familiar with the matter,” WSJ reports. “The new valuation is triple what Hulu was worth in 2012, one of the people said.”
Time Warner owns a number of popular cable channels, including CNN, TNT, TBS, TCM and Cartoon Network. The channels will be offered live and on-demand as part of the new Hulu live-streaming service, the report notes. The service is due to launch in early 2017.