Turner Buys into Live Video Streaming Company

NEW YORK: Turner Broadcasting System has acquired a majority stake in iStreamPlanet, which provides large-scale, live-event streaming, TV Everywhere network simulcasts and OTT multiplatform solutions.

Turner will leverage iStreamPlanet’s technology to deliver its OTT programming, shift its core technology infrastructure to the cloud and develop new products and services for existing and new businesses. Under the terms of the deal, iStreamPlanet will remain a standalone entity and continue to conduct business and broker independent deals with existing and new third-party clients, while also working closely with Turner to explore new business opportunities.

Turner's chairman and CEO, John Martin, said: “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. There is no one better in the business. 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.”

“Turner is a media powerhouse with tremendous reach via their entertainment and live sports programming, and strong relationships with advertisers,” added Mio Babic, the CEO and founder of iStreamPlanet. “They have been a recognized innovator in the media industry, breaking ground first in cable and then in TV Everywhere. We couldn’t ask for a better partner to accelerate our growth and expand our portfolio of multiplatform OTT solutions to meet the changing needs of content owners and consumers.”