Turner Broadcasting has taken a majority stake in live video streaming platform, iStreamPlanet.
According to Turner, the company is to use iStreamPlanet technology to deliver OTT programming and shift “core technology infrastructure” to the cloud. The deal will also see the development of products and services for Turner’s new and existing businesses. Terms of the deal have not yet been disclosed.
Founded in 2000, the Las Vegas-headquartered iStreamPlanet provides live video streaming services on multiple screens through a cloud- and software-based streaming platform. Its clients include NBC Sports, Fox, AT&T and Microsoft.
According to Turner, the company’s technological requirements – including live news, simulcast networks, VoD and multi-platform specific content – are also set to “enhance iStreamPlanet’s commercial offering.”
Under the deal, iStreamPlanet will continue to operate as an independent company and make deals with third-party clients.
“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 chairman and CEO John Martin in a statement. “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.”