Turner takes controlling stake in iStreamPlanet
| 15 August 2015
There seems no end of cash to be splashed in online video and in the latest move Turner Broadcasting System has acquired a majority stake in streaming online video provider iStreamPlanet.
The deal leaves the Warner Bros subsidiary with a company that specialises in large-scale, live event streaming, TV everywhere network simulcasts and over-the-top (OTT) multiplatform solutions, forming an important piece of Turner’s ongoing technology transformation with the potential to advance technological capabilities across all of Time Warner.
iStreamIndeed Turner has confirmed that it will use 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.
Conversely Turner is confident that its own technology requirements, including live news, simulcast networks, video on demand and multiplatform specific content, will also enhance iStreamPlanet’s commercial offering. 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 working closely with Turner to explore new business opportunities.
“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,” commented Turner chairman and chief executive officer John Martin. “There is no one better in the business. This partnership will expand our capabilities to offer live events within and outside the traditional ecosystem and, by bringing iStreamPlanet’s innovative technology in house, allow us to cultivate future business opportunities on digital platforms.”
Added iStreamPlanet CEO Mio Babic: “Turner is a media powerhouse with tremendous reach via their entertainment and live sports programming, and strong relationships with advertisers. They have been a recognised 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.”