Time Warner confirms Hulu stake

Time Warner has taken a minority stake in US streaming service Hulu, joining Disney, 21st Century Fox and Comcast in the joint venture.

Jeff Bewkes

In a move first mooted back in November, US media giant has acquired a 10% stake in the firm in exchange for around US$600m.

As part of the agreement, Time Warner-owned Turner’s networks TNT, TBS, CNN, Cartoon Network, Adult Swim, truTV, Boomerang and Turner Classic Movies will be available live and on-demand on Hulu’s live-streaming service, which is expected to launch early next year.

HBO, another Turner-owned network, already has its own streaming service, HBO Now, and was not listed as a potential feature on Hulu’s forthcoming service, which already offers access to Showtime’s OTT proposition.

Jeff Bewkes, chairman and CEO of Time Warner, said: “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.

“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.”

Mike Hopkins, CEO of Hulu, added: “This investment from Time Warner marks a major step for Hulu as we continue to redefine television for both consumers and advertisers.”

Hulu has been building its library of acquired programming such as Empire, Homeland, Seinfeld and Curious George while also growing its own slate of original programming, which includes The Path, Difficult People, 11.22.63 and Casual.