Turner Broadcasting System Inc. announced today that it has acquired a majority stake in iStreamPlanet, which specializes in large-scale, live event streaming, TV everywhere network simulcasts and OTT multi-platform solutions. Terms of the deal were not disclosed.
IStreamPlanet has worked with Turner on the PGA Championship, and it has also handled live streams of other high-profile sporting events including the Super Bowl and the Olympics in Vancouver, London and Sochi.
Turner 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. Turner is also looking to leverage the partnership to advance technological capabilities across all of parent company Time Warner Inc.’s properties.
The deal calls for iStreamPlanet to remain a standalone entity and continue to work with existing and new third-party clients. By working with iStreamPlanet on its wide range of live news, simulcast networks, video on demand and multiplatform content, Turner hopes to enhance the value of iStreamPlanet’s services in the larger media marketplace.
Based in Las Veggas, iStreamPlanet was launched in 2000 by its president and CEO Mio Babic. In 2012, Turner participated in a Series A funding round for the company led by Intel Capital.