Turner Broadcasting System announced that it has acquired a majority stake in streaming video tech company iStreamPlanet for an undisclosed sum.
Turner said 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.
The purchase delivers Turner immediate technological expertise in areas such as live streaming and positions the company for a future in which at least some of its programming will be streamed direct-to-consumer. Turner has not made any announcements to date about providing its content direct to consumers.
And an individual familiar with the company's strategizing told FierceCable that Turner has no plans to go direct to consumer in the near future. However, "the company now has the software and technology in place internally to be able to move forward when and if that time comes," the source said.
Turner, which operates channels including TNT, TBS and CNN, has already partnered with Las Vegas-based iStreamPlanet on various TV Everywhere streaming initiatives.
"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. "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."
- read this Turner press release
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