In another signal of networks’ drive to control their destiny with over-the-top (OTT) services, Turner Broadcasting System has acquired a majority stake in live video streaming company iStreamPlanet.
Turner will leverage 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’s technology requirements, ranging from live news, simulcast networks, VOD and multiplatform specific content will also enhance iStreamPlanet’s commercial offering.
iStreamPlanet will remain a standalone entity under terms of the deal.
“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. “There is no one better in the business. 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.”