Turner Takes iStreamPlanet Majority Stake for Undisclosed Amount
Turner Broadcasting announced yesterday that it's acquiring a majority stake in iStreamPlanet, a video workflow company that specializes in live-streaming large events. Neither party disclosed the terms of the deal.
Turner has big plans for iStreamPlanet's technology, saying that it will use it to stream over-the-top (OTT) video programming, move to a cloud-based workflow, and develop new products and services.
“This is a great opportunity for iStreamPlanet," said Mio Babic, iStreamPlanet's CEO and founder. "Turner’s diverse technology requirements, ranging from live news, network simulcasts, video-on-demand, and multiplatform content will provide us with better insights to help us drive our commercial offerings for current and new customers"
Turner and iStreamPlanet have a long history together. In January 2012, Turner became a Series A investor for iStreamPlanet. Turner also took part in an $8 million funding round in August 2013. The two have worked together on a variety of large events, including NASCAR and PGA competitions.
"There is no one better in the business," said John Martin, Turner's chairman and CEO. "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.”
iStreamPlanet will continue to be run as a standalone company following the acquisition.
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