Turner Broadcasting System acquires web streaming tech firm
One of the richest marketplaces for tech innovation has been broadcasting. Today, it's not enough for a cable network or subscription channel to provide entertainment on the tube. Those companies also need to provide a comprehensive digital experience that allows for streaming, bonus material and other media access. Many have pioneered apps and other platforms to keep viewers engaged with programming. And the rise of companies like Netflix and Hulu have made it even more imperative for the old guard of cable broadcasting to find the cutting edge.
This week, it was announced that Turner Broadcasting System (TBS) will acquire a majority stake in iStreamPlanet, a streaming video tech company. The terms of the deal were not disclosed but it's not challenging to predict how TBS will leverage its purchase.
"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," writes Daniel Frankel of Fierce Cable. "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."
Current TBS holdings include CNN, HLN, TBS, TNT, Cartoon Network, Adult Swim, Boomerang, TruTV and Turner Classic Movies (TCM). Many of these platforms have gained intense online followings, so the ability to package and transmit them for the web is critical to the next stages of development.
Broadcasting is far from the only industry tech has transformed. If your business is seeking a lucrative tech merger or acquisition, contact us today to learn more about how an experienced M&A advisor can help achieve your goal.