“Time Warner is taking a 10% stake in Hulu — joining existing owners Disney, 21st Century Fox and Comcast — and as part of the investment Turner will bring its cable networks to Hulu’s live-streaming TV service set to launch in 2017,” Todd Spangler reports for Variety.

“Terms of Time Warner’s Hulu deal initially were not disclosed. Time Warner later confirmed it is investing $583 million in cash, which implies Hulu is worth nearly $6 billion,” Spangler reports. “Hulu, with the cash infusion and Time Warner’s strategic backing, now has additional firepower to challenge subscription VOD leader Netflix in acquiring original shows, cutting licensing deals and expanding its service. With Time Warner’s buy-in, Comcast’s NBCUniversal, Disney and Fox each now own 30% stakes in Hulu.”

Spangler reports, “With the Hulu investment, Time Warner said Turner networks including TNT, TBS, CNN, Cartoon Network, Adult Swim, truTV, Boomerang and Turner Classic Movies will be available live and on-demand on Hulu’s new live-streaming service.”

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