Broadcasting company Turner Broadcasting System Inc. is buying live video streaming company iStreamPlanet from VC backers Intel Capital, Interxion, Juniper Networks and Questmark Partners for undisclosed terms. Turner was a previous VC investor in the target when it participated in a Series A round in 2012.
Las Vegas-based iStreamPlanet, founded in 2000, uses cloud-based software to deliver live video streams for content providers. It has previously worked with NBC, Fox and Turner.
“This partnership gives us new resources to invest aggressively in furthering the build out of our engineering and operations teams,” says iStreamPlanet founder Mio Babic.
Atlanta-based Turner, which is owned by Time Warner Inc. (NYSE: TWX), will use iStreamPlanet’s technology to deliver over the top programming and other new products. Consumers are relying more on mobile devices, the Internet and services like Netflix (Nasdaq: NFLX) to watch videos. Over the top, or OTT, is video streaming through the Internet without the need of a cable or satellite provider.
Willkie Farr & Gallagher LLP is representing Turner and Time Warner.