Time Warner (TWX) announced on Wednesday that it had joined forces with several rival media companies to chart a new future for Hulu, acquiring a 10 percent stake in the streaming television service and committing programming for its new live TV offering.
Time Warner paid $583 million in cash for the stake, valuing Hulu at $5.8 billion, an executive said during a conference call on Wednesday. The deal includes no representation on the board of Hulu, whose other corporate owners are 21st Century Fox, Comcast and the Walt Disney Company.
The development comes as Hulu, which got its start primarily as a rerun service for broadcast shows, prepares a new offering of both live and recorded programming from a streamlined bundle of broadcast and cable channels.
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