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>> Media giant Time Warner, home to some of the biggest cable networks, hedging its bets Wednesday amid the growing number of cord cutters. Announcing a 10% stake in the streaming service Hulu. Purchased for $583 million. The investment raising Hulu's evaluation to $5.8 Billion. Tripling over four years. I'm Lisa Bernhard outside Time Warner's headquarters in New York.
The move puts CNN, TNT, and other cable networks on Hulu's on demand and new live streaming service set to launch early next year. In effect, pitting Hulu against Time Warner's own cable business. Hulu's push into live viewing a clear effort to gain ground on streaming competitors Netflix and Amazon.
Time Warner has been a longtime Hulu hold-out. The streaming service launched in 2006 has seen Walt Disney and 21st Century Fox jump on board in recent years. Media giant Comcast, which owns NBC, is a founding partner. Time Warner's stake in Hulu welcomed by investors who pushed the stock higher on Wednesday.
The company also reporting better than expected quarterly profit thanks in part to hit shows, Veep, Silicon Valley, and Game of Thrones. Time Warner's last major push into digital came with the launch of HBO Now in April of 2015, making those shows available to legions of online viewers.