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The
company's shares were up 1.58 percent in premarket trading on
Wednesday.
Time Warner also said Turner's networks and Turner Classic
Movies will be available live and on-demand on Hulu's new
live-streaming service, which is slated to launch early next
year.
Time Warner, the owner of CNN and Cartoon Network channels,
joins Walt Disney Co, 21st Century Fox Incand Comcast Corp as a
shareholder in Hulu.
The deal comes at a time when Time Warner is facing stiff
competition from streaming services, particularly Netflix and
Amazon Prime, as young viewers increasingly ditch traditional
cable and shift to online services for their entertainment fix.
The company launched "HBO Now" last year, a standalone streaming
service, where viewers can watch HBO programs at any time
without a cable subscription.
Time Warner's revenue from the Turner division, home to CNN,
rose 6.5 percent during the quarter. Revenue at HBO, which hosts
the popular hit show "Game of Thrones", rose 2 percent.
The company's net income fell to $951 million, or $1.20 per
share, in the second quarter ended June 30, from $971 million,
or $1.16 per share, a year earlier.
Excluding items, the company earned $1.29 per share, compared
with the average analyst estimate of $1.16, according to Thomson
Reuters I/B/E/S.
Revenue fell to $6.95 billion from $7.35 billion, mainly due to
a decline in its Warner Bros movie studio.
(Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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