NEW YORK—Turner Broadcasting Systems has announced that it has acquired a majority stake in iStreamPlanet, a live event streaming, TV Everywhere simulcast and OTT company. Turner will utilize iStreamPlanet to deliver its OTT programming, shift to the cloud and develop new products and services.

Under the terms of the deal, iStreamPlanet will remain an independent entity with the ability to conduct business with other third-party clients. As for its relationship with Turner, iStreamPlanet will help with the company’s live news, simulcast networks, video on demand and multiplatform content.

“This partnership will expand our capabilities to offer live events within and outside of traditional ecosystem and, by bringing iStreamPlanet’s innovative technology in-house, allow us to cultivate future business opportunities on digital platforms,” said John Martin, Turner chairman and CEO.

Turner Broadcasting Systems is a Time Warner company with brands that include CNN, TBS, TNT, HLN, truTV and Turner Classic Movies.