Time Warner announced on Wednesday that it had joined forces with several rival media companies to chart a new future for the streaming television service Hulu, acquiring a 10 percent stake in it 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. Hulu’s other corporate owners are 21st Century Fox, Comcast and the Walt Disney Company.