EXCLUSIVE: Warner Bros. Discovery has shuttered iStreamPlanet, a Seattle-based company that allowed users to stream live and traditional TV over the internet.
Roughly 25 employees were laid off as a result of the closure. The operation was flagged for possible elimination after the WBD merger in April of 2022, Deadline has learned.
A WBD spokesperson declined comment.
In 2015, Turner Broadcasting invested an additional $200 million in the company, which was founded by Serbian former pro basketball player Mio Babic. The deal allowed Turner to take advantage of iStreamPlanet’s technology at a time when media companies didn’t have the kind of in-house knowledge needed to run large-scale streaming video operations.
“This partnership will expand our capabilities to offer live events within and outside of the traditional ecosystem and, by bringing iStreamPlanet’s innovative technology in-house, allow us to cultivate future business opportunities on digital platforms,” then Turner CEO John Martin said at the time.
IStream customers once included Turner, Viacom Inc., AMC Networks Inc., Fox and NBC Sports. The company used to stream the NCAA Division I basketball tourney, as well as the Super Bowl, Olympics, FIFA World Cup and Formula One auto racing.