20 June 2017, India:
Snap Inc. has sealed the deal with Time Warner to produce 10 original shows per year for the social network. The deal is estimated at $100 million where, Time Warner will both provide programming for Snapchat from its various networks and invest in advertising from HBO, Turner and Warner Bros. properties, IBT reported.
“Partnering with Snap will help drive this compelling new format, exposing its user base to innovative and engaging video from brands and characters they trust and enjoy,” Gary Ginsberg, Time Warner‘s executive vice president of corporate marketing and communications, said in a statement.
“We’re confident this partnership will help drive larger audiences to our shows and to the new direct to consumer platforms we continue to rollout,” he added.
Snap shares rose 1.9% Monday. Shares have lost nearly one-third of their value since the start of IPO trading, touching their IPO price of $17 last week. (Image- Time Warner)