Time Warner is taking a 10 percent stake in streaming television service Hulu.
Other equity stakeholders already include Walt Disney Co., 21st Century Fox and Comcast's NBC Universal.
In addition, networks such as TNT, TBS, CNN and Cartoon Network will be available live and on-demand on the live-streaming service that Hulu's expected to launch next year.
Streaming services are trying to create alternatives to traditional pay-TV packages to appeal to a growing number of Americans who are canceling or refusing to sign up for networks bundled together by cable and satellite providers.
New York-based Time Warner Inc. also announced Wednesday that it's boosting its full-year adjusted profit outlook to a range of $5.35 to $5.45 per share. Its prior guidance was for $5.30 to $5.40 per share. Analysts polled by FactSet expect $5.39 per share.
Explore further: Time Warner boosts annual guidance