Oct. 28 (Bloomberg) -- CW Network, owned by Time Warner Inc. and CBS Corp., reached a five-year agreement with Internet video provider Hulu LLC to stream current shows online, its second such deal this month.
The accord, which comes two weeks after CW signed an agreement for older shows with the Netflix Inc. service, gives Los Angeles-based Hulu episodes from CW’s 2011-12 lineup, such as “The Secret Circle” and “Gossip Girl, according to a statement issued today. Financial terms weren’t provided.
Hulu’s paying subscribers will be able to view the most recent episode of a show the day after it airs on TV, along with four previous episodes. The ad-supported free Hulu service will stream shows eight days after broadcast. By providing current episodes to Hulu and older shows to Netflix, CW is able to offer entire series for streaming viewers.
‘‘Our new arrangement with Hulu only affirms the incredible value of The CW’s series, as well as amplifying the immense power of the broadcast network model,” Mark Pedowitz, president of CW, said in the statement.
Mike Morris, an analyst at Davenport & Co., estimated CBS and Time Warner would each receive $30 million in the first year of the deal with Netflix.
CBS declined 0.8 percent to $25.80 in New York at the close, and Time Warner decreased 0.9 percent to $35.47. Both are based in New York.
Hulu is owned by News Corp., Walt Disney Co., Comcast Corp.’s NBC Universal and Providence Equity Partners.
--Editors: Rob Golum, Anthony Palazzo
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