NEW YORK CITY (dpa-AFX) - Snap Inc., the parent company of Snapchat, has reportedly inked a new $100 million deal with Time Warner to make original shows.
The two-year $100 million agreement was first reported by Dow Jones on Monday. The deal allows Snap to work with Time Warner to make new three to five-minute shows, including scripted drama and comedies, that will run on Snap.
'This partnership is another exciting step as we continue to branch out into new genres, including scripted dramas, comedies, daily news Shows, documentaries, and beyond,' Snap's VP of content, Nick Bell, said in a statement on Monday.
Snap expects the number of shows each day on Snapchat to grow from one per day to three per day by the end of this year.
'As a company that has driven the evolution of media, this is an exciting and natural move as we bring together some of our leading video properties and brands with Snapchat's dynamic platform,' Gary Ginsberg, Time Warner Executive Vice President, Corporate Marketing and Communications, said in a statement.
Shares of Snap rose about 3 percent after the news and is currently trading near to $18 per share. Shares of the company had tumbled to its IPO price of $17 per share on Thursday.
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