Time Warner Inc. (TWX) subsidiary HBO and British satellite broadcaster Sky announced the first investment stemming from their co-production deal, a minority stake in production company Bad Wolf. 

Bad Wolf was started by award-winning producers Jane Tranter and Julie Gardner. HBO and Sky, who received two board seats for their investment, will be represented by Glenn Whitehead and Gary Davey.

"Our experience working with Bad Wolf on The Night Of laid the groundwork for what I know will be a very fruitful production partnership alongside our friends at Sky, one that will reflect our common ambition for producing television of the highest quality," HBO Programming President Casey Bloys said. 

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