Snap Inc. (SNAP) - Get Report , the parent of the popular social media app Snapchat, has signed a $100 million deal with Time Warner's (TWX) Turner cable channels and the Warner Bros. studio to launch up to 10 original shows a year on Snapchat's platform, according to the Wall Street Journal.
The agreement includes genres from scripted drama to comedy and will include a path for Time Warner's network HBO to develop shows for the app.
"You can envision a lot of really compelling marketing and programming that will drive viewership to our television and film content and new users for our emerging direct-to-consumer services," said Gary Ginsberg, Time Warner's executive VP of corporate marketing and communications.
The two-year deal represents one of the largest show development deals Snap has attained to date and demonstrates how Snap is trying to reinvent television for young, mobile users.
Shares of Snap were climbing over 2% during midday trading on Monday.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) - Get Report stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.