NEW YORK (TheStreet) --Twitter Inc. (TWTR) announced today that it agreed to purchased the live clipping, editing, and video distribution platform SnappyTV as a way to expand its video presence and continue to invest in products that will "make it easy for TV broadcasters, businesses, and event producers to share high quality videos," the company said.
Terms of the deal, including how much the social media company spent on SnappyTV were not disclosed, but Twitter said it has been working with SnappyTV in order to give users "the best video content" in real-time.
Snappy TV is a four-year-old startup that works to bring clips of live and breaking events into the Twitter stream. SnappyTV clients include Fox (FOXA), The CW, NASCAR, and the U.S. Open, TechCrunch.com reports.
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Shares of Twitter are down -0.10% to $38.70 in mid-morning trading on Thursday.