Updated from 11:31 a.m. with additional information.
Less than a week after it was first announced, Twitter's (TWTR) round-the-clock streaming platform is starting to take shape.
Twitter is partnering with Bloomberg to build a service that will stream live news content 24 hours a day, seven days a week, shown exclusively on the microblogging site, the Wall Street Journal reports. The channel hasn't been given a name yet, but is expected to launch in the fall. Bloomberg founder Michael Bloomberg and Twitter CEO Jack Dorsey will give additional details about the deal on Monday as part of an announcement at the media company's Digital Content NewFronts event in New York City.
Shares of Twitter were up almost 6% to $17.45 on Monday afternoon. The stock has risen more than 17% over the past five days on the heels of the San Francisco-based company's encouraging first quarter results that were reported on Wednesday.
Dorsey on Friday showed that he's invested (literally) in the company's vision, announcing in a tweet that he had purchased additional Twitter shares. According to an SEC filing, Dorsey bought 574,002 Twitter shares in multiple transactions at prices ranging from $16.47 to $16.74 per share on Feb. 13 and 14. The transactions take his total stake in the company to more than 16 million shares, or about 2.2% of the company.
Neither Twitter or Bloomberg disclosed the financial terms of their deal, but said the stream would be ad-supported and that the content will be entirely controlled by Bloomberg, according to the Journal.
"It is going to be focused on the most important news for an intelligent audience around the globe and it's going to be broader in focus than our existing network," Bloomberg Media CEO Justin Smith told the Journal.
We'll have a lot more to say about this exciting new partnership at Bloomberg Media's NewFronts on Monday. https://t.co/OMiiT9rdlu— Justin B. Smith (@Justin_B_Smith) May 1, 2017
The announcement provides some color on Twitter's ambitions to air live video 24/7 on its apps and desktop website. CFO Anthony Noto made those plans public last week, adding that the company has "many, many things" queued up in its content pipeline.