If you haven't heard by now, Jon Stewart, the former host of The Daily Show, is on his way to Time Warner's (TWX) HBO as part of a four-year agreement to produce content for the channel.

The announcement was so big it actually lifted shares of Time Warner, adding market cap to a company worth $60 billion.

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At 1 p.m. EST on Tuesday, the announcement was made that Stewart would be producing content for HBO, which in recent months has added the likes of Sesame Street and sports media personality Bill Simmons to its lineup. Following the announcement, you can see the tick up in Time Warner's shares, adding credence that the market believes this is a good move for HBO as it battles Netflix(NFLX) - Get Report , Hulu, traditional cable channels and others for subscribers and eyeballs.

Time Warner is slated to release third-quarter earnings later this week, with eyes focused on the company's cable business, particularly how TBS and TNT are doing, on fears of subscriber attrition. Analysts surveyed by Thomson Reuters expect the company to earn $1.09 a share on $6.51 billion in revenue.

Here is the announcement in its entirety:

LOS ANGELES, Nov. 3, 2015 -- Jon Stewart and HBO have concluded an exclusive four-year production pact, it was announced today by Michael Lombardo, president, HBO Programming. The partnership marks the next phase of Stewart's groundbreaking career, beginning with short-form digital content, which will be showcased on HBO NOW, HBO GO and other platforms, and includes a first-look option for other film and TV ventures.

In his first project for HBO under the new deal, Stewart will view current events through his unique prism. Working with the pioneering cloud graphics company OTOY Inc., he is developing new technology that will allow him to produce timely short-form digital content, which will be refreshed on HBO NOW multiple times throughout the day. Additional projects will be announced as they are confirmed.

"Jon Stewart led a revolution that changed the face of TV comedy on the 'Daily Show,'" said Lombardo. "He graced our network nearly 20 years ago, so we're thrilled to welcome back his immense talents in this next chapter of his career."

"I'm so excited to be working with Richard [Plepler], Michael and the entire HBO family," says Stewart. "Appearing on television 22 minutes a night clearly broke me. I'm pretty sure I can produce a few minutes of content every now and again."

Jon Stewart became the host of "The Daily Show with Jon Stewart" in 1999, stepping down from the show earlier this year. The series recently won three Primetime Emmys®, including Outstanding Variety Talk Series, and has received 23 Primetime Emmys® overall, as well as two Peabody Awards. Stewart hosted the Academy Awards® twice, wrote the bestselling book "Naked Pictures of Famous People," and co-authored the bestselling books "America (The Book): A Guide to Democracy Inaction" and "Earth (The Book): A Visitor's Guide to the Human Race." He wrote and directed the 2014 feature film "Rosewater." Stewart's previous HBO credits include the standup special "Jon Stewart: Unleavened," hosting the special "George Carlin: 40 Years of Comedy," "Mr. Show with Bob and David" and a recurring role on "The Larry Sanders Show."