The media conglomerate now owns 10% of television streaming service Hulu, the rest being jointly held by Walt Disney, Comcast and 21st Century Fox.

Media and entertainment group Time Warner acquired a 10% stake in US-based television streaming platform Hulu yesterday for a price reported by the Wall Street Journal as $583m.

A person familiar with the matter told WSJ Time Warner invested at a valuation roughly three times that at which it last raised funding in 2012. It will not however take a board seat as part of the deal.

Founded in 2006 by media group News Corp and entertainment conglomerate NBC Universal,…