Time Warner announced Wednesday it was taking a 10 percent stake in Hulu, a streaming video provider that is ramping up as a competitor to sector leader Netflix.

"Our investment in Hulu underscores Time Warner's commitment to supporting and developing new platforms for the delivery of high-quality content and great consumer experiences to audiences around the globe," Time Warner Chairman and Chief Executive Jeff Bewkes said in a statement.

Time Warner joins Disney, 21st Century Fox and Comcast in the joint streaming venture.

Hulu's relationship with the major broadcast operators gives it an edge in some areas over Netflix and Amazon video because it offers many programs just after they air on Fox, Disney-owned ABC and Comcast-owned NBC.

Hulu also produces original programs.

Time Warner's Turner television unit - which includes TNT, TBS, CNN, Cartoon Network, Turner Classic Movies and others - will be available live and on-demand on Hulu's new live-streaming service, which is slated to launch early next year, the companies said.

Details of the investment were not disclosed but some reports said Time Warner was investing some $580 million, which would value Hulu at close to $6 billion.

The deal would leave each of the other media firms with a 30 percent stake.

Time Warner separately reported net income for the second quarter of $952 million on revenues of $6.95 billion.