Media and entertainment conglomerate WarnerMedia has paid an undisclosed sum to acquire one of its portfolio companies, Canada-based video app development service You.i TV.
Founded in 2008, You.i TV helps media companies build video players using software that functions across various consumer electronics devices.
WarnerMedia will use the technology to roll out its HBO Max television-on-demand service in Latin American and European markets.
You.i TV raised $23m in series C financing from WarnerMedia, Causeway Media Partners, Kayne Anderson Capital Advisors and Vistara Capital in late 2018, taking its total funding to $50m, before broadcaster Sky added an undisclosed amount in May 2019.
Time Warner Investments, the corporate venturing arm since shuttered by WarnerMedia, had contributed to a $12m round for the company in 2016 alongside Vistara Capital and existing investor Kayne Anderson.