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Time Warner beats profit estimates, picks up stake in Hulu

A woman walks past the Time Warner Center near Columbus Circle in Manhattan, New York July 16, 2014.

Time Warner Inc (TWX.N) reported a higher-than-expected quarterly profit as it signed up more viewers for its premium Home Box Office network, and disclosed a 10 percent stake in streaming TV service Hulu.

The company's shares were up 1.58 percent in premarket trading on Wednesday.

Time Warner also said Turner's networks and Turner Classic Movies will be available live and on-demand on Hulu's new live-streaming service, which is slated to...