Snap +2.7% on Time Warner show development deal

|By:, SA News Editor

Time Warner (TWX +0.7%) has set a broad $100M deal with Snap Inc. (NYSE:SNAP) to build up to 10 original shows a year, which might include development by premium network HBO.

Snap is up 2.7% now to reach its highest point since last Wednesday, before a late-week decline.

The agreement covers show investment as well as an ad commitment from HBO, Warner Bros. and the Turner networks.

It's one of the biggest deals Snap has inked to date. The shows will come in such genres including scripted drama and comedy.

As with its other recent development deals, Snap keeps 50% of ad revenue from the shows.

It's the latest in a stream of deals from social-media networks and apps to build original content. Facebook (FB +1.2%) is working a plan to build shows with Vox Media, BuzzFeed, and others; it's resurrecting a canceled MTV show as part of that effort.