After months of talks, Time Warner is buying a chunk of Hulu, the Web TV service.

The deal means Time Warner will be partners with existing owners Disney, 21st Century Fox and Comcast's NBCUniversal, and that Time Warner's channels like Turner and CNN will be part of a new pay TV service Hulu wants to launch next year.

Time Warner says it is buying a 10 percent stake in Hulu; a person familiar with the deal says it is putting in around $580 million for that stake, which values the entire company at $5.8 billion.

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Hulu, which industry sources estimate is losing hundreds of millions of dollars a year, had originally wanted Time Warner to buy as much as 25 percent of the company.

Unlike Hulu's founding partners, Time Warner won't be contributing its programming to Hulu's existing service, which provides access to shows a day after they air. Time Warner has argued that "repeat TV" services like Hulu's basic service, as well as Netflix, detract from the value of its core TV business.