Not wanting to be left out, HBO and Discovery Communications have hopped on the virtual-reality bandwagon. Both media companies have taken equity stakes in a start-up called Otoy, which produces 3-D and virtual-reality content. As the company announced Tuesday, HBO’s and Discovery’s undisclosed stakes in the company will allow it to produce “original holographic content” for both stakeholders. Otoy, which is currently valued at $300 million, is currently working with Jon Stewart on short-form content for HBO. Stewart, who has a four-year production deal with HBO and Otoy, called Otoy a “limitless mind-blowing creative platform” in a statement.

Details surrounding Otoy are vague right now, but it seems the company wants to provide a realistic, immersive virtual-reality experience that you can access across devices and platforms, both live-streamed and pre-rendered. The content is stored in the cloud and then streamed to users, which could make it seem more lifelike. C.E.O. Jules Urbach describes Otoy like this: “The future of media and entertainment is not going to be constrained by a screen, nor consumed through monolithic apps or platforms.” Otoy’s board is stacked with notable members, including Alphabet executive chairman Eric Schmidt, former IBM C.E.O. Samuel J. Palmisano, and Javascript creator Brendan Eich. Its shareholders include Russian billionaire Yuri Milner and Autodesk. The technology behind Otoy has been used in movies like The Curious Case of Benjamin Button and Fantastic Four.

Netflix and Hulu have both produced their own virtual-reality content, and now HBO is catching up. Last month, Hulu released a virtual-reality app to be used with the Samsung Gear VR, along with a series of content, including films, to be viewed in virtual reality. Netflix launched its own app for the Samsung Gear VR last year and says it’s “very interested” in 360-degree video and virtual reality’s applications in gaming and storytelling.