Shares of Discovery gained more than 7 percent Wednesday, making for the stock's best day since February 2010, after the media company announced it partnered with Hulu.

Through the partnership, Hulu gains the exclusive streaming rights for thousands of episodes of Discovery shows like "Deadliest Catch," "Say Yes to the Dress," "Naked and Afraid" and cooking competition "Chopped."

The deal also includes a tie-up with Oprah Winfrey's network, OWN, to stream some of the network's scripted shows on Hulu and brings five Discovery networks to Hulu's Live TV offering.

The deal launches Hulu further into the live streaming space, and broadens viewership for Discovery as cord-cutting continues to hurt traditional TV ratings.

Shares of Discovery have gained almost 20 percent in the last 30 days and 45 percent in the last 12 months.