NEW YORK: Time Warner, the media and entertainment giant, has signed a deal with Snap to develop and produce content from across its networks to be shown on the Snapchat app.

The two companies announced in a statement that their new global partnership will run for at least two years and that the content will span a range of genres, including scripted dramas, comedies and daily news.

In addition, Time Warner will invest in advertising from HBO, Turner and Warner Bros. on Snapchat, which is estimated to have an audience of 166m daily active users. The deal is widely reported to be worth $100m.

"As a company that has driven the evolution of media, this is an exciting and natural move as we bring together some of our leading video properties and brands with Snapchat's dynamic platform," said Gary Ginsberg, Time Warner's EVP of Corporate Marketing and Communications.

"Partnering with Snap will help drive this compelling new format, exposing its user base to innovative and engaging video from brands and characters they trust and enjoy. We're confident this partnership will help drive larger audiences to our shows and to the new direct-to-consumer platforms we continue to rollout."

For Snap, the new content and advertising agreement it has forged with Time Warner, is the latest in a series of deals secured with other major media companies, such as NBC, ESPN, the BBC and Discovery Networks.

It is also another sign of the growing trend for social media and internet companies to build its "mobile TV" capabilities as they seek to reach younger viewers.

Last week, it was reported that Facebook is increasing its investment in original content to encourage users to watch long-format video, while YouTube TV was launched earlier this year.

"Time Warner and their brands have long been pioneers of what incredible, premium content looks like, and we're thrilled that innovators across their expansive network will begin producing Shows for Snapchat," said Nick Bell, Snap's VP of Content.

"This partnership is another exciting step as we continue to branch out into new genres, including scripted dramas, comedies, daily news shows, documentaries, and beyond."

Data sourced from Time Warner, Statista, Financial Times; additional content by WARC staff