Twitter Inc. is intent on building a live streaming media empire, and today the microblog took another major step in that direction by teaming up with Bloomberg Media to create a 24/7 news live stream.

According to a report by the Wall Street Journal, Twitter and Bloomberg expect to launch the still-unnamed channel sometime this fall, and it will include news content developed solely for Twitter, as well as curated videos and media submitted by verified Twitter users.

“It is going to be focused on the most important news for an intelligent audience around the globe and it’s going to be broader in focus than our existing network,” said Bloomberg Chief Executive Justin Smith. He added, “Viewers have already embraced a multistream experience with live events and marrying those experiences seemed like a very powerful thing to offer to consumers.”

Bloomberg hopes that the new live streaming channel will appeal to the growing number of people who are no longer interested in paying for television. According to a recent study by the Convergence Research Group Ltd., more than 30 million Americans are expected to go without a cable or satellite television subscription this year, an increase of more than 11.3 percent compared with last year.

While Bloomberg hopes to appeal to cord-cutters, Twitter is likely hoping to leverage the public’s renewed interest in following the news through its platform. Last week, Twitter revealed strong user growth numbers during its first quarter 2017 earning report, and Chief Operating Officer and Chief Financial Officer Anthony Noto said, “There is some evidence that we benefited from our new and resurrected users following more news and political accounts in Q1, particularly in the U.S.”

Twitter and Bloomberg did not reveal the terms of their partnership, but the new live stream channel will be supported by advertising, and Bloomberg will retain complete control of the programming. Since news of the deal first broke, Twitter’s shares have risen by more than 6 percent, continuing their upward trend that began with its recent earnings report.

This is not the first streaming partnership between Twitter and Bloomberg. The two companies also teamed up in September to stream coverage of the U.S. presidential debates.

Photo: keiyac/Flickr