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Hulu won the day, but Facebook may be the future, investor says

Now that online binge-watchers can get more real-time content, both traditional media companies and streaming companies may have to compete with tech giants for viewers, according to technology investor Jason Calacanis.

"I wouldn't be surprised if in three, four, five years from now we'll be on this network talking about Facebook, Google, YouTube, even Twitter, not just having the live rights to clips, but having the rights to carry things like CNN or CNBC or even full NBA games," Calacanis told CNBC's "Squawk Alley" on Wednesday. "That's where this is headed, because the monetization on those networks will be even better because they have all the data about their users."

Time Warner announced Wednesday a 10 percent stake in Hulu, which will allow online live, on-demand streaming of channels like TNT, TBS, CNN, Cartoon Network, Adult Swim, truTV, Boomerang and Turner Classic Movies. Time Warner's shares popped about 3 percent Wednesday, after it also reported earnings.

Calacanis said it's a "nice boost" for Hulu to have this over-the-top service. In the past, he's said he sees a lot of growth left for Hulu's rival, Netflix.

But Calacanis said social media platforms also offer an exciting alternative to traditional cable bundles.

Twitter recently announced a deal to live stream a free new weekly NBA pregame show, and also has a deal with the NFL.

Facebook, while not as focused on long-form content, signed a deal for a soccer match between English clubs Manchester United and Everton. And during a recent hackathon, Facebook employees devised a way to use professional broadcast equipment on Facebook Live. Instagram, too, is doubling down on real-time content in light of the Rio Olympics, Brandon Gayle, head of global sports partnerships at Instagram, told "Squawk Alley."

"There's three areas where live TV is super relevant: Obviously, news, here we are," Calacanis said. "Sports, obviously a huge category, and this real-time reality TV that unfolds weekly. Those are very strong categories, and live is pretty exciting on these new platforms like Facebook and Twitter."

Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.

Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through the year 2032.