Virtual reality isn't just seeing a revival when it comes to gaming, immersive content is taking root in journalism, movies and television as well. In fact, two networks made an investment in a virtual and augmented reality company to help drive future production projects. OTOY, a company that makes cloud-based graphics software covering the capture, rendering and streaming of VR and AR content announced today that both HBO and Discovery are backing it "to create universal publishing platform for TV, movies and original holographic content." While holograms are mentioned throughout the press release, VR and AR factor heavily into the networks' plans.

HBO was already familiar with OTOY, as the company is working with Jon Stewart on his upcoming project using its technology.