AT&T, investment firm Chernin Group form venture to invest in Netflix-like video services
NEW YORK, N.Y. – AT&T and the investment firm Chernin Group have formed a venture to invest in and form online video services rivaling Netflix and Hulu.
AT&T Inc. and Chernin said Tuesday that they have committed more than $500 million in funding toward the venture. They are not saying how much each company is investing.
The move comes amid a rapid growth for online video services.
The companies say the venture will invest in advertising and subscription-based video-on-demand services, as well as online streaming.
AT&T rival Verizon Communications Inc. is planning similar services. The telecommunications giant bought Intel Media earlier this year. The onetime division of chip maker Intel Corp. had been preparing to launch a service that streams TV channels over the Internet.
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