Two major media companies are joining forces to take on Netflix in the video-streaming space, Bloomberg reports. Verizon and Coinstar have formed a joint venture, 65% owned by Verizon and 35% owned by Coinstar, the story says.
The service would be available to anyone with a high-speed Web connection, the story notes, citing Bob Mudge, president of Verizon’s consumer business.
The venture is slated to launch in the second half of 2012, although Verizon declined to say whether it would focus on TV shows or feature films. The company plans to secure new streaming rights with content providers, the piece adds.