TweakTown
Tech content trusted by users in North America and around the world
6,012 Reviews & Articles | 38,781 News Posts
TRENDING NOW: Windows 9 logo teased, with Microsoft's next OS 'coming soon'

AT&T puts $500 million into creating the next Netflix

AT&T teams up with the Chernin Group to acquire, invest in and launch a direct competitor to Netflix. Kicks things off by putting up a $500 million (NYSE:T)

| HT & Movies News | Posted: Apr 23, 2014 12:32 am

Media streaming has been slowly replacing cable subscriptions for people for the last few years, and in the past 12 months, it has exploded with help from set-top boxes and HDMI dongles such as Google's Chromecast. As such, media streaming apps and services have been popping up left and right, and now it appears that AT&T wants its cut of the action as well.

 

TweakTown image news/3/7/37224_1_at_t_puts_500_million_into_creating_the_next_netflix.jpg

 

Today AT&T announced that it has partnered up with the Chernin Group to develop the next major media streaming service that would be a direct competitor to the current number one, Netflix. AT&T says that together, the partnership has committed $500 million in funding the new service, and are currently working out how the service would work. Luckily for AT&T, the Chernin Group already owns such a service, called Crunchroll.

 

"A critical part of The Chernin Group's strategy has been our significant focus on the online video industry, and joining forces with AT&T only further underscores our strategic commitment in this area as operators, investors and programmers," said Peter Chernin, Chairman and CEO, The Chernin Group. "Consumers are increasingly viewing video content on their phones, tablets, computers, game consoles and connected TVs on mobile and broadband networks. AT&T's massive reach on those platforms across mobile and broadband and their commitment to the online video space make them the perfect fit for this venture with us."

NEWS SOURCES:Gigaom.com

Related Tags

Further Reading: Read and find more HT & Movies news at our HT & Movies news index page.

Do you get our news RSS feed? Get It!

Got an opinion on this news? Post a comment below!

Latest Tech News Posts

View More News Posts
Check out TweakTown Polls on LockerDome on LockerDome

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases