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AT&T Joins Crowded Field With Online Video Plans

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(Photo: Etienne FRANCHI/AFP/Getty Images)

(Photo: Etienne FRANCHI/AFP/Getty Images)

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DALLAS, Texas  (AP) – AT&T and an investment firm run by former News Corp. executive Peter Chernin have formed an online video venture.

Dallas-based AT&T Inc. and Chernin Group said Tuesday they’ve committed more than $500 million in funding.

The Chernin Group is contributing its assets to the venture, including its majority stake in Crunchyroll, a subscription-based provider of anime videos.

AT&T already offers TV content through its U-Verse service, which competes with more traditional cable TV providers. With online video, though, it could attract customers of Netflix, Hulu, YouTube and other services — including people who’ve stopped paying for traditional broadcast, cable or satellite TV.

Rival Verizon Communications Inc. is planning similar services.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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