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 This material may not be published, broadcast, rewritten or redistributed.)
- White Settlement Firefighter In Critical Condition Following Motorcycle Crash
- TCU Beaten By Coastal Carolina 7-5
- Team USA Falls To Columbia 1-0, Finishes 4th In Copa America
- One Dead In Fort Worth Convenience Store Robbery
- Corruption Cases Casts Harsh Light On NYPD Handgun Permits
- PHOTOS: Your Pet Pictures