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By Brian Stelter, CNN
Is AT&T preparing a new challenger to Netflix and Hulu?
On Tuesday the wireless company said it had entered into a new venture with former News Corporation president Peter Chernin for "over-the-top video services."
They're not talking specifics yet. But they're interested in the streaming video space to the tune of at least $500 million. That's how much money AT&T ()and Chernin's media investment company, The Chernin Group, said they had initially committed to the venture.
With the $500 million, the companies will seek to invest in video-on-demand channels and streaming video services. These may be supported by advertising, likeGoogle (Fortune 500)'s YouTube is, by subscription fees, like Netflix ( )is, or by both, like Hulu is.,
Read more of Brian's article on CNN.com here.