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AT&T, Chernin set sights on streaming video
April 22nd, 2014
08:30 PM ET

AT&T, Chernin set sights on streaming video

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 (ATT )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 (GOOGFortune 500)'s YouTube is, by subscription fees, like Netflix (NFLX)is, or by both, like Hulu is.

Read more of Brian's article on CNN.com here. 

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