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 (GOOG, Fortune 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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Brian Stelter is the host of "Reliable Sources" and the senior media correspondent for CNN Worldwide. Before he joined CNN in November 2013, Stelter was a media reporter for The New York Times. He is the author of the New York Times best-seller "Top of the Morning."
Here's his biography. You can read his stories on this blog and at CNNMoney.com/Media/.
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