AT&T spearheads a $500 million venture to kill cable and take on Netflix
 

AT&T spearheads a $500 million venture to kill cable and take on Netflix
http://c2.bgr.com/2012/09/att-sign-sky-0.jpeg?w=610AT&T k**ws that it can't beat over-the-top content providers such as Netflix and Amazon, so it figures it might as well join them. AT&T an**unced on Tuesday that it has joined with the Chernin Group media holding company to invest $500 million in a new venture that will "acquire, invest in and launch over-the-top (OTT) video services." This is particularly interesting because it's the first time we've really seen a company that offers pay TV services make this kind of big investment in over-the-top video. Cable companies such as Comcast and Time Warner Cable have traditionally done their best to wall off live cable TV programs from the Internet, but the popularity of over-the-top services such as Netflix, Hulu and Amazon Instant Video*has apparently grown too big for AT&T to ig**re. The company's press release an**uncing the venture follows below.

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