AT&T
spearheads a
0 million venture to
kill cable and
take on Netflix
AT&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
0 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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