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February 7, 2012

Verizon, Redbox join hands to float video venture

To take on Netflix and other streaming service providers

By CBR Staff Writer

Verizon Communications and Coinstar’s subsidiary Redbox have entered into a partnership to provide video streaming services along with DVD rental kiosks.

Expected to take off in the second half of 2012, they will take on Netflix and other streaming service providers.

Coinstar said that the service will be national and available to non-Verizon customers too.

It is also seen as Verizon’s attempt to become a major player in home entertainment space.

Verizon, however, has its own cable-TV service, which is known as FiOS in some areas.

Its subsidiary Verizon Wireless subsidiary has also reportedly signed a deal to sell service from Comcast and other cable TV companies in its stores.

Coinstar CEO Paul Davis said their joint venture with Verizon will enable them to offer expanded content offerings and greater flexibility.

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The deal is "a testament that we believe in the physical space," said Davis. However, Verizon and Coinstar did not disclose prices and specific details.

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