Wal-Mart Buys Movie Streaming Company, Vudu

Wal-Mart Stores, Inc. (NYSE:WMT) has decided that they want to take on Apple iTunes, Netflix, and cable TV by acquiring Vudu. Vudu started three years ago in the Silicon Valley area of California. Wal-Mart is one of the biggest retail stores for DVD sales, but they did not have a solid way to sell streaming video content to consumers as of yet. Vudu had funding from Benchmark Capital and Greylock Capital, but was never profitable. The financial details were undisclosed, but the amount rumored is $100 million. [NYT]

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