AT&T Inc. (NYSE:T) and Chernin Group have formed a $500 million joint venture to build a streaming video service. AT&T and Chernin will be pooling resources to acquire and launch over-the-top video services, including video-on-demand businesses that would compete against services like Netflix and Hulu.
The Chernin Group was founded by Peter Chernin in 2009. TCG manages and operates businesses in the media and technology sectors.
Late last year, TCG recently took over a majority stake in Crunchyroll, which is a Netflix for anime. The majority stake will become a part of the new venture, which means that AT&T is now also a majority stakeholder in Crunchyroll.