New Venture between AT&T and the Chernin Group to Acquire and Invest in OTT Video Businesses
AT&T announced a joint venture with the Chernin Group to acquire and invest in OTT video businesses; combined the two companies have committed over US$500 million. The Chernin Group (TCG) brings a deep expertise in the media space, which includes a strong focus on online video; TCG has several investments in video businesses, including talent/content and branding companies Fullscreen and Base79 and it recently acquired Crunchyroll, which specializes in Japanese anime content/services. TCG also operates an entertainment production company (Chernin Entertainment), which further speaks to founder/Chairman/CEO Peter Chernin’s long tenure with News Corporation and prior positions with other media companies.
AT&T brings its large user base, which includes its U-Verse TV service (5.6 million subscribers, ranked 5th by subscribers in the United States (4Q 2013)), br...
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