The Chernin Group, AT&T Invest $500M In Online Video

Los Angeles-based investor The Chernin Group and AT&T said this morning that the two have created a new, joint venture, which will acquire, invest, and launch over-the-top (OTT) video services. According to the two, they have committed a total of $500M for the new venture, which is specifically aimed in online video businesses. Other financial details of the deal were not announced. According to the two, the new venture comes due to the move by consumers to view video on their phones, tablets, computers, game consoles, and connected TVs. The two did not announce the name of the new venture. The Chernin Group also said it will contribute its majority stake in subscription, video on demand service Crunchroll to the new venture.