Verizon, Coinstar's Redbox form video venture

Reuters News
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Posted: Feb 06, 2012 8:53 AM

(Reuters) - Verizon Communications Inc and Coinstar's Redbox unit are forming a joint venture that will compete directly against video rental firm Netflix.

The companies said the venture, 65 percent owned by Verizon and 35 percent by Redbox, would introduce products in the second half of 2012.

(Reporting by Sinead Carew; editing by John Wallace)