NEW YORK (TheStreet) - More details are leaking about the Verizon (VZ) "Netflix-killer", as TechCrunch reported Thursday that RedBox, a division of Coinstar (CSTR), is being brought in to work with the telecom giant on the service.
|Verizon may be teaming up with RedBox to take on Netflix|
According to the Reuters article, Verizon would be launching the service outside of the area where it currently has its FiOS network, which would give it access to an additional 85 million people.
RedBox currently offers DVD rentals starting at $1.20 per day in kiosks around the country. Coinstar has said in previous conference calls that it was looking to get into online streaming, but no concrete details have been given by the company as to who its partners would be.Back in October, when Coinstar raised its prices on RedBox DVD rentals to $1.20 from $1, the company said it wanted to have a streaming plan in place by the end of 2011. According to the TechCrunch article, the Verizon-RedBox service would offer streaming of movies and TV shows in both standard and high definition to a number of devices. The launch is planned for May 28th, TechCrunch said, and pricing is thought to be both monthly and credit-based. There will be several tiers of subscriptions available. Coinstar shares are sharply higher in midday action, up more than 5% in early Thursday trading, while Verizon shares are off 1%. Netflix shares are down around 2%. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV