Charter Communications, Comcast Form JV to Develop Streaming Platform
April 27 2022 - 8:17AM
Dow Jones News
By Chris Wack
Charter Communications Inc. and Comcast Corp. have formed a
50/50 joint venture to develop a next-generation streaming platform
on branded 4K streaming devices and smart TVs.
Comcast will license Flex, its aggregated streaming platform and
hardware, to the joint venture, contribute the retail business for
XClass TVs, and also will contribute Xumo, a streaming service it
acquired in 2020.
Charter will make an initial contribution of $900 million,
funded over multiple years.
The XClass TVs will be available through national retail
partners and potentially direct from Comcast and Charter to provide
more customer choice. Xumo will continue to operate as a free
global streaming service available through the joint venture's
products and third-party devices. Charter will offer the 4K
streaming TV devices and voice remotes beginning in 2023.
The companies said the joint venture doesn't involve the
broadband or cable video businesses of either Comcast or Charter,
which will remain independent.
The joint venture will offer app developers, streamers,
retailers, operators and hardware manufacturers the opportunity to
reach customers in major markets across the country with the
platform, the companies said.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 27, 2022 08:02 ET (12:02 GMT)
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