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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