Business
Charter and Comcast Announce Joint Venture to Develop and Nationally Offer a Next Generation Streaming Platform
The Partnership Will Further Develop and Offer the Flex Streaming Platform that Includes a World-Class User Interface and Voice Search, and will be Available
About this update from Charter Communications, Inc.
[{"type":"text","content":"\nThe Partnership Will Further Develop and Offer the Flex Streaming Platform that Includes a World-Class User Interface and Voice Search, and will be Available on 4K Streaming Devices and Smart TVs through Nationwide Retailers, Charter and Comcast\n\nJoint Venture Provides App Developers, Retailers, Hardware Manufacturers New Opportunities to Reach Customers through a National Unified Experience\n\n STAMFORD, Conn. & PHILADELPHIA, Pa.--(BUSINESS WIRE)--\nCharter Communications, Inc. (NASDAQ: CHTR) and Comcast Corporation (NASDAQ: CMCSA) today announced that the two companies have formed a 50/50 joint venture to develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs, providing consumers with a world-class user experience and navigation, all the top apps, and more choice in the streaming marketplace. 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005400/en/(Photo: Business Wire)\nComcast 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.\n\nThe 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. Comcast will continue to offer the Flex streaming platform as a streaming device and service to its customers.\n\n\"We’re thrilled to partner with Charter to bring this platform and its award-winning experience to millions of new customers. These products are all designed to make search and discovery across live, on-demand and streaming video seamless and incredibly simple for consumers,” said Dave Watson, CEO of Comcast Cable. “This partnership uniquely brings together more than...