AT&T, The Chernin Group To Invest $500M In Online Video Venture

Dallas-based AT&T and media holding and investment firm The Chernin Group said this morning that they are investing a total of $500M into a new, online video joint venture, which will acquire, invest, and launch online video services. According to the companies, The Chernin Group will also contribute its majority stake in subscription, video on demand service Crunchroll to the venture. AT&T also said it will provide its network resources to help the new effort. Other financial details of the deal were not announced.