Charter and Comcast plan 50-50 joint venture for streaming platform

Charter Communications and Comcast Corporation have announced the formation of a 50-50 joint venture to develop and deliver a streaming platform to users of 4K streaming devices and smart TVs.
Charter has more than 32 million customers in 41 states through its Spectrum brand. Comcast has 57 million customers in the United States and Europe.

The joint venture will offer app developers, streamers, retailers, carriers and hardware manufacturers the ability to reach customers in the United States.

Comcast will license Flex, its streaming platform and hardware to the joint venture, contribute to the retail business of XClass TVs, and also bring Xumo, a streaming service acquired in 2020. Charter will provide an initial contribution of $900 million, funded over several years. .

XClass TVs will be available through retail partners and directly from Comcast and Charter to provide more choice for customers. Xumo will 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 starting in 2023. Comcast will continue to offer the Flex streaming platform as a streaming device and service to its customers.

“These products are all designed to make searching and discovering 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 a decade of technical, nationwide innovation and new opportunities to monetize our combined investment.”

“As the video landscape continues to evolve, this company will increase retail consumer options, compete at scale with established national platforms, and join our existing suite of options for the Spectrum TV app available on most customer-owned streaming devices,” said Tom Rutledge. , Founding President and Chief Executive Officer.

This joint venture does not involve the broadband or cable video businesses of Comcast or Charter, which will remain independent.

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