Comcast, Charter Form Joint Venture to Launch Nationwide Streaming Service

variety.com:

Todd Spangler NY Digital EditorComcast and Charter Communications, the two biggest cable operators in the U.S., are joining forces in the streaming wars.The two companies on Wednesday announced 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 to reach customers in major markets across the country with the platform.Comcast will license Flex, its aggregated streaming platform and hardware to the JV, contribute the retail business for XClass TVs, and contribute Xumo, the free, ad-supported 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. Comcast will continue to offer the Flex streaming platform as a streaming device and service to its customers. “We’re thrilled to partner with Charter to bring this platform and its award-winning experience to millions of new customers.