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Additional Information
Market: NYSE
Sector: Telecoms services
EPIC: VZ
Latest Price: 41.39  (0.12% Ascending)
52-week High: 41.73
52-week Low: 33.12
Market Cap: 117,590.00M
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Verizon Communications Inc.
www22.verizon.com

Verizon Communications Inc. (Verizon) is a provider of communications services. Verizon operates in two segments: Domestic Wireless and Wireline. Its Domestic Wireless’s products and services include wireless voice and data services and equipment sales across the United States. Wireline’s communications products and services include voice, Internet access, broadband video and data, next generation Internet protocol (IP) network services, network access, long distance and other services.

Full Verizon Communications Inc. profile here
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Verizon to start movie streaming service, takes on Netflix

6th Feb 2012, 2:17 pm by Joyanta Acharjee
Verizon to start movie streaming service, takes on Netflix

US mobile telecoms company Verizon Communications (NYSE:VZ) will take on Netflix (NASDAQ:NFLX) when it begins a video streaming service joint venture later this year.

Verizon said it will co-operate with DVD rental kiosk company Redbox, a unit of Coinstar (NASDAQ:CSTR).

Verizon's president of consumer and mass business markets, Bob Mudge, said: "The joint venture will combine the accessibility and value of Redbox with Verizon's vision for a borderless lifestyle - where consumers easily accomplish what they want or need to do, on their terms, through the power of the network."

"Together, we are erasing old technology boundaries, freeing people to spontaneously enjoy the entertainment they want, whenever they choose, using the devices and media they prefer, at home or away."

Verizon and Coinstar didn't reveal prices or other details of their service. It's intended to give customers access to DVD and Blu-ray discs as well as streaming movies, they said.

New York-based Verizon Communications will own 65 percent of the unnamed joint venture venture, with Coinstar owning the remaining 35 percent.

Verizon already has its own cable TV service, known as FiOS, in some parts of the US. Its Verizon Wireless subsidiary has also signed a deal to sell service from Comcast (NASDAQ:CMCSA) and other cable companies in its stores.

Cable companies such as Comcast have shied away from offering video streaming services to people who don't subscribe to their regular cable services, which have much higher monthly fees than those charged by Netflix.

It adds another leg to Verizon's quest to become a force in home entertainment, and looks set to compete to some extent with the cable-TV services it already sells.

Monday, Verizon shares were up 0.37 percent to $37.98 while Netflix was up 2.92 percent to $129.92.

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