Watch out Netflix, Verizon Communications is getting into the video streaming business.

On Monday Verizon announced a deal and Coinstar, the company that owns the Redbox DVD rental business. Redbox allows people to easily rent movies through kiosks it owns in grocery stores and other retail locations. As part of the new joint venture the companies will develop an on-demand video streaming service. The companies will introduce the new service in the second half of 2012, the companies said in a press release.

SOURCE

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