Verizon and Coinstar, Inc. just announced the formation of a joint venture that will create a new way to access video entertainment. The venture's services will offer the convenience of Redbox new release DVD and Blu-ray Disc rentals combined with a new video on-demand streaming and download service from Verizon.

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The joint venture plans to introduce the product portfolio in the second half of 2012. It will offer subscription services and more. Additional brand and product information will be revealed in the coming months.

This venture between Verizon and Redbox will leverage Verizon's industry-wide relationships with entertainment content providers, its cloud computing technologies and IP network infrastructure to distribute video on-demand content to its customers.

By offering instantly available online and mobile content with immediate access to physical media through rental kiosks, Verizon and Redbox will be uniquely positioned to deliver the best of both worlds - digital and physical - to consumers across the country.

The joint venture is a limited liability company with Verizon holding a 65 percent ownership share and Redbox holding a 35 percent ownership share at the outset.