Verizon Communications Inc And Coinstar, Inc.'s Redbox Form Joint Venture

Verizon Communications Inc and Coinstar, Inc. announced the formation of a joint venture that will create a new choice for quality- and value-conscious consumers seeking a simple and affordable way to access the video entertainment they crave. The venture's services will offer all of the convenience, simplicity and value of Redbox new release DVD and Blu-ray Disc rentals combined with a new content-rich video on-demand streaming and download service from Verizon. The joint venture plans to introduce the product portfolio in the second half of 2012. The joint venture is a limited liability company with Verizon holding a 65% ownership share and Redbox holding a 35% ownership share at the outset.