Now playing: Watch this: Comcast acquires Go90
The monster acquisition of most streaming services to date would be owned by Disney.
But according to Bloomberg, Comcast agreed on Monday to take on the cost of a 50 percent stake in Go90, Verizon's streaming service that's since served mostly as an AT&T-owned millennial-focused streamer before being absorbed into the larger former phone company's whole. Comcast will pay $1 billion for its stake in the service, which will ultimately be rebranded as a new app coming to Android and iOS devices in the first half of the year.
Comcast currently owns NBCUniversal, so this acquisition of a digital-first service with roughly 4 million subscribers could give it enough of a foothold to separate from the rest of the industry and weather a possibly well-financed push from a larger rival like Disney into digital media. By acquiring Go90, Comcast gets its foot in the door to start a broad streaming service of its own, like Netflix, with an original content focus, that doesn't require its huge cable operations to foot the bill.
Comcast is planning to dedicate 150 employees to the new Go90. The new service will be available on any device with access to the Google Play Store or the iOS App Store later this year.