7th Aug 2018 16:47
LONDON (Alliance News) - Broadcaster ITV PLC has joined Twenty-First Century Fox Inc, Walt Disney Co and others in a USD1 billion investment to back a new video streaming service for mobile phones, the Guardian said on Tuesday.
NewTV, the temporary name for the venture, is being launched by DreamWorks Studios Co-Founder Jeffrey Katzenberg, while former eBay boss Meg Whitman has been appointed as chief executive.
The venture is aiming for quality on a par with Netflix to win over the smartphone generation. NewTV plans to launch with two subscription tiers, one with advertising and one without.
The Guardian said ITV joined the venture as part of new Chief Executive Carolyn McCall's strategy for the broadcaster to be 'more than TV'.
Shares in ITV closed 0.9% higher on Tuesday at 167.03 pence each.
https://www.theguardian.com/tv-and-radio/2018/aug/07/itv-joins-hollywood-giants-to-back-video-streaming-service-for-mobiles
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