It's been rumored for a couple months, and it looks like it's official. Verizon and Redbox are teaming up to stream movies online and compete with Netflix. In a joint venture that is split with 65% Verizon and 35% Redbox, the new venture is slated to begin later this year. A statement from Verizon indicates that the new streaming service combine even more convenience, simplicty and value that Redbox customers of come to  expect.

The Redbox/Verizon deal’s been rumored for nearly two months now. In December, sites began reporting the two companies were planning an online TV and movie service, due this spring, and dubbed (or possibly just codenamed) “Project Zoetrope.” The service was said to offer both streaming and downloadable HD and standard definition content to platforms ranging from iOS and Android to Google TV, Xbox, Roku, web browsers and more.

[ via TIME.com ]