Taking aim at millennials and new consumption patterns, Verizon and Hearst have formed a joint venture to create digital video programming targeted to mobile platforms and younger audiences.
They said the New York-based JV, to be called Verizon Hearst Media Partners, following the completion of Verizon’s investment, will team Verizon’s technology and Hearst’s digital video content and production capabilities.
Initially, the 50/50 JV will collaborate on the anticipated spring launch of two new digital channels – RatedRed.com and Seriously.TV – that will be distributed on Go90, AOL, and via other distribution platforms. They’ll also be offered through third-party networks and licensors.
RatedRed.com will be a multiplatform digital video channel for millennials focused on news, documentaries, and scripted and nonscripted series covering topics such as music, food, outdoor life, military affairs, politics and faith. Seriously.TV will provide daily “comedic news updates” delivered at times “when younger viewers are turning to their phones instead of late-night programming for their take on world events," the JV said.
Both OTT channels are expected to launch in time for the NewFronts.
The Verizon-Hearst JV is forming about two years after AT&T and The Chernin Group collaborated on the creation of an OTT-focused venture now called Otter Media.
More to come…