Verizon to offer Netflix, Max streaming bundle at a discount: WSJ

Verizon Communications Inc.
VZ,
-0.42%
plans to offer streaming services Netflix and Max combined for $10 a month instead of $17, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The Journal said Verizon will offer versions of those services with ads, and that the bundle was likely to be announced “in coming weeks.” The reported move comes as competition between streaming platforms weighs on profitability and customers’ attention spans, and more streaming platforms see working with big telecom and tech companies as a way to retain viewers, the Journal said. Both Netflix Inc.
NFLX,
-0.34%
and Warner Bros. Discovery Inc.
WBD,
+2.55%
will share revenue with Verizon, the Journal said. The paper added that the offering will be the first time Verizon, which has offered Netflix in bundles in the past, will serve Netflix content with ads. Shares of Netflix were down 0.4%, while Warner Bros. Discovery’s stock was up 1.9%. Verizon shares lost 0.3%.