Shares of Netflix (NFLX) are down are down $1.58, or 2%, at $68.54, and traded as low as $66.81, in an otherwise rising market, perhaps in part because Verizon Communications (VZ) is planning to offer its own streaming video service on the Internet, according to a report by Reuters’s Yinka Adegoke and Sinead Carew this afternoon, citing multiple anonymous sources.
The service will have limited programming, will operate outside of where Verizon offers its FIOS video service, and is being put together in conjunction with television operators, the authors report. One source tells them Verizon will look to get packages of movies and TV shows such as those offered through Liberty Media’s (LCAPA) “Starz” brand.
Interestingly, the report doesn’t say whether the service would be priced as a subscription or a la carte, which would be a chief issue in going up against Netflix, one would imagine.
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