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AT&T is reportedly creating a streaming video service, according to GigaOm, thanks to a $500 million joint venture with the Chernin Group, a producer of a variety of television and media content.

From AT&T’s press release, it is unclear exactly what type of content the joint venture hopes to offer.

“Consumers are increasingly viewing video content on their phones, tablets, computers, game consoles and connected TVs on mobile and broadband networks. AT&T’s massive reach on those platforms across mobile and broadband and their commitment to the online video space make them the perfect fit for this venture with us,” said Peter Chernin, Chairman and CEO, The Chernin Group.

Chernin’s strategic investments in digital media companies include Fullscreen, Crunchyroll, Pandora, SoundCloud, Flipboard, Scopely, MiTú, Base79, Medium, and Tumblr (sold to Yahoo!), among others.

Meanwhile, Verizon Wireless plans to implement LTE Multicast technology for mobile subscribers and said it will launch “next-generation” video services on its FiOS TV platform and through a new over-top-video service, using the OnCue interactive TV technology it bought from Intel’s Media division.

For the first three months of 2014, Nexflix reported earnings of 86 cents per share on revenues of $1.27 billion with 35.7 million domestic subscribers. It expects non-U.S. subscribers to ultimately surpass those in its home market at some point. Netflix is approaching 50 million global subscribers, and a $1-2 price increase would raise $600 million to $1.2 billion. Netflix’s planned price hikes will allow the video streaming company to increase spending on original content.

Competitors like Amazon Instant Video and Hulu+ could get more competition from the likes of Aereo, as well as Google, Apple, and the mega-monopoly, Comcast.

Time Warner Cable will sell a $99 Fan TV box that streams cable TV and internet video. So far big hitters like Netflix, Amazon, Vudu, Pandora, HBO Go, or Rdio aren’t on their content list, although there are plans to add more services “over time,” says Engadget.

Aereo and Broadcasters square off before the Supreme Court today, with broadcasters trying to shut down Aereo saying their live broadband TV service violates copyright law.