Verizon CEO reveals plan to launch TV streaming service

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AOL just got bought by the king of mobile.
Verizon has a massive platform for video content.
Photo: Verizon

Once Verizon’s acquisition of Yahoo finally gets completed this summer, a new TV streaming service could roll out to customers shortly after.

The news that Verizon is planning to enter the highly competitive streaming TV market was revealed today by the company’s CEO Lowell McAdam, who says the platform will be a great place to test out an over-the-top service.

The “platform” McAdam is referring to are the 1.3 billion users Verizon will have access to thanks to Yahoo’s web services. Details haven’t been released yet on how Verizon’s streaming TV service will work, but McAdam’s comments are the first official word that it’s definitely in the works.

During his remarks today at J.P. Morgan’s Global Technology conference in Boston, McAdam also revealed that that Verizon’s purchase of Yahoo will conclude in June. Despite the company’s push into video streaming, McAdam’s says creating fiber-based networks and 5G wireless data is still the company’s core focus.

“On the connectivity side you can make a very good return [on investment],” McAdam said. “Consumers’ eyes light up when you can deliver a gigiabit to the handset.”

Verizon’s service will still be separate from the company’s existing mobile video service Go90. The over-the-top offering will likely be similar to Sling TV and DirecTV Now which is owned by Verizon’s biggest competitor, AT&T.

On the content side, Verizon already has some strong offerings for customers. The company is paying the NFL $21 million for the rights to the Sept. 24 game between the Baltimore Ravens and Jacksonville Jaguars in London. That game will be streamed live across all of Verizon’s video platforms, including AOL.