[Techtaffy Newsdesk]

Netflix beware! Verizon and Coinstar have formed a joint venture that will combine Redbox new release DVD and Blu-ray Disc rentals with a new subscription-based video on-demand streaming and download service from Verizon.

The joint venture is a limited liability company with Verizon holding a 65 per cent ownership share and Redbox holding a 35 per cent ownership share at the outset.

The joint venture plans to introduce the product portfolio in the second half of 2012.