Comcast Launches Own 'Netflix-Killer'

NEW YORK (TheStreet) - Just a few weeks after Verizon and Coinstar teamed up for a video-on-demand service, Comcast (Stock Quote: CMCSA) is doing the same thing.

Comcast announced its new service, known as Streampix, as it tries to take on Netflix (Stock Quote: NFLX) in the VOD space. The major difference is that in order to get Streampix, you need to already subscribe to cable.

Streampix will be free to those who get Comcast's triple-play package, or $4.99 per month if you do not have triple-play package.

At the launch, Streampix will include content from NBCUniversal (owned by Comcast), Walt Disney, Warner Bros., a division of Time Warner, and Sony Pictures, a division of Sony.

Shares of Comcast are off 0.31% to $29.08, while shares of Netflix are plunging lower, down 2.59% to $118.7. Shares had been as high as $126.15 prior to the announcement.

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