Wal-Mart to acquire Vudu

By Blake Ellis, staff reporter


NEW YORK (CNNMoney.com) -- Wal-Mart Stores Inc. has entered the market of movie distribution, agreeing to buy online video service Vudu, the company said Monday.

The deal, which positions Wal-Mart as a potential threat to companies such as Netflix (NFLX), is expected to close within the next few weeks, Wal-Mart said in a company statement.

Vudu allows customers to view movies instantly on their TVs after ordering the films online and has licensing agreements with major movie studios as well as independent and international distributors, offering a total of 16,000 movies.

"Combining Vudu's unique digital technology and service with Walmart's retail expertise and scale will provide customers with unprecedented access to home entertainment options as they migrate to a digital environment," Eduardo Castro-Wright, vice chairman of Wal-Mart (WMT, Fortune 500), said in a statement.

Vudu is developing hundreds of Internet applications and services that will allow viewers to stream movies to their TVs and Blu-ray disc players, and the video service has already partnered with Internet and media companies such as Facebook, Twitter and the Associated Press, Wal-Mart said. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,976.31 263.65 1.49%
Nasdaq 4,947.44 56.22 1.15%
S&P 500 2,086.24 25.22 1.22%
Treasuries 1.96 0.01 0.77%
Data as of 6:32am ET
Company Price Change % Change
Bank of America Corp... 15.52 0.21 1.37%
Intel Corp 31.46 -0.54 -1.69%
Apple Inc 126.37 3.12 2.53%
Altera Corp 42.82 -1.57 -3.54%
Microsoft Corp 40.96 -0.01 -0.02%
Data as of Mar 30
Sponsors

Sections

McDonald's will begin serving McMuffins and hash browns all day at certain locations in the San Diego area. More

The dollar's rapid rally is hurting many emerging market nations. Investors are getting out of dodge. More

Jay Z brought out Alicia Keys, Beyonce, Kanye West, and more to announce Tidal -- his new streaming service owned by the artists themselves. More