(Telecompaper) AT&T and The Chernin Group, which managed and invests in media businesses globally, have announced the formation of a venture to acquire, invest in and launch over-the-top (OTT) video services. The Chernin Group and AT&T have committed over USD 500 million in funding to the venture. Further financial terms of the transaction have not been disclosed. The strategic goal of this initiative will be to invest in advertising and subscription VOD channels as well as streaming services.