6at4 Business Report: Verizon and Redbox team up
February 6, 2012 (WPVI) -- Redbox and Verizon are taking on Netflix; foreclosure agreement in the future; Eli Manning hitting endorsement paydirt.
Verizon and Redbox join forces
Verizon and Redbox are teaming up to take on Netflix. They're hoping to have a new streaming video service up this year. Redbox is the company that offers DVD rentals for a $1.25 a day. Verizon plans to offer the service through its FiOS TV, but also said it will be available to non-Verizon customers. The two companies have not released details about how much the service will cost.
Clean product price wars
Look for products like cascade to get cheaper. Procter & Gamble raised prices by 8% last year but they started losing sales so now they rolled back prices. Kimberly Clark is offering coupons on Huggies after they raised diaper prices last year. Companies are having a hard time raising prices because people aren't seeing an increase in their paychecks.
Today's the deadline: We're still waiting to hear from all 50 states to agree on the proposed $25 billion foreclosure settlement with the 5 largest banks. All 50 states had been investigating how big banks' practices may have led to homes being foreclosed on illegally. The proposed deal is worth $25 billion, though that depends on whether all 50 states are on board to sign the deal.
Endorsements for Eli Manning
Super Bowl MVP Eli Manning may be cashing in after last night's Super Bowl victory... on endorsements that is. He's currently ranked 47th for 2011 earnings among U.S. athletes, according to Sports Illustrated. His $7 million in endorsement dollars is less than half his star football-playing brother Peyton. One analyst we spoke to said the New York Giants quarterback could make up to $3 million more in endorsements this year thanks to his team's big win and it may turn him into as big a star as his brother and Tom Brady.
6at4, stock market, economy, verizon, netflix, movies, home sales, banking, business/finance
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