Coinstar Pops 7% after Video Joint Venture with Verizon

Shares of Coinstar

are trading over 6% higher during Monday's pre-market session after the company's subsidiary Redbox announced a joint venture with Verizon

to provide video entertainment services. The formation of a joint venture will create a new choice for quality- and value-conscious consumers to access video entertainment. The venture's services will offer all of the convenience and value of Redbox new release DVD and Blu-ray Disc rentals combined with a new content-rich video on-demand streaming and download service from Verizon. The joint venture plans to introduce the product portfolio in the second half of 2012. It will offer subscription services and more in an easy-to-use, flexible and affordable service that will allow all consumers across the U.S. to enjoy the new and popular entertainment they want, whenever they choose, using the media and devices they prefer. Additional brand and product information will be revealed in the coming months. Currently, shares of Coinstar are trading up 6.7% at $53.00