Verizon and Coinstar, the owner of Redbox, today announced a new video entertainment service that combines new release DVD and Blu-ray rentals with television and movie streaming and downloads.

The nationwide entertainment service is expected to be available in the second half of this year. According to the press release, 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."

Redbox video-rental kiosks are usually found in grocery or retail stores, and offer dollar-a-day rentals on new movie releases and video game, but the new Verizon and Redbox venture would compete with the likes of Amazon Instant Video, HBO Go, Netflix, and Hulu.

Previous news reports from December 2011 said that Verizon plans to make the streaming service available to about 85 million households, outside its FiOs market, which currently serves some 5 million TV subscribers.

Previously: Update: Verizon and Redbox planning 2012 launch of streaming media service

Verizon and Coinstar's Redbox Form Joint Venture to Create New Consumer Choice for Video Entertainment [PR Newswire]
Redbox Partners With Verizon To Launch Streaming Video Service [Fast Company]
Exclusive: Verizon to take on Netflix with Web service [Reuters]