Business digest, Feb. 7

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Verizon, Redbox to team up

Betting that a combination of Internet streaming and kiosk DVD rentals can give consumers the most complete package in a fractured media landscape, Redbox and Verizon are teaming on a movie rental service to launch in the second half of this year. The still-unnamed business will challenge Netflix by offering a combination of streaming video on digital devices along with rentals from Redbox's more than 35,000 kiosks for a flat monthly fee. The two companies believe that combining the two is the only way to give consumers a comprehensive selection of movies. According to a regulatory filing by Redbox parent Coinstar, the joint venture will be owned 65 percent by Verizon and 35 percent by Coinstar.

Boeing 787s need repairs

Boeing says repairs are needed in the tail sections of some of its new 787s. It says there is no immediate safety concern and the planes will keep flying. Boeing has delivered five of the planes since September. All of them went to Japan's All Nippon Airways. Boeing has had to rework dozens of 787s that rolled off its assembly line. It said on Monday that the most recent issue involves shims, which act as spacers between the 787's skin and the parts that support it.

Hasbro profits down slightly

Hasbro Inc.'s fourth-quarter profit slipped 1 percent, pinched by softer-than-expected demand in the U.S. and Canada and slow sales of games and puzzles. While earnings for the maker of Nerf, Transformers and My Little Pony matched Wall Street estimates, revenue was slightly below forecasts. The toy company reported net income of $139.1 million, or $1.06 per share, for the period ended Dec. 25. That compares with $140 million, or 99 cents per share, a year earlier.

Analyst foresees Apple iTV

Apple Inc. may announce a television product called the iTV as video content becomes the iPhone maker's next major focus, according to a Jefferies & Co. analyst. User-generated video from customers who use iPads and iPhones as recorders may also play a role, giving Apple "the ability to leverage content into a YouTube-like model," the analyst, Peter Misek, wrote in a note Monday. Misek gave no time frame for the product announcement.

— From wire reports

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