ATT and the Chernin Group were unsuccessful in their attempt to buy Hulu last year, so now theyve decided to spend $500 million in hopes of building a worthy competitor. A press release today notes that the communications behemoth has formed a partnership with Peter Chernins investment group. Together, theyll shell out millions in an effort to acquire, invest in and launch over-the-top (OTT) video services. Each brings something unique to the table. ATTs influence is obvious: the company has a nationwide presence with over 110 million wireless subscribers and over 16 million broadband customers.