Charter Communications Inc. /zigman2/quotes/201656355/composite CHTR +0.27% said Wednesday it agreed to pay $900 million to Comcast Corp. /zigman2/quotes/209472081/composite CMCSA +0.66% as part of a new 50/50 joint venture to develop and offer a streaming platform for branded 4K streaming devices and smart TVs. Comcast will license its streaming platform Flex to the joint venture and contribute the retail business for XClass TV. Comcast will also contribute Xumo, a streaming service it acquired in 2020. The XClass TVs will be available through retail partners and potentially direct from Comcast and Charter. Charter will offer the 4K streaming TV devices and voice remotes beginning in 2023. Shares of Charter Communications are down 25.3% so far in 2022 and Comcast shares have lost 11.4% so far in 2022, compared to drop of 12.4% by the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.30% .