SAN JOSE, CALIFORNIA - Two of America's largest telecoms operators, Cisco and AT&T, are to invest $15.5 million (€12.38m; £8.51m) in late-stage funding in internet video specialist Akimbo.

The acquisition - which specializes in offering movies, TV shows, and other video material over the internet - exemplifies how the spread of broadband is driving major change in the way people access video content.

Enthuses George Hoyem, managing director at Blueprint Ventures, a venture capital group partnering Cisco and AT&T in the deal: "We think Akimbo is an excellent channel. They are way out front in terms of the technology."