In a Monday confirmation, retail giant Wal-Mart said that it is buying the online movie service ‘Vudu’; and added that the deal – the financial terms of which remain undisclosed - is likely to materialize in the coming weeks.

As per the information forwarded by Wal-Mart, Vudu – which sells and rents movies and TV shows over the Internet – will persist with its attempts to develop Vudu Apps, its delivery platform for Internet-connected Blu-ray players and TVs, as well as other entertainment and information delivery solutions.

Noting that Vudu presently boasts a library of 16,000 movies – accessible via its 2007-released set-top box - and licensing deals with nearly all leading studios and independent distributors, Wal-Mart’s vice-chairman Eduardo Castro-Wright said that the ‘Wal-Mart, Vudu’ deal will see the customer emerging as “the real winner.”

Castro-Wright further added: “Combining Vudu's unique digital technology and service with Wal-Mart's retail expertise and scale will provide customers with unprecedented access to home entertainment options as they migrate to a digital environment.”

Saying that Wal-Mart’s takeover of Vudu would likely add some retail magic to the online video streaming company and its vision to the next level, Edward Lichty, Vudu’a Executive VP added that through Vudu’s services and Apps platform, Wal-Mart will be able to offer popular content to customers by means of an enhanced “frontier of quality, value and convenience.”