Wal-Mart buying Vudu streaming movie service? (update: yes!)

Wal-Mart often finds itself on these pages not only for its deals but for the fair amount of comedy its stores provide us, but this next item could be big. According to The New York Times, the company has indeed agreed to purchase Vudu — giving it a leg up on digital distribution and helping to brace against a declining market for DVDs. Details are scarce, but apparently the two companies have been informing Hollywood studios and TV manufacturers about the plan all day — so an official announcement can’t be too far off. Let’s just hope this goes a little better than the Wal-Mart MP3 sales have, eh?

Update: It’s official, and the full press release is after the break. Walmart will be acquiring Vudu, and the deal is expected to close “within the next few weeks.” We are told that Vudu will “continue developing entertainment and information delivery solutions such as Vudu Apps,” but outside of that, few details (including a purchase price) are being made available.