May 19 (Bloomberg) -- Wal-Mart Stores Inc. and Netflix Inc. agreed to promote each other's online movie businesses.

Walmart.com is discontinuing DVD rentals, and its existing customers of that service will be given the option to become Netflix subscribers at their current rate for a year. Walmart.com agreed to promote and refer customers interested in DVD rentals to Netflix, the companies said in a PR Newswire statement today.

To contact the reporter on this story: Stacie Babula in Trenton at sbabula@bloomberg.net.

Last Updated: May 19, 2005 07:43 EDT