U.S. retail giant Best Buy said it would work with Sonic Solutions to offer customers video steaming on a variety of devices, including mobile phones.

The firms have agreed to a multi-year deal to include Sonic's Roxio CinemaNow technology in televisions connected to the Internet, portable media players, computers, set-top boxes and phones, PC Magazine reported Tuesday.

Along with the agreement, Best Buy will purchase an undisclosed amount of Sonic common stock, the company said.

"Our relationship with Sonic Solutions allows Best Buy to quickly establish a strong position in the digital delivery of video entertainment," said Brian Dunn, the retail chain's chief executive officer.

In a statement, President and CEO of Sonic Solutions Dave Habiger said, "with Best Buy's focus, we expect on-demand entertainment to quickly grow into a mass market activity, with digital sell-through and rental becoming a significant new revenue stream for content owners."