The proposed joint venture between Foxtel and Seven West Media in the subscription video on demand service Presto TV has today received approval from the ACCC with the joint venture to become effective in due course.
The Presto TV joint venture brings together Australia’s leading subscription television provider, Foxtel, and Australia’s number one free-to-air network, Seven West Media, with each party to hold a 50% interest.
Presto TV will contribute content to the Presto Entertainment bundle subscription service that was formally launched in January.
Prior to approval from the ACCC, Presto TV has licensed content from Seven West Media with interim management for the service being overseen by Foxtel. The management team for the Presto TV JV will be announced shortly.
Richard Freudenstein, Foxtel CEO, said, “We have big plans for Presto Entertainment to be a leading player in the SVOD space and are excited we can accelerate plans for Presto TV with our partners Seven West Media now that the ACCC has given their consent to our joint venture.”
“Presto TV is an important part of the Foxtel suite of entertainment services we offer consumers which includes the full service Foxtel cable or satellite product, the IP-delivered Foxtel Play and the recently launched Foxtel Broadband product.”
Tim Worner, Seven West Media CEO, said, “We are up and running with Presto. We have great partners in Foxtel. The combination of the leader in subscription television and the leader in broadcast television – coupled with our strengths in content creation – delivers a compelling offer to our audiences on Presto. Our future is our content and our ability to deliver that content anywhere anytime on any device to our audiences.”