Quickflix And Presto Terminate Deal, Quickflix Signs With Chinese Company

Man sitting on a sofa watching tv with hands folded behind his head
SHARE
THIS



Video streaming on demand (SVOD) company Quickflix has terminated its agreement to be a reseller of content for another SVOD service, Presto.

The company made the announcement to the ASX yesterday, saying the agreement had not been met and was therefore terminated.

“Quickflix is pursuing other opportunities in relation to content for its SVOD service, including integrating alternative third party SVOD channels into its platform,” the statement to the ASX read.

A further announcement to the ASX this morning states Quickflix has entered into a “non-binding” deal with Shanghai-based film and TV company – of which there is no reference to the name.

The statement says the deal will combine businesses to form a “global streaming platform for distribution of Chinese film and TV content into Chine and international markets”.

“The Shanghai-based company is profitable and generates free cash-flow,” said the ASX statement. “Consolidation with Quickflix would result in the combined entity having a significantly improved financial outlook and ability to access further capital for growth.”

Last week, Quickflix halted its trading, pending a deal with an international company.

And back in May, Quickflix announced it would become a reseller of content from Presto – Foxtel’s streaming service. B&T reported it meant Quickflix would provide Presto content on its offering, and able to market and sell the Presto bundle across its existing platforms.

At the time, Quickflix CEO Stephen Langford said: “We are very pleased to enter an agreement with Presto, backed by Australia’s largest entertainment company, and the number one free-to-air broadcaster.

“Streaming is taking off and this agreement will significantly bolster our content offering for existing and future Quickflix customers whilst improving our overall operating economics. ”

Latest News

Federal Court Finds APN Outdoor/JCDecaux Acquisition “Legally Effective”
  • Media

Federal Court Finds APN Outdoor/JCDecaux Acquisition “Legally Effective”

The Federal Court of Australia has given JCDecaux’s acquisition of APN Outdoor the green light. According to a release from APN Outdoor, the Federal Court of Australia has “approved the scheme of arrangement in relation to the JCDecaux transaction”. It adds: “APN Outdoor confirms that an office copy of the Court orders has been lodged with […]

WPP Scores Panadol’s Global Media Business
  • Advertising
  • Media

WPP Scores Panadol’s Global Media Business

GSK Consumer Healthcare has appointed WPP to support its global Panadol business, following a competitive pitch process. WPP will be responsible for creating integrated creative campaigns and content across advertising, digital, shopper and expert marketing, PR and communications for the global Panadol brand. The work will be delivered by a bespoke team led by CEO […]

Michelle Guthrie (Managing Director, ABC) at Radio Alive 2017
  • Media

Michelle Guthrie To Sue ABC

Former ABC managing director Michelle Guthrie is taking her ex-employer to court, according to several media sources. As reported in The Australian, Guthrie lodged papers with the Fair Work Commission earlier this week, citing unfair dismissal. Guthrie was fired half-way through her five-year term as managing director of the public broadcaster. The move follows news last week communications […]