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. ”