Telstra Completes Acquisition Of Its 51.4% Stake In Fetch TV
Telstra has announced it had completed the acquisition of a 51.4 per cent controlling interest in Fetch TV following regulatory clearance. Fetch will continue to operate as a standalone business with Telstra as a majority shareholder.
Telstra TV as a product will continue to be supported for all existing users during this onboarding period, and Telstra will offer its customers Fetch-based products with an exciting new TV entertainment proposition in 2023.
Telstra group executive of product and technology, Kim Krogh Andersen said he looked forward to working with Fetch to evolve Telstra’s home and entertainment proposition.
“As part of our T25 growth strategy, home and entertainment is a core focus area for us. This acquisition gives us the opportunity to evolve Telstra TV and the experience we provide to our 800,000-plus active users,” he said.
“We are also excited by the Fetch product roadmap and in-house capability and the opportunity to leverage additional investment and scale to accelerate innovation. Areas of focus include expanding the content proposition, introducing new functionality and expanding hardware options, including Smart TVs.”
Fetch TV CEO Scott Lorson said this investment by Telstra will enable them to accelerate the development of Fetch products.
“With Telstra on board, Fetch is now well placed to deliver a genuinely competitive Australian home and entertainment solution with the scale to enable us to partner with global content and streaming providers. This investment will mean better commercial outcomes for the Australian streaming sector, exciting product development for our Telco and Retail partners, and a dynamically evolving best in class aggregated viewing experience for our customers,” said Lorson.
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